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The IoT Chips Market Size was valued at USD 466.8 billion in 2023 and is expected to reach USD 802.14 billion by 2032 and grow at a CAGR of 6.2% over the forecast period 2024-2032.
The Internet of Things (IoT) refers to electronic devices embedded with objects or machinery that communicate data wirelessly through networks. These devices, often equipped with radio chips, gather, transmit, or respond to data utilizing embedded processors, hardware, and sensors. They form a network of physical and virtual objects interconnected through cloud technology. IoT technology experiences significant demand across various industries such as electronics, automotive, thermostats, vending machines, speaker systems, and security systems due to its ability to enable real-time monitoring and facilitate easy access to information and communication. Familiar communication technologies like Wi-Fi, Bluetooth, ZigBee , 2G/3G/4G, and cellular technology are widely recognized, largely owing to the prevalence of smartphones, tablets, TVs, and other electronic appliances. However, newer technologies have emerged and integrated with IoT, such as Thread for home automation appliances and Whitespace TV technologies for broader coverage in major urban areas. For instance, in smartphones, IoT chips enable seamless communication with other devices and sensors across various technologies.
KEY DRIVERS:
Low-cost smart wireless sensor networks are expanding.
An increasing proclivity to use AI and 5G technologies.
Increasingly prevalent application-specific MCUs and adaptable SoC configurations
In the forthcoming years, the shipment volumes of embedded processors designated for IoT applications are projected to surge at a faster pace compared to the broader embedded processing market. This anticipated growth is largely anticipated to stem from MCU-based devices, particularly 32-bit MCUs, which are gaining prominence due to their increasing adoption across automotive, industrial, and medical sectors necessitating advanced real-time sensors with heightened computational capabilities. Additionally, a notable trend observed is the rise of application-specific MCUs featuring integrated wireless functionalities. These specialized MCUs enable numerous home appliances and industrial devices to connect to the internet, posing a challenge to traditional general-purpose MCUs. Ideally suited for IoT applications, these devices necessitate a single chip with a compact form factor and minimal power consumption, catering to battery-operated devices. Such requirements have spurred the development of diverse SoC designs incorporating multiple embedded cores, embedded GPU, and integrated wireless connectivity within a single package.
RESTRAINTS:
Concerns surrounding the security and privacy of user data.
It remains significant in the context of IoT's extensive potential across various end-use applications, encompassing wearables, healthcare, and retail sectors. Despite its widespread adoption, the growth of the IoT market is hindered by these privacy and security challenges. The increasing number of connected devices, fueled by IoT's expansion in end-use applications, generates vast amounts of data, posing opportunities for cybercriminals to exploit vulnerabilities and engage in espionage activities. For instance, this data can potentially facilitate automatic acquisition of car insurance, assessment of individuals' health statuses, or tracking of a company's strategic behaviors. The IoT gateway, serving as a crucial connectivity layer between edge devices and cloud services, faces the task of managing a multitude of IoT devices and the data exchanged among them. While ensuring data confidentiality during protocol translation, the IoT gateway encounters challenges in maintaining data privacy, particularly due to the use of both private and public networks for IoT communication. Although encryption security keys offer a potential solution, their management remains a significant concern.
OPPORTUNITIES:
Government investment in innovation and research and development about IoT
The government sector is anticipated to emerge as one of the primary target markets for IoT, with governments globally endorsing and investing in research and development initiatives to enhance their productivity through IoT technologies. IoT has the potential to revolutionize various critical domains, including smart traffic management systems, energy efficiency via smart meters, and advancements in security systems facilitated by smart cameras. Many countries, such as Singapore, Finland, and Australia, are actively funding new IoT research endeavors aimed at fostering the creation of smart cities in the foreseeable future.
CHALLENGES:
Excessive energy usage by interconnected devices
Enhanced power management and reduced optical power consumption stand out as critical prerequisites for any IoT device. Another significant challenge lies in managing the connectivity load, particularly when dealing with the simultaneous connection of hundreds or even thousands of devices. Take, for instance, an average smart home, which may comprise 50 to 100 interconnected appliances, lights, thermostats, and various other devices, each with its unique power demands. Smart meters are utilized to optimize line power efficiency. However, the primary obstacle arises from the necessity to manage the power consumption of devices utilizing wireless technologies like Wi-Fi, which tend to consume significant power. Manual replacement of batteries for numerous sensors, actuators, and other connected devices within IoT systems isn't practical, highlighting the importance of innovative solutions in battery technology and power management for portable and wearable electronics, despite ongoing efforts by semiconductor manufacturers to produce ultra-low power chips and modules.
Over the past couple of years, a surge in consumer electronics demand coupled with supply chain disruptions induced by the pandemic has led to an unprecedented supply shortage in the electronic chips market. This chip scarcity appears poised to intensify further due to the Russia-Ukraine conflict. Both nations involved in the conflict are major suppliers of crucial semiconductor raw materials - Russia contributing 44% of the world's palladium and Ukraine producing a substantial 70% of global neon supplies. With supply chains from these countries severely disrupted, industries heavily reliant on chips, such as the Internet of Things (IoT), are bracing for significant upheaval. The scarcity of chips is expected to result in decreased production output and elevated operational expenses for many IoT developers, leading to the emergence of scarcer and more costly products in the market. In the near term, this impact is likely to hinder innovation and impede growth in the burgeoning IoT market.
The impact of the ongoing economic slowdown on the IoT chips market is complex, affecting supply chains, demand, and industry dynamics. The semiconductor industry, crucial for IoT functionality, faces enduring challenges that jeopardize the availability and innovation of IoT devices. Despite improvements in chip production and supply, an imbalance persists, with companies holding surplus inventory due to prior long-term agreements and economic uncertainty impeding production in the first half of 2023. This situation is anticipated to prompt companies to dedicate much of the year to managing or offloading this surplus inventory. The demand for IoT components like microcontrollers, processors, and memory chips is expected to soar, driven by technological advancements in sectors such as electric vehicles (EVs), artificial intelligence (AI), and 5G. However, the construction of IT infrastructure to meet these demands faces unpredictability, potentially significantly impacting IoT adoption through 2025.
Regarding market dynamics, the IoT chips market is fueled by the increasing demand for connected devices across various sectors, including healthcare, automotive, and consumer electronics. This demand is propelled by the growing adoption of IoT solutions aimed at enhancing operational efficiency and improving user experiences. However, the high costs associated with deploying and maintaining IoT chips present a significant constraint, particularly for small and medium-sized enterprises, potentially restricting market growth. Conversely, the rapid expansion of Industry 4.0 and digital transformation strategies present significant opportunities for the IoT chips market. These initiatives, emphasizing the integration of digital technologies into industrial processes, heavily rely on IoT solutions, thereby driving demand for IoT chips.
BY HARDWARE
Categorized by hardware, the IoT chip market size is divided into processors, sensors, connectivity Integrated Circuits (ICs), memory devices, logic devices, and other components. The processor segment is experiencing growth primarily due to the rising demand for edge devices. Additionally, the increasing popularity of smart homes, which utilize various processors such as microcontrollers and microprocessors tailored to specific applications, is expected to drive the demand for processors further.
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The Asia Pacific IoT Chips market is projected to demonstrate and hold the largest share throughout the study period. The majority of IoT investments are directed towards the Asia-Pacific region, with South Korea and Singapore emerging as the largest markets for IoT chip adoption.
Europe's IoT Chips market holds the second-largest market share, attributed to the increasing demand for IoT chips and ICs in smart cities and home automation, particularly in sectors like connected vehicles and intelligent transportation systems. The infrastructure of IoT necessitates enhanced wireless connectivity solutions to facilitate advancements in automation and transportation. Moreover, the German IoT Chips market leads with the largest market share, while the UK IoT Chips market exhibits the highest growth rate in the European region.
In North America, the IoT Chips Market is anticipated to witness the fastest CAGR growth, fueled by the escalating adoption of connected devices across industries like manufacturing, thereby significantly contributing to IoT investments. The surge in IoT services and the increasing adoption of 5G technology further bolster market expansion prospects in the forthcoming years. Additionally, China holds the largest market share in the IoT Chips market, with India experiencing the fastest growth in the Asia-Pacific region.
The key players in the IoT Chips market are Intel Corporation, Qualcomm Incorporated, Mediatek, Samsung Electronics, Microchip Technology, Silicon Laboratories, Telit Communications, STMicroelectronics, Texas Instruments Incorporated, Nordic Semiconductor & Other Players.
In September 2022: Silicon Labs unveiled a range of products aimed at expanding its multiprotocol interoperability-focused and secure IoT portfolio, featuring support for Matter, Amazon Sidewalk, Wi-Sun, and Wifi 6 technologies.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 466.8 Billion |
| Market Size by 2032 | US$ 802.14 Billion |
| CAGR | CAGR of 6.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Hardware (Processors, Logic Devices, Connectivity Integrated Circuits (ICs), Sensors, Memory Devices, Others) • By End User (Wearable Devices, Consumer Electronics, Retail, Healthcare, Manufacturing, Building Automation, Oil & Gas, Aerospace & Defense, Automotive & Transportation, BFSI, Agriculture) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Intel Corporation,Qualcomm Incorporated, Mediatek, Samsung Electronics, Microchip Technology, Silicon Laboratories, Telit Communications, STMicroelectronics, Texas Instruments Incorporated and Nordic Semiconductor, and other players |
| Key Drivers | • Low-cost smart wireless sensor networks are expanding. • An increasing proclivity to use AI and 5G technologies |
| RESTRAINTS | • Concerns surrounding the security and privacy of user data. |
The Asia-Pacific region with the Highest Revenue share in 2023.
The Asia-Pacific region with the Highest Revenue share in 2023.
The expected CAGR of the global IoT Chips Market during the forecast period is 6.2%.
The North America region is anticipated to record the Fastest Growing in the IoT Chips Market.
The Processors segment is leading in the market revenue share in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. IoT Chips Market, By Hardware
9.1 Introduction
9.2 Trend Analysis
9.3 Processors
9.4 Logic devices
9.5 Connectivity Integrated Circuits (ICs)
9.6 Sensors
9.7 Memory devices
9.8 Others
10. IoT Chips Market, By End-Use
10.1 Introduction
10.2 Trend Analysis
10.3 Wearable Devices
10.4 Consumer Electronics
10.5 Retail
10.6 Healthcare
10.7 Manufacturing
10.8 Building Automation
10.9 Oil & Gas
10.10 Aerospace & Defense
10.11 Automotive & Transportation
10.12 BFSI
10.13 Agriculture
11. Regional Analysis
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Poland
11.3.1.2 Romania
11.3.1.3 Hungary
11.3.1.4 Turkey
11.3.1.5 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.1 Germany
11.3.2.2 France
11.3.2.3 UK
11.3.2.4 Italy
11.3.2.5 Spain
11.3.2.6 Netherlands
11.3.2.7 Switzerland
11.3.2.8 Austria
11.3.2.9 Rest of Western Europe
11.4 Asia-Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Vietnam
11.4.6 Singapore
11.4.7 Australia
11.4.8 Rest of Asia Pacific
11.5 The Middle East & Africa
11.5.1 Middle East
11.5.1.1 UAE
11.5.1.2 Egypt
11.5.1.3 Saudi Arabia
11.5.1.4 Qatar
11.5.1.5 Rest of the Middle East
11.5.2 Africa
11.5.2.1 Nigeria
11.5.2.2 South Africa
11.5.2.3 Rest of Africa
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Colombia
11.6.4 Rest of Latin America
12. Company Profiles
12.1 Intel Corporation
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Qualcomm Incorporated
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Mediatek
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Samsung Electronics
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Microchip Technology
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Silicon Laboratories
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Telit Communications
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 STMicroelectronics
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Texas Instruments Incorporated
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Nordic Semiconductor
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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BY HARDWARE
Processors
Logic devices
Connectivity Integrated Circuits (ICs)
Sensors
Memory devices
Others
BY END-USE
Wearable Devices
Consumer Electronics
Retail
Healthcare
Manufacturing
Building Automation
Oil & Gas
Aerospace & Defense
Automotive & Transportation
BFSI
Agriculture
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia-Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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Company Information
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