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IoT Chips Market Trends

ID: MRFR//8670-HCR | 100 Pages | Author: Ankit Gupta| July 2024

Global IoT Chips Market Overview:


IoT Chips Market Size was valued at USD 446976.5 Million in 2023. The IoT Chips market industry is projected to grow from USD 641200 Million in 2024 to USD 682280.46 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.41% during the forecast period (2024 - 2032). 


The IoT chips offer real-time data transfer and continuous monitoring or data gathering applications by employing wireless connectivity and data transfer. The industry for IoT chips is expanding due to the rising demand for wearable technology, emerging technologies like 5G and AI, and government support of IoT-based modules in various government initiatives. This is contributing to market drivers giving rise to increased sales of IoT Chips.


IoT Chips Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


IoT Chips Market Trends




  • Rising Development of Different Networking Protocols to boost the market growth




The IoT chips use wireless connectivity and data transfer to provide real-time data transfer and continuous monitoring or data gathering applications. The market for IoT chips is growing due to increased demand for wearable technology, the development of new technologies like 5G and AI, and government backing for IoT-based programs.


IoT technology is being used by the automotive industry more frequently, elevating the user experience. IoT connection protocols make over-the-air software upgrades for cars possible, which also assist drivers in finding routes and traffic-free routes. Delivering lightweight, decentralized security solutions in various applications for connected devices is made possible by the upcoming blockchain technology-based architecture. Some of the uses are freight transportation and component tracking that follows a product's lifecycle. Putting the data in blockchain ledgers can reduce the privacy and security issues raised by component tracking. Such integrations are offering the IoT chips market significant prospects to expand. During the pandemic, IoT connections grew more slowly in some industries due to demand-side and supply-side issues. 


Due to companies going out of business or cutting back on their investment, some IoT contracts were canceled or delayed. The adoption of IoT devices is also fueled by the growing demand for automation and the expanding use of IoT devices across numerous end-user industries, including healthcare, consumer electronics, industrial, automotive, BFSI, and retail. The development of various networking protocols and the integration of connectivity capabilities into various devices and applications is primarily responsible for the growth of the IoT chip market across numerous end-user sectors. Therefore, the rising utilization of various networking protocols will enhance the IoT Chips market CAGR globally in recent years.


During the pandemic, IoT connections grew more slowly in some industries due to demand-side and supply-side issues. The adoption of IoT devices is also fueled by the growing demand for automation and the expanding use of IoT devices across numerous end-user industries, including healthcare, consumer electronics, industrial, automotive, BFSI, and retail. These factors will contribute to the IoT Chips Market revenue.


IoT Chips Market Segment Insights:


IoT Chips Product Insights


Based on product, the IoT Chips Market segmentation includes processors, sensors, connectivity ics, memory devices, and logic devices. The logic devices segment held the majority share in 2022, contributing to around ~45-47% of the IoT Chips Market revenue. Field-programmable gate arrays (FPGA), in particular, are becoming more popular because they can be customized by defining the logic of each logic block's function. Further elements anticipated to drive such devices' adoption are enhanced performance, programmability, and cost-effectiveness. 


The market is driven by the increasing shipment of logic devices and the rising demand for smartwatches. Compared to other devices, FPGAs operate more quickly and have the flexibility to change, update, and reconfigure their functionality to handle new and unusual requirements. For instance, over 14 million wearables were supplied to India in 2021, of which over 12 million were smartwatches.


June 2020: With capabilities like Wi-Fi 6 and 5G connection, Qualcomm has introduced seven new IoT processors that can serve a variety of industries with a wide spectrum of performance. The Qualcomm 8250 product could be used in fleet management in the automotive industry, according to the senior director of the IoT project. When AI is connected to the cameras, the system can identify drowsiness, cell phone use, and other driving distractions in the driver. The market for these IoT chips has recently increased due to the desire for such applications.


July 2020: One of the top players in the market, Qualcomm Technologies, has created a modem that includes an RF transceiver and a modem baseband. Even applications that can tolerate delays can be covered by the modem's integrated NB2 IoT connectivity and RF front end. The device requires less power and is perfect for Internet of Things applications that need deep connectivity.


Figure 1: IoT Chips Market, by Surgery, 2022 & 2030 (USD billion)


IoT Chips Market, by Surgery, 2022 & 2030

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


IoT Chips End-User Insights


Based on end-user, the IoT Chips Market segmentation includes consumer electronics, automotive & transportation, healthcare, retail, BSFI, agriculture, and entertainment & media. The consumer electronics segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030, due to the increasing use of smart appliances for domestic applications, such as door locks, thermostats, and home monitors, consumer electronics sales are expanding at a good clip. Furthermore, the healthcare and fitness industries make extensive use of smartwatches. 


Moreover, IoT chips are employed to track the precise location of medical devices like wheelchairs, oxygen concentrators, and defibrillators. Due to the increased demand for wearables with IoT capabilities, such as smartwatches, the revenue for the consumer electronics segment is anticipated to grow quickly throughout the projected period. Also, the introduction of smart This segment's revenue growth is anticipated to be primarily driven by appliances for home automation applications such as voice assistants, safety and security, air and water quality monitoring, and lighting control, contributing to the market growth.


IoT Chips Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific IoT Chips market accounted for USD 192.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Most IoT investment is in the Asia-Pacific region, with South Korea and Singapore being the two biggest markets for IoT chip adoption. According to the Organization for Economic Cooperation and Development, South Korea is the first significant market to connect to the internet more frequently than any other.Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: IoT Chips Market SHARE BY REGION 2022 (%)


IoT Chips Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's IoT Chips market accounts for the second-largest market share due to the rise in demand for IoT chips and ICs in smart cities and domestic automation in the areas such as connected cars and smart transportation systems. The IoT's infrastructure includes the need for better wireless connectivity solutions to enable new phases in automation and transportation. Further, the Germany IoT Chips market held the largest market share, and the UK IoT Chips market was the fastest-growing market in the European region


The North America IoT Chips Market is expected to grow at the fastest CAGR from 2022 to 2030. Due to the rising use of linked devices in industries like manufacturing, the region is anticipated to contribute to IoT investment significantly. While there is a surge in IoT services, increased acceptance of 5G is assisting the market in expanding in the upcoming years. Moreover, China IoT Chips market held the largest market share, and the India IoT Chips market was the fastest-growing market in the Asia-Pacific region


For instance, India IoT Chips market will grow with the fastest growing CAGR in the Asia Pacific region. This results from the increasing use of IoT chips in smart city construction across many nations, including China, Japan, Taiwan, and India. Rising government initiatives for smart city projects in nations like China and India significantly influence IoT implementation. Moreover, rising use in the manufacturing and process automation industries is anticipated to boost market revenue growth during the projection period. The market is expanding due to the growing usage of IoT in 5G services, and this trend is anticipated to last during the forecast period.


IoT Chips Key Market Players & Competitive Insights


Major market players invest heavily in their R&D departments to further widen their product portfolios to appeal to a larger consumer base. Additionally, the market leaders are undertaking market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. The global leaders in the IoT Chips industry offer their products at a lower price to increase sales.


One of the primary business strategies manufacturers adopt in the global IoT Chips industry is the integration of local and regional manufacturing to reduce operating costs. The IoT Chips market major player such as Intel Corporation (US), Qualcomm Technologies Inc (US), Texas Instruments Incorporated (US), NXP Semiconductors NV (Netherlands), Microchip Technology Inc. (US), MediaTek Inc. (Taiwan), others is working on expanding the market demand by investing in research and development activities.


Microchip Technology Inc. is a publicly listed American corporation that manufactures microcontrollers, mixed-signal, analog, and Flash-IP integrated circuits. Its products include microcontrollers (PIC, dsPIC, AVR, and SAM), Serial EEPROM devices, Serial SRAM devices, embedded security devices, radio frequency (RF) devices, thermal, power, and battery management analog devices, as well as linear, interface and wireless products. Its corporate headquarters is located in Chandler, Arizona. Its wafer fabs are in Tempe, Arizona, Gresham, Oregon; and Colorado Springs, Colorado. The company's assembly/test facilities are in Chachoengsao, Thailand, and Calamba and Cabuyao, Philippines. Sales for the fiscal year ending on March 31, 2022, were US$6.82 billion.


The American multinational semiconductor company Advanced Micro Devices, Inc. (often referred to as AMD) is based in Santa Clara, California. It produces computer processors and related technologies for both commercial and consumer markets. Jerry Sanders and other technological experts launched the business in 1969. Early AMD products were mostly computer memory chips and other parts. Later, the business expanded into the microprocessor sector, competing with Intel, its main industry opponent. Because of its dominant position in the PC market and the popularity of its Athlon and Opteron CPUs in the early 2000s, AMD saw enormous growth and success. Computers, servers, laptops, gaming consoles, and personal computers are just a few computing devices that use AMD CPUs.


Key Companies in the IoT Chips market include




  • Intel Corporation (US)




  • Qualcomm Technologies Inc (US)




  • Texas Instruments Incorporated (US)




  • NXP Semiconductors NV (Netherlands)




  • Microchip Technology Inc. (US)




  • MediaTek Inc. (Taiwan)




  • STMicroelectronics NV (Switzerland)




  • Renesas Electronics Corporation (Japan)




  • Huawei Technologies Co. Ltd. (China)




  • NVIDIA Corporation (US)




  • Cypress Semiconductor Corporation (US)




  • Advanced Micro Devices Inc. (US)




  • Samsung Electronics Co. Ltd. (South Korea), among others




IoT Chips Industry Developments


July 2021: Three new RAIN RFID reader chips have been introduced, according to Impinj Inc., a RAIN RFID and Internet of Things vendor, to help IoT device manufacturers fulfill the rising need for item connection in industries including retail, supply chain and logistics, and consumer electronics, among others.


June 2021: Seven of Qualcomm's newest Internet of Things (IoT) chipsets were unveiled; these chipsets were designed for devices used in various industries, including retail, smart cameras, warehousing, and video collaboration. The business added that these new IoT solutions provide significant capabilities for various linked solutions and smart devices, along with choices for extended hardware and software life to provide long-term support for at least eight years.


IoT Chips Market Segmentation:


IoT Chips Product Outlook 




  • Processors




  • Sensors




  • Connectivity ICs




  • Memory Devices




  • Logic Devices




IoT Chips End-User Outlook 




  • Consumer Electronics




  • Automotive & Transportation




  • Healthcare




  • Retail




  • BFSI




  • Agriculture




  • Entertainment & Media




IoT Chips Regional Outlook




  • North America



    • US

    • Canada






  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





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