IoT Chips Market to Cross USD 755.4 Billion with Highest CAGR of 6.2% by 2031: SNS Insider

According to a new report by SNS Insider, the global IoT Chips Market Size, valued at USD 466.8 billion in 2023, is projected to reach a staggering USD 755.4 billion by 2031.  This represents a CAGR of 6.2% over the forecast period (2024-2031)., highlighting the increasing importance of these chips in shaping our connected world.

Fueling the IoT Revolution

Internet of Things (IoT) chips Market growth is primarily attributed to the insatiable demand for connected devices in various sectors. Healthcare, automotive, agriculture, and smart homes depend on IoT applications, which rely on IoT chips. Consumers and businesses alike are drawn to the real-time insights, process automation, and increased productivity that these connected devices provide. This growing reliance on IoT solutions is creating a massive surge in the demand for IoT chips.

Market Analysis:

The integration of IoT solutions into Industry 4.0 initiatives is a major growth driver for the IoT chips market. Industry 4.0, the transformation of manufacturing with digital technologies, depends on IoT chips for connectivity, real-time monitoring, and smart decision-making. As businesses aim to stay competitive through digital transformation, the demand for specialized IoT chips tailored to these industrial environments will continue to escalate. The growing adoption of smart home devices, the proliferation of wearable technologies, and the rise in demand for IoT-enabled automotive solutions present lucrative opportunities for the growth of the IoT chips market.

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Top Companies Featured in IoT Chips Market Report:

• Intel Corporation
• Qualcomm Incorporated
• Mediatek
• Samsung Electronics
• Microchip Technology
• Silicon Laboratories
• Telit Communications
• STMicroelectronics
• Texas Instruments Incorporated
• Nordic Semiconductor

The IoT chips market is rapidly evolving, with key players focused on innovation:

• In May 2022, Cyient partners with IIT Hyderabad and WiSig Networks to launch Koala NB-IoT SoC, India’s first indigenously designed and built chip.
• In October 2021, STMicroelectronics and Sierra Wireless collaborated to streamline and speed up the deployment of connected IoT solutions.
• In June 2021, Impinj Inc. introduced three new RAIN RFID reader chips to address the increasing demand for seamless item connectivity.

IoT Chips Industry Segmentation as Follows:

BY HARDWARE

• Processors
• Logic devices
• Connectivity Integrated Circuits (ICs)
• Sensors
• Memory devices
• Others

The processor segment is leading the market due to the demand for edge devices and the ubiquity of smart home devices relying on microcontrollers and microprocessors.

BY END-USE

• Wearable Devices
• Consumer Electronics
• Retail
• Healthcare
• Manufacturing
• Building Automation
• Oil & Gas
• Aerospace & Defense
• Automotive & Transportation
• BFSI
• Agriculture

The consumer electronics segment dominated the market in 2023 due to the wide array of smart household appliances entering the mainstream market.

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Impact of the Russia-Ukraine War

The ongoing Russia-Ukraine conflict has inevitably impacted the IoT chips market. Supply chain disruptions, logistical challenges, and the volatility of raw material prices have led to manufacturing delays and increased costs. This has temporarily slowed down the production of IoT chips globally. To mitigate these risks, many market players are exploring diversification of their supply chains and alternative sources for raw materials.

Regional Analysis:

North America, with its advanced IT infrastructure and early adoption of IoT technologies, is currently the leading market for IoT chips. The US stands as a major market within North America due to the presence of top IoT hardware manufacturers and an increasing emphasis on IoT solutions across sectors. The leadership of North America is due to: a well-established IT ecosystem that fosters innovation, early and enthusiastic adoption of IoT solutions across diverse industries, and the presence of major players in the IoT hardware sector such as NXP Semiconductors, Intel Corporation, and Texas Instruments.

Key Takeaways for the IoT Chips Market Study

• The insatiable demand for connected devices propels the market as consumers and businesses embrace IoT solutions.
• Industry 4.0 initiatives offer significant growth opportunities for IoT chip manufacturers as factories embrace automation and smart technologies.
• Partnerships, strategic acquisitions, and ongoing R&D are essential for innovation and maintaining market competitiveness.
• Global events and economic fluctuations can create both challenges and potential opportunities for the IoT chips market.

Major Key Points from Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IoT Chips Market Segmentation, By Hardware
9. IoT Chips Market Segmentation, By End User
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion

Continued….

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