Global IoT Chip Market Size, Share, Development, Growth and Demand Forecast to 2023

Internet of Things (IoT) is internetworking of physical and virtual objects, which enables physical and virtual devices relate to each other through cloud technology in order to exchange data and information. With accelerated technological advancements and accumulating dependence on technology, IoT concept is expected to have a propitious future. Hardware components of IoT include processor, sensor, connectivity IC, memory device and logic device. The Internet of Things (IoT) can happen with traditional processor, sensor and other hardware components, but several concerns, including low power requirements and wireless support, have driven evolution of platforms designed for its applications. Moreover, accumulating investments in the IoT industry to develop new IoT-based products are expected to generate demand for more IoT chips. IoT chips are being used in numerous devices and applications of various industries. Applications of IoT chips include wearable devices, healthcare, consumer electronics and several others. The key purpose to adopt IoT enabled devices is to improve safety, comfort and efficiency of work. IoT also helps in better decision making and as result of which increases productivity.

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Major factors propelling the growth of IoT chip market include soaring demand of application specific MCUs, and flexible SOC type architectures. IoT chips are capable enough to support varied communication protocols, owing to which these chips are widely being adopted in the field of automation. The increasing demand of IoT enabled applications and devices from various industry verticals is likely to spearhead the growth of 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. Additionally, lack of common communication protocols across application platforms and high power consumption by connected devices are the major challenges of the global IoT chip market.

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The global IoT chip market is expected to witness a CAGR of 15.1% during the forecast period, to reach $17,285.3 million by 2023. Concept of IoT is rapidly being adopted by several industries 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 spurred the growth of IoT chip market. Moreover, accelerating requirement for application-specific microcontroller units (MCUs) and flexible system on chip (SoC)-type architectures are the major factors propelling the growth of IoT chip market.

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