MarketsandMarkets Report: IoT Chip Market Moving Towards An Explosion
New market research was published with the title “IoT Chip Market with COVID-19 Impact Analysis by Hardware (Processor, Connectivity IC, Sensor, Memory Device and Logic Device), Power Consumption, End-use Application (Wearable Devices, Consumer Electronics, Building Automation and Retail) and Region – Global Forecast to 2025”. The research believes that the IoT chip market is set to grow from USD 392.0 billion in 2020 to USD 525.4 billion by 2025.
The growth of application-specific MCUs and flexible SoC-type designs, adoption of IPv6, which provides more IP address space, technologies such as AI fueling IoT adoption, development of internet connectivity, and growth of low-cost smart wireless sensor networks are expected to drive the IoT chip industry.
Since most IoT devices require real-time data monitoring and reasonable processing hardware, using these chips offering good performance at a low cost is ideal. Devices having less than 10 W power consumption, like surveillance cameras and drones, are slated to grow rapidly during the forecast period. Looking at consumer electronics application, smart TV takes the lead in sales and is touted to be the fastest-growing product. The research also suggests that the U.S. is likely to be the largest market for IoT chips in North America thanks to the presence of companies like Intel Corporation, NXP Semiconductors, and Texas Instruments Incorporated. Thankfully, improved R&D is seeing better applications across industries, together helping the growth.
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