With the rapidly growing technology, the Internet of Things (IoT) is fast becoming a buzzword across the globe. From connected cars to smart watches and wearable devices, the IoT technology is making its presence felt at a fast pace, allowing the consumers to transform the way they control things. All this is possible because of various communication technologies and sensors that are now being embedded in different devices and applications. Therefore, the increasing need for smart devices is triggering the demand for low-power sensors and communication chips, which in turn is boosting the IoT chip market, globally.
Key Drivers and Opportunities
The growth of the global IoT chip market can be majorly attributed to the following factors:
- Increasing demand and market for smartphones as well as other connected devices
- Standardization of IPv6
- Consolidation of various devices and applications with sensors and other communication technologies
- Introduction of affordable smart wireless sensor networks
Moreover, government initiatives and support in R&D activities in IoT is further boosting the growth of this market.
However, lack of common communication standards across various platforms, issue related to security and privacy of data, and need for long-lasting batteries stand as major challenges fir the growth of this market.
Market at a Glance
The global IoT chip market which was estimated to be USD 4.58 Billion in 2015 is poised to reach USD 10.78 Billion by the end of 2022, growing at a CAGR of 11.5% during the forecast period. Among regions, North America is expected to be the largest market between 2016 and 2022, owing to the increasing R&D activities for broadening the horizon of IoT applications across various industries. Moreover, the emerging economies in Asia-Pacific such as China, India, and Japan are actively investing in R&D to stimulate the adoption rate of IoT in this region.
Among application vertical, the automotive & transportation segment took up the highest share of the market in 2015, whereas the wearable device segment is anticipated to dominate the market with the largest market share and grow at the highest CAGR as well, thanks to the rising adoption of wearable devices such as smart watches and health bands.
The major players in the IoT chip market include Intel Corporation (U.S.), Qualcomm Inc. (U.S.), Freescale Semiconductor (U.S.), NXP Semiconductors (U.S.), ARM Holding PLC (U.K.), Atmel Corporation (U.S.), Texas Instruments Incorporated (U.S.), and others.
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Scope of the Research
The global IoT chip market has been analyzed and forecasted by breaking it down into the following segments and sub-segments:
- Application: Wearable Devices, Healthcare, Consumer Electronics, Building Automation, Industrial, Automotive & Transportation
- Geography: North America, Europe, Asia-Pacific, RoW
