FREMONT, California, Jan. 15, 2020 /PRNewswire/ -- According to a market intelligence report by BIS Research titled "Global IoT Chip Market – Analysis and Forecast, 2019-2029", the global IoT chip market was valued at $9.40 billion in 2019 and is projected to grow at a CAGR of 15.18% during the forecast period from 2019 to 2029. The market is expected to grow over $38.61 billion by 2029. The rising adoption rate of IoT-based devices and declining IoT sensor's cost are key factors propelling the overall market demand for IoT chips.
Browse 31 Market Data Tables and 148 Figures spread through 216 Pages and in-depth TOC on "Global IoT Chip Market"
The rising demand for IoT chipset-based consumer and industrial devices, along with the integration of artificial intelligence (AI) across various industry verticals, are some of the prominent factors contributing to the market growth of IoT chips globally. However, substantial initial investments and the complication regarding the integration of IoT technology with already existing devices are some of the challenging aspects that need to be considered in the current scenario. Moreover, integration of artificial intelligence (AI) in IoT for decision-making applications is expected to create numerous market opportunities as massive amount of unorganized data generated from IoT devices is converted into useful information with the help of integration of AI algorithms.
Based on region, Asia-Pacific is expected to dominate the global IoT chip market by the end of 2019, followed by North America, and is anticipated to maintain its dominance in the forecast period as well. The region is continuously witnessing significant market demand due to the strong presence of developing economies such as India and China. These Asian countries are well-known for their positive outlook toward emerging technologies; moreover, the adoption of IoT devices has subsequently increased owing to the rapidly growing population in these countries. Technology hubs such as South Korea, Japan, and Taiwan are expected to further drive the Asian market demand. China is estimated to lead the IoT chip market globally, with adoption of over 960 million connected devices by the end of 2019, according to Global System for Mobile Association (GSMA).
According to Faisal Ahmad, Chief Analyst at BIS Research, "One of the impactful factors driving the overall market demand for IoT chips is the continuously surging global demand for connected devices. Moreover, integration of other digital technologies such as blockchain and artificial intelligence (AI) in various industry verticals such as manufacturing, healthcare, and automotive is expected to further increase the market growth during the forecast period. These advanced technologies rely on massive data obtained from IoT chips that are functioned to convert and process physical parameters into digital information. Furthermore, the demand for the IoT chip market is currently the highest in the Asia-Pacific due to the significant presence of tech-innovation hubs such as China and Taiwan."
The BIS Research report provides an in-depth analysis of the emerging trends influencing the global IoT chip market, along with a comprehensive study of future trends and developments. It also includes target audience, supply chain analysis, emerging market trends, opportunity matrix analysis, country share analysis, and varied perspectives of market key opinion leaders. Further, the report includes a detailed SWOT analysis of the market considering both internal and external factors impacting the overall market demand. The overall market has been classified based on the type and end-use industry verticals. Additionally, the report includes a comprehensive segment on the regional analysis, which has been sub-segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World.
This report is a rigorous compilation of research on more than 500 major players in the IoT chip space. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors. Owing to the gradual increase in the IoT chip adoption in numerous connected devices, predominant players including Intel Corporation, Qualcomm Incorporated, MediaTek Inc., and Renesas Electronics Corporation are competing to further increase their respective market shares. The report further includes a detailed analysis of the key strategies opted by the IoT chip manufacturers to cope with the competition in the market such as mergers & acquisitions, product launches, and partnerships and collaborations.
Key Questions Answered in the Report:
What was the total market size of IoT chip in 2018, and how is it expected to grow during 2019-2029?
What are the impactful driving factors, upcoming trends, and key challenges projected to influence the global IoT chip market during the forecast period 2019-2029?
Who are the key market participants in the IoT chip space among chip manufacturers, architecture providers, system integrators, and software providers, and what was their respective market share in 2018?
How is the market projected to grow across different segments during the forecast period from 2019 to 2029, on the basis of:
type, including hardware (sensor, memory device, connectivity integrated circuits (ICs), processors, and software
end-user industry, including consumer electronics, healthcare, automotive, manufacturing, retail, and others
region, including North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)
What is the holistic point of view of the industry's key opinion leaders in terms of the latest trends, upcoming technologies in the space of IoT chip, and the scope of its adoption in the future?
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