The IoT Chip Market size is estimated to grow from USD 392.0 billion in 2020 to USD 525.4 billion by 2025, at a CAGR of 6.0%. The growth of application-specific MCUs and flexible SoC-type designs, adoption of IPv6, which provides more IP address space, technologies such as AI fueling IoT adoption, development of internet connectivity, and growth of low-cost smart wireless sensor networks are expected to drive the IoT chip industry. However, concerns regarding the security and privacy of user data hamper the growth of the market.
Processor market, by hardware, to hold the largest share in the IoT chip market during the forecast period
Processors include several components, such as microcontrollers, digital signal processors (DSPs), and power management integrated circuits (PMICs). For IoT devices or systems to support real-time data monitoring and analytics, adequate processing hardware that consumes less power is required. The manufacturers of these products can adopt one of these two strategies to compete in the IoT processing segment—providing customers with a high-performance product at a relatively high price or developing low-cost, low-power chips that can be used in several applications.
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Devices with 5–10 W power consumption are expected to grow at the fastest rate during the forecast period
Surveillance cameras and drones are the major contributors to the IoT chip market with power consumption between 5–10 W. Cameras for behavioral analysis, face recognition, and vehicle recognition have an average power consumption between 5 and 10 W. NVIDIA's Jetson TX1 draws around 8–10 W under a typical CUDA load, while its latest Jetson TX2 module draws 7.5 W at peak processing efficiency. Power management plays a significant role in the smart speaker system design as the ultimate goal is to provide power efficiently to dissipate less heat, allowing for a smaller and low-cost system.
Smart TV is the fastest-growing product in consumer electronics application, in terms of volume
The market for smart home devices is expected to grow exponentially in the near future, as many big players in the consumer electronics sector, such as LG Electronics (South Korea), Samsung Electronics (South Korea), and Whirlpool Corp. (US), have already launched a series of smart products in the market. These products can be controlled via different apps provided exclusively by these companies. Samsung Electronics (South Korea) is one of the largest smart product manufacturers in the world; this can be considered as a major step as it could be the turning point for IoT. The growth of smart products is expected to increase the IoT chip market's total addressable market with growth in connectivity devices.
The US to hold the largest share in the North American IoT chip market during the forecast period
The US is estimated to be the largest market for IoT chips in North America during the forecast period. It is home to some of the most prominent IoT hardware manufacturers, such as NXP Semiconductors (US), Intel Corporation (US), and Texas Instruments Incorporated (US). Increased R&D in the field of IoT in terms of new and improved technologies, growing government investments for the implementation of IoT solutions, and rising demand for improved lifestyle are the major factors driving the growth of the market.
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.
IoT chipsets can be broadly classified into four categories including IoT based sensors, processors, memory chips and connectivity IC.
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.
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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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