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IoT Chips Market Analysis
The global IoT chips market will touch USD 641.2 billion at a 6.2% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Rising Use of IoT Devices to Boost Market Growth
The rising use of IoT devices will boost market growth over the forecast period. IoT devices have turned ubiquitous, permeating domains from consumer electronics and healthcare to automotive and industrial. This pervasive use is a vital driver behind the robust growth of this market.
Opportunities
Growing Need for Energy-Efficient IoT CPUs to offer Robust Opportunities
The growing need for energy efficient IoT CPUs will provide lucrative opportunities for the IoT chips market in the forecast period. This demand is being fuelled by the surging desire for devices which can function for extended periods sans the need for any replacement or a charge. These CPUs are being made by IoT chip producers for the low-power gadgets such as sensors and wearables. The energy-efficient processor must persist in being popular with maximum people using IoT gadgets and apps.
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Restraints and Challenges
Privacy Concerns to act as Market Restraint
The privacy and security concerns, the lack of standard protocols, and IoT connected devices’ high power consumption may act as market restraints over the forecast period. Besides, the impact of the COVID-19 epidemic may also impede market growth.
Key Players
Eminent industry players profiled in the global IoT chips market report include
Market Segmentation
The global IoT chips market has been bifurcated based on end user and product.
By product, logic devices will lead the market over the forecast period.
By end user, consumer electronics will domineer the market over the forecast period.
Regional Analysis
APAC to Head IoT Chips Market
The APAC region will head the IoT chips market over the forecast period. Most IoT investments are here, with Singapore and South Korea being the major markets to adopt IoT chips. As per the Organization for Economic Cooperation & Development, the first significant market is South Korea that connected to the net frequently than others. The APAC region will capture the utmost market share for its expanding consumer and industrial IoT applications along with the presence of leading semiconductor manufacturing hubs like South Korea and China. A burgeoning need for smart devices and connected devices further fuels market development with players such as Renesas Electronics Corp. coming up with region-specific solutions.
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North America to Have Admirable Growth in IoT Chips Market
North America will have admirable growth in the IoT chips market over the forecast period. Owing to the rising usage of linked devices within industries such as manufacturing, North America is likely to contribute significantly to IoT investments. While there is an immense rise in IoT services, the rising acceptance of 5G technology is aiding the market to expand in the years ahead. Other factors adding market growth include enhanced R&D in IoT with regards to improved and new technologies as well as growing need for improved lifestyles.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
