14.3% and Beyond: Riding the CAGR Wave in IoT Chip Markets - Insights from BCC Research LLC

The Global IoT Chips Market is where companies sell tiny chips that are specially made for smart gadgets like thermostats, fitness trackers, and security cameras. These chips are super important because they help these gadgets connect to the internet, process information, and talk to each other. They're like the secret sauce that makes smart gadgets work smoothly together.

BOSTON, May 10, 2024 /PRNewswire/ -- According to the latest research study, the demand for Global IoT Chips Market expected to grow from $186.1 billion in 2022 to reach $375.5 billion by the end of 2028 at a compound annual growth rate (CAGR) of 14.3% from 2023 through 2028.

The report gives an overall view of how many IoT chips are used globally and delves into what companies are making them and their strategies. It covers the years from 2023 to 2028, starting with 2022 as a base. It predicts the money expected to be earned during this time, broken down by factors like chip usage, power consumption, location, and industry. Additionally, it discusses the major trends pushing the market forward and potential obstacles slowing it down. The report addresses current market conditions, especially considering the impact of COVID-19 and the Russia-Ukraine conflict. It wraps up with detailed profiles of key companies in the market.

Advancements in sensor technology are making IoT chips more popular in healthcare. For example, Circular introduced its "Circular Ring" IoT chips in 2022. These chips have strong security features and allow users to track sleep and monitor health using a companion app. In Japan, semiconductor companies like Micron Technology are investing billions to improve chip manufacturing with support from the government. Additionally, the European Chips Act aims to boost the EU's chip production, doubling its global share to 20% by providing incentives for chipmakers to build plants in the region.

For further insights and findings about the Global IoT Chips Market, click here to gain a comprehensive understanding of its details and discoveries.

The Global IoT Chips Market is driven by factors such as:

1. Growing Demand for IoT-based Vehicles.: means that more and more people want cars that have Internet of Things (IoT) technology. This means they're looking for vehicles with features like internet connection, live data tracking, remote troubleshooting, and other smart functions that make driving safer, easier, and more efficient.
2. Government Support, Funding and R&D Related to IoT.: means that the government gives money and help to develop and use Internet of Things (IoT) technologies. This can involve giving funds to research projects, helping startups and businesses financially that work on IoT, creating rules for how IoT should work, and improving the infrastructure needed for IoT to work well. Government support is important because it makes innovation faster, helps the industry grow, and deals with issues like keeping IoT devices safe from hackers and making sure they can all talk to each other easily.

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Report Synopsis        

Segmentation Analysis of Global IoT Chips Market:

• By Hardware-
  
  When discussing IoT hardware, it refers to various components that enable device functionality. These components encompass processors, akin to the brains, sensors for gathering data such as temperature or movement, integrated circuits (ICs) managing multiple tasks, and additional elements like memory and logic devices for storing and processing data. Collectively, these elements collaborate to ensure the proper operation of IoT devices.
  
  
• By Power Consumption-
  
  When discussing power consumption in IoT devices, the focus is on the amount of energy they require. These devices fall into three categories based on their power usage: those consuming less than 1 watt, those using between 1 and 5 watts, and those exceeding 5 watts. This classification aids in assessing the efficiency of the devices and determining the necessary power for their effective operation.
  
  
• By End-Use Industry-
  
  When it comes to which industries use IoT devices, there are a few main ones. These include healthcare, where IoT helps with things like monitoring patients. Then there's consumer electronics, like smart TVs and watches. Automotive uses IoT for things like navigation and remote vehicle monitoring. Building automation involves smart systems controlling things like lights and temperature. Industrial settings use IoT for tasks like monitoring machinery. And there are other industries too, like banking (BFSI), wearable tech, retail, oil & gas, and aerospace & defense, all finding ways to use IoT to improve their operations.
  
  
• By Region-
  
  When considering the usage of IoT, attention is given to various global regions. In North America, this encompasses the U.S., Canada, and Mexico. Europe consists of countries such as the U.K., Germany, and France, among others. In the Asia-Pacific region, notable countries include China, India, and Japan. The rest of the world includes regions like Latin America, the Middle East, and Africa. Each region implements IoT technology uniquely to enhance connectivity and efficiency within their specific contexts.

This report on global IoT chips market provides comprehensive insights and analysis, addressing the following key questions:

     1. What is the projected market size and growth rate of the market? 

• The global market for IoT chips was projected to grow from $186.1 billion in 2022 to $375.5 billion in 2028, at a compound annual growth rate (CAGR) of 14.3% during the forecast period 2023-2028.

     2. What are the key factors driving the growth of the market? 

• The key factors driving the growth of the IoT chips market include growing demand for IoT based vehicles, incorporation of government policies and initiatives towards smart city projects, and growing demand of connected wearable among customers.

     3. What segments are covered in the market? 

• Global IoT chips market is segmented based on hardware, power consumption, end-use industry, and region.

     4. By End use, which segment will dominate the market by the end of 2028? 

• By the end of 2028, the consumer electronics segment will continue to dominate the global IoT chips market. The segment will show a dominating position till the end of 2028, owing to the growing usage of smart and multimedia devices, increasing utilization of tablets and smartphones, cloud computing development, and improvements in IoT security.

     5. Which region has the highest market share in the market? 

• North America holds the highest market share in the global IoT chips market. United States and Canada are significant contributors to the global IoT chips market. Presence of major market players, strong technological infrastructures, and rising investments by the U.S. government for implementing IoT solutions in industrial applications are boosting the demand for market growth in the region.  

Some of the Key Market Players Are:

• ANALOG DEVICES INC.
• BROADCOM
• INFINEON TECHNOLOGIES AG
• INTEL CORP.
• MEDIATEK INC.
• NORDIC SEMICONDUCTOR
• NXP SEMICONDUCTORS
• QUALCOMM TECHNOLOGIES INC.
• STMICROELECTRONICS
• TEXAS INSTRUMENTS INC.

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