IoT Chip Market to grow by USD 13.85 billion between 2022 - 2027, Growth Driven by Increasing usage of smart devices and applications - Technavio

NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The IoT Chip Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the IoT chip market between 2022 and 2027 is USD 13.85 billion. The increasing number of smart devices and applications drives the growth of the IoT chip market. Smart devices that connect devices through protocols include smartphones, smart wearables, smart home appliances, and smart automobiles. Additionally, factors such as the increasing automation of industrial processes, mechanization of the workforce, government-driven initiatives, and the rising demand for smart homes are expected to drive market growth during the forecast period. Hence, such factors boost the growth of the market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge -

• Privacy and security concerns challenge the growth of the IoT chip market during the forecast period. 
• The implementation of IoT can lead to major privacy and security concerns. This is because it allows users to access information stored in the cloud from anywhere and at any time.
• Security and privacy issues can be attributed to the lack of a secure configuration, unsecured software updates, and the lack of privacy and security regulations.
• Furthermore, the configuration applied to network layers can enable attackers to extract information.
• Hence, such challenges impede the growth of the market during the forecast period.

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The IoT chip market is segmented by Application (Smart cities, Industrial ethernet, Smart wearables, Connected vehicles, and Connected homes), Type (Logic devices, Sensors, Processors, Connectivity integrated circuits, and Memory devices), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• By Application, the smart cities segment will be significant for market growth during the forecast period. Generally, smart cities are equipped with various information and communication technologies. These technologies include information systems, libraries, schools, power plants, transportation systems, water supply networks, and waste management systems. Furthermore, electricity is aiding the development of smart cities. The growing investments in smart cities will fuel the adoption of smart meters, smart grids, and smart parking solutions worldwide. Hence, such factors drive the growth of the segment during the forecast period. 
• By Geography, APAC will contribute to 46% of the global market growth during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the IoT chip market:

Advanced Micro Devices Inc., Analog Devices Inc., Arduino Srl, Huawei Technologies Co. Ltd., Infineon Technologies AG, Intel Corp., Marvell Technology Inc., MediaTek Inc., Microchip Technology Inc., NVIDIA Corp., NXP Semiconductors NV, Park Ohio Holdings Corp., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Silicon Laboratories Inc., SoftBank Group Corp., STMicroelectronics NV, Texas Instruments Inc., Twilio Inc.

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The IP multimedia subsystem (IMS) market size is expected to increase by USD 28.11 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 16.65%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio