BANGALORE, India, Aug. 13, 2020 /PRNewswire/ -- IoT Chipsets are designed to be compatible with any microprocessors group and are mostly designed to perform a particular function. The major factor responsible for the growth of IoT Chip Market size is the rising demand for connected devices and increasing investments in the IoT sector.
The global IoT Chip market size is projected to reach USD 17.9 Billion by 2026, from USD 8.7 Billion in 2019, at a CAGR of 10.8% during 2021-2026.
The IoT Chip Market report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and application segment in terms of production capacity, price, and revenue for the period 2015-2026.
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TRENDS INFLUENCING THE GROWTH OF IOT CHIP MARKET SIZE
The primary trend seen on the IoT chip market is to reduce device size and decrease the cost of connected devices, both of which promote their adoption. The drive for miniaturization of devices stems from the need for smaller assemblies in different applications and the need to minimize costs. The manufacturing of smaller parts drives down the cost.
Additionally, numerous emerging economies, such as China, India, and Japan, are investing heavily in R & D to promote IoT, which is expected to increase the growth of IoT chip market size over the forecast period.
The increase in the number of networking protocols, growing requirements for SoC-type architecture, and application-specific MCUs are expected to fuel the growth of IoT Chip Market size.
The increase in the demand for a wearable device is expected to, in turn, increase the growth of IoT Chip Market size.
IoT chips help to improve networking capabilities across a range of applications and devices. It is expected that IoT chipsets comprising connectivity ICs in applications such as Near-field Communication (NFC), Bluetooth, and Global Navigation Satellite System (GNSS) will be embedded in smartphones and other consumer electronics to strengthen communication protocols. This is expected to push the development of the IoT chip market even further.
Data privacy and data protection are the main issues associated with the use of IoT chips, which to some degree, can impede the growth of IoT chip market size. Furthermore, high power consumption from connected devices and the lack of standard communication protocols across application platforms are the market's challenges.
North America is expected to hold the largest IoT Chip Market share during the forecast period. Raise in R & D and the growing demand for better lifestyles are the two main factors driving growth in the IoT chip market in North America. Increasing R&D at both academic and industry levels is expanding IoT application areas in various industries, including consumer electronics, retail, automotive and transportation, and healthcare, especially in the US.
Asia-Pacific is expected to witness the highest growth due to factors such as demand for better wireless connectivity solutions to cater to the newer segments of automation and transportation.
As more and more sensors are being connected on a day-to-day basis, network providers find it difficult to capture, process, and transmit information from one system to another due to the constraint of general-purpose sensor interoperability. That creates a need for IoT processors, thereby increasing market growth.
Moreover, technical developments in the field of cognitive and affective computing also drive the growth of IoT Processor market size.
In 2019, the global Wireless Connectivity market size was USD 24610 Million, and it is expected to reach USD 50200 Million by the end of 2026, with a CAGR of 10.6% during 2021-2026.
The wireless networking industry is highly concentrated; suppliers are primarily in the regions of Asia, North America, and Europe. Between them, the output value of Asia Regions accounted for more than 38 percent of global Wireless Connectivity 's overall production value in 2016. Broadcom is the world's leading supplier in the global wireless networking industry, with sales market share of 19.06 percent.
The global IoT Node and Gateway market size is projected to reach USD 10010 Million by 2026, from USD 7964.8 Million in 2020.
The growth of IoT nodes and gateways market size can be attributed to improved internet connectivity, a rise in the use of wireless sensors and their networks, as well as an increase in application-specific microcontroller units (MCUs).
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