Global IoT Chip Market 2023-2030

Global IoT Chip Market 2023-2030

Global IoT Chip Market Size, Share & Trends Analysis Report by Hardware (Processors, Sensors, Connectivity ICs, Memory Devices, and Logic Devices) and by Application (Healthcare, Consumer Electronics, Building Automation, Industrial, Automotive and Transportation, Banking, Financial Services, and Insurance (BFSI), Agriculture, Retail, Oil and Gas, and Others) Forecast Period (2023-2030)

The global IoT chip market is anticipated to grow at a considerable CAGR of 12.0% during the forecast period. The growth of the market is attributed to factors such as the increasing adoption of IoT devices across various industries, advancements in connectivity technologies, and the growing demand for smart and connected devices. The growth of the market is also driven by the growing launches of new and advanced products by the market players to cater to the rising demand from the market. For instance, in September 2020, Intel launched new enhanced Internet of things (IoT) capabilities. The 11th Gen Intel® Core™ processors, Intel Atom® x6000E series, and Intel® Pentium® and Celeron® N and J series bring new artificial intelligence (AI), security, functional safety, and real-time capabilities to edge customers.

In April 2020, STMicroelectronics revealed the LoRa® system-on-chip (SoC) for connecting smart devices to the Internet of Things (IoT) using long-distance wireless connections. The STM32WLE5 SoC lets product developers create devices such as remote environmental sensors, meters, trackers, and process controllers that help efficiently manage energy and resources. The SoC combines ST’s proven skills in ultra-low-power STM32 microcontroller design with a LoRa-compliant radio in one single-die and easy-to-use device.

Segmental Outlook

The global IoT chip market is segmented based on its hardware and application. Based on hardware, the market is segmented into processors, sensors, connectivity ICs, memory devices, and logic devices. Among these segments, processors, and sensors are expected to witness significant growth due to their crucial roles in data processing and gathering in IoT devices. Based on application, the market is categorized into healthcare, consumer electronics, building automation, industrial, automotive and transportation, BFSI, agriculture, retail, oil and gas, and others. Among the hardware, the sensors subsegment is anticipated to register considerable growth owing to the increased demand from various industries such as Automobile, Manufacturing, Retail, and others.

The consumer Electronics sub-segment to register Prominent growth Prominent growth over the Forecast Period.

Among the application, the consumer electronics sub-segment is anticipated to hold prominent market shares owing to the increasing integration of IoT technologies in devices and processes. The growth is also led by the proliferation of smart and connected consumer electronic devices including Mobile, Smart TV, Smart AC, and other related equipment.

Regional Outlooks

The global IoT chip market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these regions, Europe is anticipated to experience prominent growth over the forecast period, driven by the presence of major IoT chip manufacturers and the increasing adoption of IoT-enabled devices. However, the Europe region is projected to witness considerable growth in the IoT chip market due to the expanding industrial and consumer IoT applications and the presence of key semiconductor manufacturing hubs.

Global IoT Chip Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia Pacific Region is anticipated to Hold a Significant Share in the Global IoT Chip Market

Among these regions, the Asia-Pacific region is anticipated to account for a significant share of the IoT Chip market during the forecast period. The growth of the IoT chip market in the region is primarily driven by factors such as the expanding industrial and consumer IoT applications and the presence of key semiconductor manufacturing hubs such as China and South Korea. Also, the market is being driven by growing demand for connected and smart devices across the region. Market players are actively involved in meeting region-specific demands to remain competitive in the market. This in turn is driving the growth of the market. For instance, in April 2023, Renesas Electronics Corp. introduced an NB-IoT (Narrowband Internet of Things) chipset specifically for the Indian market. The new RH1NS200 is an LTE NB-IoT modem chipset that is designed to operate seamlessly on the networks of all major Indian telecommunications carriers. It is a solution specifically designed to serve the Indian smart metering market, which some estimates put at roughly 250 million units over the next five years. The new chipset also can be used in asset tracking, lighting, security, and numerous other applications.

Market Players Outlook

The major companies serving the global IoT chip market include Intel Corp., Qualcomm Incorp., Texas Instruments Incorp., NXP Semiconductors N.V., Broadcom Inc., STMicroelectronics N.V., MediaTek Inc., and Others. These players are considerably contributing to market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market and meet the evolving demands of IoT applications. For instance, in January 2023, MediaTek announced the latest chipset in the Genio platform for IoT devices, the octa-core Genio 700 designed for smart homes, smart retail, and industrial IoT products. With a focus on power efficiency, the MediaTek Genio 700 is an N6 (6nm) IoT chipset that boasts two ARM A78 cores running at 2.2GHz and six ARM A55 cores at 2.0GHz while providing 4.0 TOPs AI accelerator. It comes with support for FHD60+4K60 display, as well as an ISP for better images. The Genio 700 SDK allows designers to customize products using Yocto Linux, Ubuntu, and Android. Additional features of the MediaTek Genio 700 include Supports for high-speed interfaces, including PCIe 2.0, USB 3.2 Gen1, and MIPI-CSI interface for camera and dual display support FHD60+4K60 with AV1, VP9, H.265, and H.264 (video decode) support.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global IoT chip market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.