IoT is a massive network of devices connected to each other through internet. Adoption rate of IoT is significantly increasing worldwide and the technology is being observed to bring about massive transformations in numerous industry verticals such as healthcare, retail, consumer electronics, manufacturing and automotive, among others. One of the impactful factors propelling the penetration rate of IoT technology is rapidly increasing data transmission rate, attributing to the increase in the number of connected consumer devices such as smartphone, tablets and laptops. Along with internet penetration rate, yearly average of global data transmission is anticipated to rise at a rapid pace with rising IoT adoption. The prime motive behind the concept of IoT is to keep a track and manage massive data generated from machine-human interaction. Right from raw materials to final product sale, emergence of IoT is influencing every stage and almost every market sector.
In a nutshell, high-tech chips especially designed for IoT applications are termed as IoT chipsets. It is formed of various advanced electronic components integrated on silicon wafer, suitable for high-end applications. IoT chipsets can be broadly classified into four categories including IoT based sensors, processors, memory chips and connectivity IC. With rise in IoT devices, overall demand for IoT chip is also on a rise as the latter plays the most important role in any IoT hardware. IoT chipsets are designed to withstand extreme climatic conditions. IoT chips can be uniquely designed as per application or consumer’s requirement.
With a continuous rise in the number of IoT devices, worldwide IoT chip shipment is increasing at a rapid pace. Automotive, consumer electronics, medical and communication sectors are some of the industry verticals pertaining to the high demand for IoT devices. Deploying IoT chips in already existing devices or installing new advanced IoT devices requires high investments. Thereby, overall market demand for IoT chips is hampered to some extent due to need of hefty initial investment. Moreover, continuously decreasing average selling price (ASP) of IoT chipsets such as IoT sensors is expected to drive the market demand in upcoming years as well.
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IoT is basically a technology of digitally transforming any industry vertical and not any conventional process. On a broader perspective, based on functionality, IoT can be classified into hardware, software, and service segment. Among these, hardware is considered the foundation for IoT network i.e. it plays the most crucial role in IoT ecosystem. IoT chipsets, modules and devices, among others are included in the hardware segment.
The global IoT chip market research study offers a wide perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases).
The global Internet of Things (IoT) chip market reached a market size of USD 11.37 Billion in 2020, and is expected to reach a market size of USD 34.74 Billion by 2028, and register a CAGR of 14.9% in terms of revenue growth during the forecast period.
The global IoT chip market revenue is expected to increase significantly during the forecast period due to rising demand for wearable devices.A new market assessment report on IoT Chip Market brings to light a detailed statistics on the dramatic shift in the competitive landscape and business environment of the IoT Chip Market for the forecast period 2020 - 2027.
The comprehensive study offers an overview of the current state of development of the business as well as predicts the course of progress across different regions.
A large number of factors including the major driving forces, threats and opportunities are taken into account to present an analytical picture of the industry portrayed in the report.
Read more@ https://www.emergenresearch.com/industry-report/iot-chip-marketCompetitive LandscapeNXP Semiconductors N.V.Samsung Electronics Co Ltd.Intel CorporationQualcomm IncorporatedTexas Instruments IncorporatedMicrochip Technology Inc.STMicroelectronics N.V.Cypress Semiconductor CorporationNVIDIA CorporationHuawei Technologies Co., Ltd.You Can Download Free Sample PDF Copy of IoT Chip Market at https://www.emergenresearch.com/request-sample/489 Key Objectives of the Report:Analysis and estimation of the IoT Chip Market size and share for the projected period of 2020-2027Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscapeStudy of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global IoT Chip MarketAnalysis of the growth prospects for the stakeholders and investors through the study of the promising segmentsStrategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunitiesThank you for reading the report.
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