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IoT Chips Market to Reach $ 1.7 Trillion, Globally, by 2032 at 14.3% CAGR: Allied Market ResearchThe IOT chip market growth is driven by factors such as surge in demand for IOT chip in healthcare & automotive sector and increased deployment of 5G technologies. WILMINGTON, Del., March 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT Chips Market by Hardware (Processor, Sensor, Connectivity IC, Memory Device, Logic Device, and Others) and Industry Vertical (Healthcare, Consumer Electronics, Industrial, Automotive, Banking Financial Services & Insurance, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global IOT chips market was valued at $432 billion in 2022, and is projected to reach $1.7 trillion by 2032, growing at a CAGR of 14.3% from 2023 to 2032.  Download Research Report Sample & TOC: (We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)
Prime determinants of growth The IOT chip market is expected to witness notable growth owing to the increased deployment of 5G. Moreover, the surge in demand for IOT chips in the healthcare and automotive industries is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, rise in security concerns limits the growth of the IOT chip market. Report coverage & details:
The Processor segment to maintain its leadership status throughout the forecast period On the basis of hardware, the processor segment held the highest market share in 2022, accounting for more than one-fourth of the global IOT chip market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for edge devices and surge in demand for consumer electronics and soaring popularity of smart homes which use different processor such as microcontroller, and microprocessor. However, the Sensor segment is projected to manifest the highest CAGR of 16.55% from 2023 to 2032. Get Customized Reports with your Requirements: The industry segment to maintain its leadership status throughout the forecast period. On the basis of industry vertical, the industrial segment held the highest market share in 2022, accounting for more than one-fourth of the global IOT chip industry revenue and is estimated to maintain its leadership status throughout the forecast period. However, the consumer electronics segment is projected to manifest the highest CAGR of 16.55% from 2023 to 2032, owing to the emergence of several smart appliances that connect to the internet and smartphones. Inquiry Before Buying: North America to maintain its dominance by 2032. On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more one-third of the IOT chip market revenue owing to factors such as significant investments in R&D, the strong presence of key technology players such as Qualcomm Technologies Inc, Microchip Technology Inc, Intel Corporation, and others, and high adoption across various industries. However, Asia-Pacific is projected to manifest the highest CAGR of 15.70% from 2023 to 2032. Key Industry Development – In June 2021, Qualcomm launched seven of its new IoT chipsets that were targeted at devices meant for logistics, warehousing, smart cameras, video collaboration, and retail. The company stated that these new IoT solutions offer significant capabilities for a wide range of connected solutions and smart devices with extended life hardware and software options to achieve long-term support for a minimum of eight years. Leading Market Players: -
The report provides a detailed analysis of these key players in the global IOT chip market. These players have adopted different strategies such as product launch, product development, partnership, investment, and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures) @ Trending Reports in Semiconductor and Electronics Industry (Book Now with 10% Discount): IoT Device Market Expected to Reach $77.8 Billion By 2031, Registering a CAGR of 18.6% from 2022 to 2031 Consumer IoT Market Anticipated to Grow $292.83 Billion By 2030, Growing at a CAGR of 13.9% from 2021 to 2030 IoT Sensors Market Projected to Garner $141.80 Billion By 2030, Registering a CAGR of 28.1% from 2021 to 2030 Narrowband IoT (NB-IoT) Chipset Market Estimated to Attain $22.1 Billion By 2030, Registering a CAGR of 52.1% from 2021 to 2030 5G Chipset Market Anticipated to Reach $92.05 Billion by 2030, Growing at a CAGR of 21.8% from 2021 to 2030 About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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