Pune, June 08, 2021 (GLOBE NEWSWIRE) — Market Analysis
Investments by major IoT chips manufacturers for developing SoCs and devices that can transfer data in real-time influence the market growth. Market Research Future (MRFR), in its recent global IoT chips market analysis, asserts that the market size is projected to reach USD 531.80 billion by 2026, growing at a 5.9% CAGR during the review period (2020–2026).
The COVID-19 outbreak seemed to had a positive impact on the IoT chips market share. With increasing IT & telecom transformations and the digital transformation of economies, the already-competitive telecom and manufacturing sectors geared up phenomenally.
The Coronavirus pandemic has also fostered digitization and automation across the manufacturing sectors globally, disrupting supply chains and workforce management. Many organizations have digitized their business processes, including supply chain & product management, sales & marketing, and others.
The automation further increased the need for improved Internet connectivity with high reliability, cloud-based apps, and connected devices & IoT services. The IoT chips market is witnessing a constant uptick over the past few months, and solution providers are making substantial investments to foster R&D activities to develop and improve IoT chips.
Overview
IoT chips also referred as IoT modules or radio chips are small electronic devices integrated into machines to enable connectivity with wireless networks and data transfer. These chips connected to the internet allow users to send and receive real-time data. IoT modules comprising sensors, processors, on-chip and off-chip memory types, I/O, and interface IPs & chipsets, are used as SoCs, custom ASICs in the cloud, 2.5D chips for the networks & servers, and fan-out wafer-level packaging for MEMS & sensor clusters.
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The use of smart connected devices in manufacturing sectors is growing due to digital transformation, automation, Industry 4.0, and other megatrends. Besides, the advent of 5G together with IoT devices is anticipated to offer further revenue opportunities. Therefore, IoT Chips markets worldwide are estimated to garner significant traction. With advances in technologies and growing digitization, there is a need to have IoT systems incorporated into every industrial set-up.
Many industries are currently employing highly reliable low-latency wireless links that can power new and existing IoT applications. With most manufacturing companies embracing industry 4.0 regulations and the advent of industry 5.0., IoT chips technology is expected to become crucial for manufacturing sectors worldwide.
Market Segmentation
The IoT Chips market forecast is segmented into product, end user, and region. The product segment is sub-segmented into processors, sensors, connectivity ICs, memory devices, logic devices, and others. The end user segment is sub-segmented into consumer electronics, automotive & transportation, healthcare, retail, BFSI, agriculture, entertainment & media, and others.
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Regional Analysis
The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), and Rest-of-the-World.
It is observed that North America has been consistently dominating the global IoT chips market and is estimated to maintain its market position in the coming years as well. Factors such as the presence of a large number of IoT chips providers and the state-of-the-art development centers in the region propel the growth of the market.
Besides, the increasing adoption of AI and IoT technologies and rising consumer inclination towards smart connected devices fuel the IoT chips industry in the region. Additionally, large technological advancements and increasing investments by manufacturing industries increase the IoT chips market growth.
Europe holds the second-best position globally in terms of IoT chips market revenue. The increasing digitalization and automation across industry verticals and Internet connectivity with high reliability in this region boost the IoT chips market size.
The market rise is also driven by the rising adoption of 5G-enabled IoT systems and Internet-connected devices by manufacturing companies and the presence of key technology providers. Also, substantial R&D investments to advance essential infrastructure for network connectivity and rapid developments across end-use verticals boost the IoT chips market demand.
The Asia Pacific region is witnessing a spurring rise in the IoT chips market value. Factors such as the adoption of 5G technology and AI/ML acceleration increase the region’s IoT chips market shares. Furthermore, the strong presence of consumer electronics manufacturers and manufacturing sectors in the region foster the IoT chips market revenues.
The increase in government initiatives for the development of smart homes and smart cities fuel the growth of the IoT chips market. Moreover, increasing focus on improving internet connectivity and high R&D investment are the major factors influencing the region’s market growth. China holds the largest share in the region’s IoT chips market, followed by Japan and India.
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Competitive Landscape
The IoT chips market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance; recently, on Jan. 29, 2021, Cavli Wireless announced its partnership with GCT Semiconductor to license chipsets and industry-grade manufacturing of LPWAN, LTE, and IoT Chips modules in India to power IoT applications in smart cities, automotive, energy & utilities, manufacturing, healthcare, and agriculture sectors across the globe.
Notable Players Operating In The Global IoT Chips Market Include:
- Qualcomm Technologies, Inc (US)
- Intel Corporation (US)
- Texas Instruments Incorporated (US)
- Microchip Technology Inc. (US)
- NXP Semiconductors NV (Netherlands)
- MediaTek Inc. (Taiwan)
- Renesas Electronics Corporation (Japan)
- STMicroelectronics NV (Switzerland)
- Huawei Technologies Co., Ltd. (China)
- Cypress Semiconductor Corporation (US)
- NVIDIA Corporation (US)
- Advanced Micro Devices, Inc. (US)
- MediaTek Inc. (Taiwan)
- Samsung Electronics Co., Ltd. (South Korea)
- Microchip Technology Inc. (US)
- Telit (Italy)
- Silicon Laboratories (US)
- Nordic Semiconductor ASA (Norway)
- Marvell (Bermuda)
- Semtech Corporation (US)
- AMD (US)
Discover More Research Reports on Chipset and Processors, By Market Research Future
Industry Trends:
Smart cities are the latest trend revolutionizing the IoT chips industry currently. Metro areas worldwide with enhanced indoor and outdoor connectivity are employing smart devices to gain data and insights to better manage assets, resources, and services. Rising integration of AI and machine learning accessible on IoT chips enables applications to model and understand their operating environments and make intelligent decisions.
Companies that have already invested in IoT would gain a massive competitive advantage and new opportunities through huge amounts of data. With IoT chips market trends such as applying embedded machine learning for IoT devices and Low-Power Wide-Area Network (LPWAN) technologies, businesses are approaching a new era of innovation.
Also, the adoption of more intelligent devices to address the issues associated with bandwidth and latency is projected to support the enterprise maturation through smarter chips and autonomous chips to make their way through this year. With the rising adoption of cloud services, business IoT specialists, and the most reliable IoT network would increase the IoT chips market size.
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