Global Internet of Things (IoT) Chip Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global IoT Chip Market is expected to register a CAGR of 14.7% over the forecast period. Due to demand-side and supply-side factors, the growth in the number of IoT connections slowed down in specific sectors during the pandemic. Some IoT contracts were canceled or postponed due to firms going out of business or scaling back their spending. The rising demand for automation and the growing application of IoT devices across various end-user verticals, such as healthcare, consumer electronics, industrial, automotive, BFSI, and retail, are further driving the adoption of IoT devices.
Key HighlightsThe Global Internet of Things (IoT) Chip Market is moderately competitive, with a considerable number of regional players. The companies are leveraging strategic collaborative initiatives and acquisitions to increase market share and profitability.
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