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The Global IoT SoC Market size is predicted to reach $41 billion by 2031, growing at a CAGR of 8.5% during the forecast period 2024-2031 according to the latest market research report published by IndustryARC. The Internet of Things (IoT) and System-on-chip (SoC) markets have experienced a significant surge in demand in recent years. This is largely due to the increasing need for connected devices and the integration of smart technology into various industries.
The IoT and SoC markets are expected to continue to grow in the coming years, driven by the demand for faster and more efficient data processing, improved automation, and enhanced connectivity are poised to propel the market growth, finds IndustryARC in its recent report, titled “IoT SoC Market Size, Share & Trends Analysis Report By Component: Hardware, Software (Integration software, End point detection and response software, Predictive analytics software, Others), Services (Consulting service, Support and maintenance, Deployment and integration, Managed service, Professional service), By Organization Size: Large Enterprises, Small and Medium Enterprises, By Deployment Mode (On-premise, Cloud based, By Platform (Network Management, Application Management, Device Management), By Application, (Automated systems, Data Processing & Management, Security Solution , Remote Monitoring System, Real-Time Streaming, Others), By Network [Short range wireless (Bluetooth mesh networking, Light-Fidelity (Li-Fi), Near-field communication (NFC), Wi-Fi, ZigBee, Z-Wave), Mid-range wireless (LTE-Advanced, 5G ), Long range wireless (Low-power wide-area networking (LPWAN), Very small aperture terminal (VSAT) Power-line communication (PLC), By Applications (Automated systems, Data Processing & Management, Security Solutions, Remote Monitoring System, Real-Time Streaming, Other) By End user (Manufacturing and Industrial Machinery, Power and Energy, Automotive, Oil & Gas, Chemical, Healthcare and Pharmaceuticals, Infrastructure, Industrial automation, Agriculture & Life sciences, Transportation & Logistics, Aerospace and Defense, Retail & E-commerce, IT and Telecom, Others), By Region and Segment Forecasts, 2024–2031”
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North America to Register Highest Growth:
North America in this region is expanding due to the rise in demand for anticipates a substantial rise in corporate expenditure on 5G and edge computing due to the introduction of 5G network services. Additionally, according to the ICT industry association Brasscom, predicts a surge in enterprise 5G and edge computing spending with the advent of 5G network services. Datacenter investments grew by 17% YoY to $850 million, reflecting high demand for essential online infrastructure. Brasscom also foresees $86 billion investment in mobile projects from 2021-2024
IoT SoC Market 2023-2031: Segmentation
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IoT SoC Market Report – Key Takeaways:
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Key Opportunity Analysis:
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The Report also Covers the Following Areas:
IoT SoC Market Size and Forecast
IoT SoC Market Trends
IoT SoC Market Analysis by Product Type
IoT SoC Market 2023-2031: Key Highlights
CAGR of the market during the forecast period 2024-2031
Value Chain analysis of key stake holders
Detailed analysis of market drivers and opportunities during the forecast period
IoT SoC Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the IoT SoC Market
Covid and Ukrainian Crisis Impact:
The pandemic has had a significant impact on demand for cellular IoT in healthcare and other industries. With more companies focusing on digital technologies to interact with their clients and customers, and people becoming more reliant on digital sources, there has been an increased demand for cellular IoT connectivity. The pandemic has accelerated the shift towards digitization and automation, making cellular IoT connectivity even more critical for businesses looking to boost sales during this period.
The Russia-Ukraine crisis is having a significant negative impact on the IoT and SoC markets. The sanctions imposed on Russia have disrupted the supply chain, shipping, and research and development of these technologies. This is making it more difficult and expensive to produce and purchase IoT and SoC devices, and it is slowing down the pace of innovation in the market. For instance, in 2022 Texas Instruments, a major semiconductor company announced Texas Instruments said it had not shipped to Russia shipping chips. This decision further disrupted the supply chain for IoT and SoC devices.
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List of Key Market Players in IoT SoC Market:
The Global IoT SoC Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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Next Generation Data Center Market – The Next Generation Data Center Market is projected to grow at a CAGR of 16.1% during the forecast period from 2024 to 2031. The increasing demand for high-performance computing, cloud-based services, and virtualization technologies are the primary drivers of the Next Generation Data Center market.
Mobile SoC Market – Mobile SoC Market is projected to grow at a CAGR of 18.1% during the forecast period from 2024 to 2031. The burgeoning number of mobile users across the globe, which is projected to observe a remarkable escalation in the near future, is significantly supporting the mobile SoC market that is poised to witness substantial growth prospects over the forecast period.
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