The IoT chip technology constitutes hardware such as processors, sensors, connectivity ICs, memory devices and logic devices which are used in IoT-enabled devices. The exact growth of this technology in market are the increasing demand for application-specific MCUs and flexible SoC-type designs and increasing investments by major giants of this industry in the IoT market.
Accroding to the research news, The IoT chip market is expected to reach USD 14.81 Billion by 2022 from USD 5.75 Billion in 2015, growing at a CAGR of 13.2%. The growth of the automotive and transportation application was primarily driven by the development of intelligent transportation systems (ITS) and high potential for the growth of connected cars.
The IoT chip market for the retail end-use application is expected to grow at the highest CAGR from 2016 to 2022, followed by wearable devices. The rising demand from customers for easier and better shopping experience would drive the use of IoT in the retail application as it would help customers to reduce checkout times, facilitate easier payment procedures, and enable a comparative cost analysis.
Research said, North America held the largest market share of the global IoT chip market in 2015, where as APAC is expected to grow at the highest CAGR from 2016 to 2022 owing to the huge investments by the companies for the development of IoT.
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IoT Chip Market Scope:
By Hardware: Processors, Sensors, Connectivity IC's, Memory Device, Logic Device.
By End-Use Application: Wearable Devices, Healthcare Sector, Consumer Electronics, Building Automation, Industrial, Automotive & Transportation, Agriculture, BFSI, Retail, Oil & Gas.
By Geography: North America, Europe, Asia-Pacific, Rest of the World (RoW).
Popular industries involved in IoT (technology) market:
The companies that are profiled in the IoT Chip report are Intel Corporation (U.S.), Qualcomm Incorporated (U.S.), Texas Instruments Incorporated (U.S.), NXP Semiconductors N.V. (Netherlands), Microchip Technology Inc. (U.S.), MediaTek Inc. (Taiwan), STMicroelectronics N.V. (Switzerland), Renesas Electronics Corporation (Japan), Huawei Technologies Co., Ltd. (China), NVIDIA Corporation (U.S.), Cypress Semiconductor Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.) and Samsung Electronics Co., Ltd. (South Korea).