Global IoT Chip Market by Size, Share, Development, Growth and Demand Forecast to 2023 with Top Key Players: Intel Corporation, Qualcomm, Texas Instruments, NXP Semiconductors, Microchip Technology Inc., MediaTek, STMicroelectronics, Renesas Electronics,

Based on the research findings, the global IoT chip market is likely to grow from $4,582.6 million in 2013 to $17,285.3 million by 2023. Concept of IoT is rapidly being adopted by several industries in order to provide ease and efficiency of work. Integration of connectivity competence in large number of devices and applications and development of various networking protocols have appreciably spur the growth of IoT chip market.

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Advancement of IoT generates demand for better wireless connectivity technologies to support new segments of automotive and transportation sector such as connected cars and intelligent transportation system (ITS), which is likely to spur the demand for connectivity ICs in the global IoT chip market.

However, security and privacy of data are the major concerns associated with the usage of IoT chips, which acts as restraint to the global IoT chip market.

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North America stand as the largest IoT chip market

Geographically, North America has been the largest market for IoT chip. It has been observed that companies in the region have made huge investments for research and development in IoT industry. North America has been observed as one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. The large-scale adoption of IoT technologies in several industries including retail, automotive and transportation, consumer electronics, building automation, and healthcare is the major factor backing the advancement of the IoT chip market in the region.

Insights on market segments

As per the findings of research, integration of IoT chips in retail applications is expected to register highest growth, during the forecast period. Integration of IoT in retail benefits retailers with enhanced customer experience and increased revenue. In retail, IoT enabled devices and applications are majorly being used to manage inventory, mobile payments, and to advertise. Moreover, technology enhancement in IoT enabled devices and introduction to new technologies are the factors, expected to support the adoption of IoT enabled devices in the retail sector. However, the automotive and transportation sector contributed largest to the IoT chip market. Based on hardware, the market is classified into processor, sensor, connectivity IC, memory device and logic device. Connectivity ICs holds the largest market among hardware components of IoT chip, whereas market for memory devices is expected to register highest growth, during the forecast period. Huge amount of data generated from IoT devices is expected to generate requirement for memory devices in near future. Moreover, huge investments by key industry players in IoT to introduce new IoT based products and devices are expected to increase demand for IoT chips.

GLOBAL IoT CHIP MARKET SEGMENTATION

By Hardware
Processor
Sensor
Connectivity IC
Memory Device
Logic Device

By Application
Wearable Devices
Healthcare
Consumer Electronics
Building Automation
Industrial
Automotive and Transportation
Banking, Financial Services, and Insurance
Agriculture
Retail
Oil and Gas
Others

By Geography
North America
Asia-Pacific
Europe
Other

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