According to Future Market Insights (FMI), the IoT Chip market is forecasted to reach up to a net worth of US$ 735.6 Bn in 2032, increasing from US$ 415 Bn in 2021. The global IoT chip market is predicted to witness a moderate CAGR of 5.3% over the forecast years.
With the integration of data transmission technologies with physical, electrical items, smart devices are becoming more common in households and businesses. The internet of things is made up of semiconductor chips called IoT chips, which are expected to become a multi-trillion dollar business in the future.
The worldwide IoT chip industry is now very competitive due to the expansion of electronics businesses into the realm of internet of things chip manufacture and production. This condition has also resulted in a major decline in IoT Chip pricing, further increasing worldwide market rivalry.
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Integration of IoT devices in industrial units has created a huge opportunity for IoT semiconductor companies around the world. Advancement in the installation of IoT devices in vehicles is also predicted to increase the demand for IoT chipsets during the forecast time period.
Key Takeaways
- The global IoT chip market size is expected to expand moderately over the forecast period of 2022 to 2032, which is measured to be approximately US$ 295.6 Bn in terms of absolute dollar growth.
- Among the different types of hardware used for building IoT chipboard, the logic device is the higher-performing segment with a CAGR of 5.4% over the forecast period.
- On the basis of various end-use applications of narrowband IoT chips, the sales of IoT chips for building automation devices are the most popular segment in the present market. This segment is expected to observe significant growth during the forecasted years with a predicted CAGR of 5.2%
- The regional IoT chip market of North America dominates the global market of the presence of top IoT semiconductor companies in the USA and Canada. The USA market is predicted to be worth US$ 256.7 Bn by the end of the year 2032, attributing to up to 35% of the total revenue contributed.
- The emergence of a lot of IoT chip manufacturers in China, Japan and South Korea has positioned the geographic region of Asia Pacific as the second most attractive region for the global IoT chip market. These three top-performing countries of Asia Pacific together contribute nearly US$ 80 Bn out of total US$ 440 Bn revenue in 2022.
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Competitive Landscape
Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, NXP Semiconductors N.V., Media Tek Inc., Marvell Technology Group Ltd., and Microchip Technology Inc., Renesas Electronics Corporation, Huawei Technologies Co., Ltd., and Samsung Electronics Co., Ltd. are among the major players in the global IoT Chip market.
- Intel Corporation launched a new version of Intel Xeon W-3300 processors in July 2021. This latest generation of Xeon processors offers improved performance with extended platform capabilities that will be available for system integrators.
- Qualcomm Incorporated launched 7 new chipsets in June 2021 for various IoT applications in industrial environments. These new chips support many new features such as integrated connectivity, sensor fusion and edge detection activity and warehouse management.
- Nordic Semiconductor Company launched a new power management I.C. in May 2021 by the name of nPM1100. Thus new has an inbuilt USB compatible input regulator for protection of the chip during overvoltage situations.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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