According to Future Market Insights- ESOMAR-certified and member of Greater New York Chamber of Commerce, 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 transfer technology with physical, electronic gadgets, there has been a growing trend of equipping smart devices in homes and industries. Such devices known as the internet of things are made out of semiconductor chips known as IoT chips that are anticipated to become a multi-trillion market in the future.
Expansion of electronics companies in the domain of internet of things chip manufacturing and production has made the global IoT chip market highly competitive these days. This situation has also resulted in a significant drop in IoT Chip prices, further proliferating the competition in the global market.
“Growing popularity of IoT devices for automation of living spaces there has been a significant rise in demand for nbIoT chips particularly in developed economies indirectly boosting the global IoT chipset market. Improving living standards in developing countries is expected to augment the global IoT device market, further boosting the IoT chip market in the coming days.”
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
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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.
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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.
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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%
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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.
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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.
Competitive Landscape
The major players operating in the global IoT Chip market include 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.
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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.
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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.
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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.
