IoT Chip Market Soars, Anticipated to Exceed US$ 4.4 Billion by 2023, Driven by Manufacturers’ Innovations and 5.7% CAGR

The global IoT chip market is on a trajectory to exceed US$ 4.4 billion by 2023 and is expected to exhibit remarkable growth at a CAGR of 5.7% through 2033, reaching a staggering US$ 7.69 billion. This surge can be attributed to the increasing prevalence of internet connectivity in technologically advanced nations and the emergence of cost-effective smart wireless sensor networks, both of which are poised to significantly bolster the IoT chip industry.

Integration of IoT devices in industrial units has created a huge opportunity for IoT semiconductor companies around the world. Advancement in the installation of IoT devices in vehicles is also predicted to increase the demand for IoT chipsets during the forecast time period.

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Key Takeaways

• The global IoT chip market size is expected to expand moderately over the forecast period of 2022 to 2032, which is measured to be approximately US$ 295.6 Bn in terms of absolute dollar growth.
• Among the different types of hardware used for building IoT chipboard, the logic device is the higher-performing segment with a CAGR of 5.4% over the forecast period.
• On the basis of various end-use applications of narrowband IoT chips, the sales of IoT chips for building automation devices are the most popular segment in the present market. This segment is expected to observe significant growth during the forecasted years with a predicted CAGR of 5.2%
• The regional IoT chip market of North America dominates the global market of the presence of top IoT semiconductor companies in the USA and Canada. The USA market is predicted to be worth US$ 256.7 Bn by the end of the year 2032, attributing to up to 35% of the total revenue contributed.
• The emergence of a lot of IoT chip manufacturers in China, Japan and South Korea has positioned the geographic region of Asia Pacific as the second most attractive region for the global IoT chip market. These three top-performing countries of Asia Pacific together contribute nearly US$ 80 Bn out of total US$ 440 Bn revenue in 2022.

Drivers and Opportunities

The IoT chip market’s growth is further accelerated by the widespread implementation of IPv6, which provides a substantial increase in IP address space, facilitating seamless device connectivity in the Internet of Things (IoT) ecosystem. Additionally, the integration of cutting-edge technologies such as Artificial Intelligence (AI) is expected to fuel the adoption of IoT devices, consequently propelling the demand for IoT chips.

Competitive Landscape – Regional Trends

The competitive landscape of the IoT chip market is witnessing dynamic regional trends. Technologically advanced nations, particularly in North America, are leading in IoT chip adoption due to their robust infrastructure and early IoT integration. However, Asia-Pacific is emerging as a key growth region with a rapidly expanding IoT ecosystem and increasing investments in IoT infrastructure.

Restraints

Despite its promising growth, the IoT chip market faces certain limitations, including concerns over data security and privacy, which are critical in IoT applications. Addressing these challenges is imperative to ensure the sustainable growth of the market.

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Region-wise Insights – Category-wise Insights

Within the IoT chip market, different regions are showing varied patterns of growth. North America and Europe are the frontrunners in terms of market share, driven by high-tech industries and IoT adoption in sectors like healthcare and automotive. In contrast, the Asia-Pacific region is experiencing exponential growth due to its vast consumer base and increasing industrial IoT applications.

In terms of categories, IoT chips catering to edge computing and low-power devices are witnessing robust demand, driven by applications in smart homes, wearables, and industrial automation.