IoT Chip Market Growth, Analysis, Latest Trends and Forecast till 2025

The IoT Chip market is projected to grow from USD 392.0 billion in 2020 to USD 525.4 Billion by 2025, at a CAGR of 6.0% from 2020 to 2025. The APAC IoT Chip market is projected to grow from USD 121.5 billion in 2020 to USD 182.8 Billion by 2025; it is expected to grow at a CAGR of 8.5% from 2020 to 2025.

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The commercialization of the Internet of Things (IoT) applications is estimated to be in its growth phase in the developing economies of Asia Pacific (APAC). Countries such as China, India, and Japan are aggressively taking initiatives such as high investments in R&D to encourage the adoption of IoT in this region, which is expected to boost the demand for IoT chips in the future.

By hardware, the logic device and memory device segments in Asia Pacific IoT Chip Market are anticipated to witness a high growth rate

The significant increase in the shipment of logic devices can be attributed to the rising demand for wearables, such as smartwatches, especially in developing economies such as China and India, as well as the increasing participation of domestic players in the wearables market. The logic device offers advantages such as rapid prototyping, shorter time-to-market, and long operational life. At the same time, memory device provides high-speed performance with reduced power consumption.

By end-use application, the consumer electronics segment is expected to dominate the Asia Pacific Market

The region is expected to drive the IoT chip market in consumer electronics growth during the forecast period. Increasing penetration of high-speed internet and the presence of major technology and component manufacturers, e.g., Huawei Technologies Co. Ltd. (China), will further lead to the growth of the regional IoT chip market. Further, factors such as increasing disposable income, growing middle class, rapid urbanization, and education attainments have led to a shift in spending priorities and patterns. This shift includes the growing demand for products such as TVs and washing machines. This will indirectly increase the demand for IoT chip manufacturing.

Growing adoption of IoT technology in China to boost the market growth

China is one of the countries that promotes the application of Internet of Things (IoT) technology. The IoT technology has been preliminarily applied in many fields, such as transport, city management, power grid, oil & gas, healthcare, and education. Since the international financial crisis outbreak, China has entered a new stage to actively develop IoT applications to foster new sectors of economic growth.

In China, the adoption rate for IoT is promising, mainly due to the government's high financial and strategic involvement in the research and development (R&D) of IoT-based solutions. Furthermore, as China is the major hub for semiconductor fabrication and manufacturing industries, its participation in the implementation and development of the IoT is crucial for the growth of these markets.

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Key Players in the Market

The key players operating in the Asia Pacific IoT Chip market are Huawei (China), Renesas Electronics Corporation (Japan), and Samsung Electronics (South Korea), among others.
o In June 2022, Renesas Electronics Corporation launched cellular-to-cloud IoT development platforms, strengthening its market position.
o In October 2022, Samsung Electronics revealed that major semiconductor suppliers Marvell and Vodafone are collaborating to speed up 5G Open Radio Access Networks (RAN) performance and uptake. Smartphone users are offered a quick and dependable 5G connection using new open architecture by integrating Marvell's cutting-edge System-on-a-Chip (SoC) technology, specifically suited for Open RAN, into the most recent standard Commercial-Off-the-Shelf (COTS) servers. This will enhance the company's positioning in the market.

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This release was published on openPR.