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IoT Chip Market Worth $10.78B by 2022
February 9, 2016 | PRNewswireEstimated reading time: 3 minutes
The report "IoT Chip Market by Application Vertical (Wearable Device, Healthcare, Consumer Electronics, Building Automation, Industrial, Automotive & Transportation) & Geography (North America, Europe, APAC, Row) - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 4.58 Billion in 2015 to USD 10.78 Billion by 2022, at a CAGR of 11.5% between 2016 and 2022.
With the rapid technological advancements and the increasing dependence on technology in day-to-day lives, the Internet of Things concept has a promising future. Given the rate of proliferation of the network of wireless sensors, the increasing adoption of emerging technologies, and the mainstreaming of many smart consumer applications, Internet of Things has gained popularity across domains. The growing IoT market is the major driver for IoT chip manufacturers.
The integration of connectivity capabilities in an increasing number of devices and applications acts as a major driver for the market
Within the embedded device space, functions related to connectivity and network processing are increasingly being combined with embedded processors in applications beyond cell phones. For example, Qualcomm's Snapdragon 602A combines an application processor, GPU, DSP, GPS, 4G LTE, Wi-Fi, and Bluetooth, and is targeted for the automotive infotainment segment. Furthermore, Combo wireless connectivity chipsets with integrated NFC, Wi-Fi, and Bluetooth are expected to be used in smartphones and consumer electronic devices that would support multiple communication standards and protocols.
Wearable device application to play a key role in the IoT chip market
The wearable device application is expected to hold the largest market share and dominate the IoT chip market between 2016 and 2022 owing to the increasing adoption of wearable devices across the globe. The growing popularity of Internet of Things and the increasing adoption of smart watches and activity trackers in the consumer markets present huge opportunities for the IoT chip manufacturers. The demand for Connectivity ICs and MCUs is expected to gain momentum owing to the growing wearable device market.
Automotive & Transportation held the largest market share in 2015
Internet of Things (IoT) has given rise to new segments in the automotive and transportation sector such as connected cars and intelligent transportation systems (ITS). Connected cars, along with the implementations of ITS, are expected to boost the semiconductor industry's total addressable market with the growth in sensor content and integration of MEMS, connectivity devices, and MCUs.
North America expected to hold the largest market share; APAC to grow at the highest rate
North America is expected to hold the largest market share and dominate the IoT chip market between 2016 and 2022. The increasing R&D at both academic and industry levels is broadening the application areas of Internet of Things in different industries such as consumer products, energy & power, retail, automotive & transportation, and healthcare, especially in North America. This is the main factor driving the growth of the IoT chip market in the region.
In the APAC region, countries such as China, India, and Japan are aggressively taking initiatives such as heavy investments in R&D to encourage the adoption of Internet of Things in the region, which is expected to boost the demand for IoT chip in the near future.
The major players in the IoT chip market include Intel Corporation (U.S.), Qualcomm Inc. (U.S.), Freescale Semiconductor (U.S.), NXP Semiconductors (U.S.), ARM Holding PLC (U.K.), Atmel Corporation (U.S.), Texas Instruments Incorporated (U.S.), and others.
The scope of the report covers detailed information regarding the major factors influencing the growth of the IoT chip market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the IoT chip market.
About MarketsandMarkets
MarketsandMarkets is world's No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
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