IoT Chips Market Analysis by Service Type, by Vertical | COVID-19 Effects

Market Highlights

The global IoT chips market is projected to register a CAGR of 5.9% during the forecast period, 2020–2026.

Key players

MRFR recognizes the key players in the global IoT chip market as Intel Corporation (US), Qualcomm Technologies, Inc (US), Texas Instruments Incorporated (US), NXP Semiconductors NV (Netherlands), Microchip Technology Inc. (US), MediaTek Inc. (Taiwan), STMicroelectronics NV (Switzerland), Renesas Electronics Corporation (Japan), Huawei Technologies Co., Ltd. (China), NVIDIA Corporation (US), Cypress Semiconductor Corporation (US), Advanced Micro Devices, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), MediaTek Inc. (Taiwan), Microchip Technology Inc. (US), Silicon Laboratories. (US), Telit (Italy), Nordic Semiconductor ASA (Norway), Semtech Corporation (US), Marvell (Bermuda), and AMD (US), among others. The prominent players keep innovating and investing in research and development to offer a cost-effective product portfolio. There have been recent mergers & acquisitions among the key players, a strategy that business entities employ for strengthening their reach to the customers.

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Key Segments

The global IoT chips market demand has been segmented based on product, end user, and region.

By product, the market has been segmented into processors, sensors, connectivity ICs, memory devices, logic devices, and others.

By end user, the market has been segmented into consumer electronics, automotive & transportation, healthcare, retail, BFSI, agriculture, entertainment & media, and others.

By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

According to Market Research Future, the global IoT chips market demand has been segmented based on product, end user, and region.

Technological advancements, coupled with the increasing trend of Industry 4.0, has encouraged the adoption of IoT and smart devices by consumers. This adoption has fueled the demand for IoT chips across the globe. Also, the innovations in the development of low-cost smart wireless sensor networks have contributed to market growth. However, concerns regarding security and privacy of user data, the high power consumption of connected devices, and lack of standards and communication protocols are some of the factors that are anticipated to restrict the growth of the market over the forecast timeframe.

By product, the market has been segmented into processors, sensors, connectivity ICs, memory devices, logic devices, and others. The proliferation of connectivity technologies such as Ethernet, IP, Wi-Fi, and Bluetooth is expected to fuel the demand for connectivity ICs during the forecast period. The processors in IoT devices are responsible for supporting real-time data monitoring and analytics in a network. Whereas, memory devices, comprising on-chip memory and off-chip memory, provide high-speed performance with reduced power consumption in servers, PCs, and mobile devices.

By end user, the market is segmented as consumer electronics, automotive & transportation, healthcare, retail, BFSI, agriculture, entertainment & media, and others. Among these, the consumer electronics segment is anticipated to dominate the global market during the forecast timeframe due to the increased adoption of smart TVs and smart washing machines. On the contrary, the automotive & transportation segment is expected to witness the fastest growth during the forecast period. The adoption of ADAS and infotainment systems in automobiles is expected to fuel the growth of this segment.

By region, the market has been segmented as North America, Asia-Pacific, Europe, and the rest of the world. The Asia-Pacific region dominated the global market in 2019 and is expected to maintain its dominance throughout the forecast period. An increase in government initiatives to support the adoption of IoT devices in developing countries such as India and South Korea are fueling the market growth. The region is known as a manufacturing hub for semiconductor devices and has also witnessed major adoption of smartphones and other portable devices by consumers. Moreover, advancements in robotics and other cutting-edge technologies are also expected to contribute to market growth.

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About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

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