The IoT chip market is expected to reach a net worth of US$ 735.6 billion in 2032, up from US$ 415 billion in 2021, according to Future Market Insights (FMI). Over the next several years, the worldwide IoT chip market is expected to grow at a moderate CAGR of 5.3 percent.
The integration of data transfer technologies with physical, electronic gadgets has resulted in a growing trend of smart devices being installed in homes and businesses. The internet of things devices is made of semiconductor chips known as IoT chips, which are expected to become a multi-trillion dollar business in the future.
The worldwide IoT chip industry is now very competitive due to the expansion of electronics businesses into the realm of internet of things chip manufacturing and production. This condition has also resulted in a major decline in IoT Chip pricing, further increasing worldwide market rivalry.
Important Points to Remember
- Over the forecast period of 2022 to 2032, the global IoT chip market is predicted to increase gradually, with absolute dollar growth estimated to be around US$ 295.6 billion.
- The logic device is the better-performing segment among the many types of hardware used to make IoT chipboards, with a CAGR of 5.4 percent over the forecast period.
- The sales of IoT chips for building automation devices are the most popular category in the current market, based on numerous end-use applications of narrowband IoT chips. With an anticipated CAGR of 5.2 percent over the forecasted years, this segment is expected to increase significantly.
Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, NXP Semiconductors N.V., Media Tek Inc., Marvell Technology Group Ltd., Microchip Technology Inc., Renesas Electronics Corporation, Huawei Technologies Co., Ltd., and Samsung Electronics Co., Ltd. are among the major players in the global IoT Chip market.