Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Global IoT Chip Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global IoT chip market is poised for substantial growth, projected to achieve a notable Compound Annual Growth Rate (CAGR) of 12% during the forecast period. This anticipated surge is attributed to a confluence of factors, including the increasing adoption of IoT (Internet of Things) devices across diverse industries, advancements in connectivity technologies, and a surging demand for smart and interconnected devices. Notably, the market's trajectory is also being propelled by the consistent introduction of innovative and advanced products by market players, catering to the escalating market demand for IoT solutions.
Market Dynamics: Factors Driving Growth
- Increasing Adoption of IoT Devices: IoT devices have become ubiquitous, permeating industries ranging from healthcare and consumer electronics to industrial and automotive. This pervasive adoption is a pivotal driver behind the market's robust growth.
- Advancements in Connectivity Technologies: As technology continues to evolve, connectivity technologies have made remarkable strides. The seamless integration of IoT devices into existing networks is becoming more feasible, further accelerating market growth.
- Demand for Smart and Connected Devices: The market is witnessing an upswing in the demand for smart and connected devices that can seamlessly communicate and interact with each other, creating a web of interconnected devices that enhance user experiences.
Market Growth Catalysts: Notable Product Launches
Intel, a key player in the market, introduced enhanced IoT capabilities in September 2020. This rollout included the 11th Gen Intel Core processors, Intel Atom x6000E series, and Intel Pentium and Celeron N and J series. These advancements brought new dimensions of artificial intelligence (AI), security, functional safety, and real-time capabilities to edge customers, underscoring the market's focus on innovation.
STMicroelectronics, in April 2020, unveiled the STM32WLE5 SoC, a LoRa system-on-chip that connects smart devices to the IoT using long-distance wireless connections. This development empowers product developers to create a spectrum of devices such as remote environmental sensors, trackers, and process controllers, fostering efficient resource management.
Segmental Insights: Hardware and Application
- Hardware Segmentation: The IoT chip market is segmented based on hardware into processors, sensors, connectivity ICs, memory devices, and logic devices. Among these, processors and sensors are expected to witness significant growth due to their pivotal roles in data processing and collection in IoT devices.
- Application Segmentation: In terms of applications, the market spans diverse sectors including healthcare, consumer electronics, building automation, industrial, automotive and transportation, BFSI, agriculture, retail, oil and gas, and more. Notably, the consumer electronics sub-segment is anticipated to hold significant market shares due to the seamless integration of IoT technologies into devices and processes, especially with the proliferation of smart devices like mobiles, smart TVs, and air conditioners.
Regional Insights: Europe and Asia-Pacific Take the Lead
- Europe: The region is expected to experience substantial growth, driven by the presence of major IoT chip manufacturers and the increasing adoption of IoT-enabled devices. Europe's robust industrial and consumer IoT applications contribute to its prominent position in the market.
- Asia-Pacific: This region is poised to capture a significant share of the IoT chip market due to the region's expanding industrial and consumer IoT applications, coupled with key semiconductor manufacturing hubs such as China and South Korea. A growing demand for connected and smart devices further drives this growth, with players like Renesas Electronics Corp. introducing region-specific solutions.
Market Players: Innovating and Shaping the Landscape
Prominent market players include Intel Corp., Qualcomm Inc., Texas Instruments Inc., NXP Semiconductors N.V., Broadcom Inc., STMicroelectronics N.V., MediaTek Inc., and others. These players are actively contributing to market growth through strategic moves like mergers, acquisitions, partnerships, funding, and new product launches. For instance, MediaTek's Genio 700, an N6 (6nm) IoT chipset, showcases the market's focus on power efficiency and customization for IoT applications.
In Conclusion
The global IoT chip market is on a trajectory of substantial growth, driven by multifaceted factors such as the increasing integration of IoT devices, advancements in connectivity, and the growing demand for smart devices. Notably, product innovation and strategic market moves are propelling the market's expansion, with regions like Europe and Asia-Pacific taking the lead in shaping this transformative landscape.
The report covers:
- Market value data analysis of 2022 and forecast to 2030
- Annualized market revenues ($ million) for each market segment
- Country-wise analysis of major geographical regions
- Key companies operating in the global IoT chip market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future
- Analysis of market-entry and market expansion strategies
- Competitive strategies by identifying 'who-stands-where' in the market
Key Topics Covered
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Intel Corp.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. MediaTek Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. NXP Semiconductors NV
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Qualcomm Incorp.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Texas Instruments Incorp.
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global IoT Chip Market by Hardware
4.1.1. Processors
4.1.2. Sensors
4.1.3. Connectivity ICs
4.1.4. Memory Devices
4.1.5. Logic Devices
4.2. Global IoT Chip Market by Application
4.2.1. Healthcare
4.2.2. Consumer Electronics
4.2.3. Building Automation
4.2.4. Industrial
4.2.5. Automotive and Transportation
4.2.6. Banking, Financial Services, and Insurance (BFSI)
4.2.7. Agriculture
4.2.8. Retail
4.2.9. Oil and Gas
4.2.10. Others
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Analog Devices, Inc.
6.2. Broadcom Inc.
6.3. Cypress Semiconductor Corp.
6.4. Infineon Technologies AG
6.5. Marvell Technology Group Ltd.
6.6. MediaTek Inc.
6.7. Microchip Technology Inc.
6.8. Murata Manufacturing Co. Ltd.
6.9. NXP Semiconductors N.V.
6.10. ON Semiconductor Corp.
6.11. Renesas Electronics Corp.
6.12. Samsung Electronics Co. Ltd.
6.13. Semtech Corporation
6.14. Sierra Wireless, Inc.
6.15. Silicon Laboratories Inc.
6.16. Skyworks Solutions, Inc.
6.17. STMicroelectronics N.V.
6.18. u-blox Holding AG
For more information about this report visit https://www.researchandmarkets.com/r/62f4bv
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