IoT Chips Market to Reach $ 1.7 Trillion by 2032 at 14.3% CAGR: Allied Market Research

Allied Market Research published a report, titled, "IoT Chips Market by Hardware (Processor, Sensor, Connectivity IC, Memory Device, Logic Device, and Others) and Industry Vertical (Healthcare, Consumer Electronics, Industrial, Automotive, Banking Financial Services & Insurance, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global IOT chips market was valued at $432 billion in 2022, and is projected to reach $1.7 trillion by 2032, growing at a CAGR of 14.3% from 2023 to 2032.

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Prime determinants of growth

The IOT chip market is expected to witness notable growth owing to the increased deployment of 5G. Moreover, the surge in demand for IOT chips in the healthcare and automotive industries is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, rise in security concerns limits the growth of the IOT chip market.

The Processor segment to maintain its leadership status throughout the forecast period

On the basis of hardware, the processor segment held the highest market share in 2022, accounting for more than one-fourth of the global IOT chip market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for edge devices and surge in demand for consumer electronics and soaring popularity of smart homes which use different processor such as microcontroller, and microprocessor. However, the Sensor segment is projected to manifest the highest CAGR of 16.55% from 2023 to 2032.

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The industry segment to maintain its leadership status throughout the forecast period.

On the basis of industry vertical, the industrial segment held the highest market share in 2022, accounting for more than one-fourth of the global IOT chip industry revenue and is estimated to maintain its leadership status throughout the forecast period. However, the consumer electronics segment is projected to manifest the highest CAGR of 16.55% from 2023 to 2032, owing to the emergence of several smart appliances that connect to the internet and smartphones.

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North America to maintain its dominance by 2032.

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more one-third of the IOT chip market revenue owing to factors such as significant investments in R&D, the strong presence of key technology players such as Qualcomm Technologies Inc, Microchip Technology Inc, Intel Corporation, and others, and high adoption across various industries. However, Asia-Pacific is projected to manifest the highest CAGR of 15.70% from 2023 to 2032.

Key Industry Development -

In June 2021, Qualcomm launched seven of its new IoT chipsets that were targeted at devices meant for logistics, warehousing, smart cameras, video collaboration, and retail. The company stated that these new IoT solutions offer significant capabilities for a wide range of connected solutions and smart devices with extended life hardware and software options to achieve long-term support for a minimum of eight years.

Leading Market Players: -

Qualcomm Technologies Inc.
STMicroelectronics NV
Samsung Electronics Co. Ltd
Analog Devices Inc.
Intel Corporation
Texas Instruments Incorporated
NXP Semiconductors NV
Infineon Technologies AG
MediaTek Inc.
Microchip Technology Inc.
The report provides a detailed analysis of these key players in the global IOT chip market. These players have adopted different strategies such as product launch, product development, partnership, investment, and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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