IoT Chips Market Size, Latest Trends, Analysis and Forecast Report to 2027
IoT Chips are small electronic devices embedded in objects, electronic devices, and machines. They are connected to wireless networks and send and receive data. They includes sensors, interface IP, different type of processors, ASICs in cloud for packaging and many more. Rise in use of smartphones, tablets, and wearable devices will drive the market growth during this forecast period.
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For a better understanding of the IoT Chips market, a better grip over the macroeconomic and microeconomic factors are needed as they are impacting the market towards progress. Those factors can ensure a swift helming of the market by rough patches of economic crisis and help in averting plummeting results. With real-time data, the report captures the essence of the market and provides a close reading of demographic changes. Report would assist key players in assessing growth opportunities and optimally use resources provided by growth pockets.
Market Drivers
The increase in adoption of IPV6 internet protocol is key driving factor which is expected to boost the global IoT chips market growth. Furthermore, increase in application of specific MCUs and flexible SoC- type designs will positively contribute the market growth. Also, rise in inclination towards utilization of AI and 5G technologies as well as growing low-cost smart wireless sensor network will propel the global IoT chips market growth. The growth of global IoT chips market can be majorly attributed to the integration of connectivity in larger number of devices ad applications with development of advanced networking protocols which have appreciably advanced market growth across various end use industries including BFSI, Healthcare, consumer electronics etc. In addition to that, rise in demand for wearable devices will fuel the market growth over the forecast period.
Market Restraints
However, increase in security concerns is the major restraining factor which is expected to hinder the global IoT Chips market growth. Also, lack of common protocols and communication standards across platforms will affect the market growth.
Market key Players
Various key players are discussed in this report such as Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, NXP Semiconductors N.V., MediaTek Inc., Marvell Technology Group Ltd., Microchip Technology Inc., Cypress Semiconductor Corporation, Renesas Electronics Corporation, and Huawei Technologies Co., Ltd.
Market Taxonomy
By Product Type
- Processor
- Sensor
- Connectivity IC
- Memory Device
- Logic Devices
- Others
By End User
- Healthcare
- Consumer Electronics
- Industrial
- Automotive
- BFSI
- Retail
- Building Automation
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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