IoT Chip Market Increasing Demand, Growth Analysis and Future Outlook by 2031

The global IoT chip market is anticipated to grow at a considerable CAGR of 12.0% during the forecast period. The growth of the market is atttributed to the advancement in IoT chipset owing to the increased demand from various industries. The proliferation of smart devices along with increased demand for connectivity has led the market players to come up with new and advanced soluions which is anticipated to drive the market. For instance, in October 2021, STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, and Sierra Wireless, formed an agreement that will enable the STM32 microcontroller (MCU) user community to leverage flexible cellular IoT connectivity and edge-to-cloud solutions from Sierra Wireless. The agreement helps solution developers tackle the diverse challenges involved with creating and deploying IoT solutions, including device design and development, enrollment with a cellular network, and connection to cloud services, enabling a quicker time-to-market.

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Also, the growing funding of new strtups working in IoT chip market is propelling the growth of the market. For instance, in September 2022, Morse Micro, a fabless semiconductor company reinventing Wi-Fi for the Internet of Things (IoT), received $140 Million in Series B funding. The round was led by MegaChips Corp., a leading ASIC and SoC services company based in Japan. Morse Micro intends to expand its Wi-Fi HaLow technology. It will focus on deepening its offerings, including the design of new solutions, while accelerating the go-to-market strategy for its existing Wi-Fi HaLow chips and modules.

Further, in July 2021, Wiliot, the IoT startup company has raised $200 million, a Series C. The company plans to move into SaaS model using its AI to read and translate different signals on the object attached to the chip. This company plans to offer licensing model for its chip hardware, so that they can be produced by multiple third parties.

Global IoT Chip Market Report Segment

By Hardware

• Processors
• Sensors
• Connectivity ICs
• Memory Devices
• Logic Devices

By Application

• Healthcare
• Consumer Electronics
• Building Automation
• Industrial
• Automotive and Transportation
• Banking, Financial Services, and Insurance (BFSI)
• Agriculture
• Retail
• Oil and Gas
• Others

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IoT Chip Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Analog Devices, Inc.
• Broadcom Inc.
• Cypress Semiconductor Corp.
• Infineon Technologies AG
• Marvell Technology Group Ltd.
• MediaTek Inc.
• Microchip Technology Inc.
• Murata Manufacturing Co., Ltd.
• NXP Semiconductors N.V.
• ON Semiconductor Corp.
• Renesas Electronics Corp.

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