IOT or Internet on Thing is a smart device embedded with software or electronics that helps in exchange and collection of data. It is also referred as the infrastructure of the information society.
Recent computing systems contain electric mechanisms which are called as chipsets, and this embodies an assembly of combined circuits relied widely on various consumer electronic devices that include smartphones, tablet, computers, as well as wearable technology. Chipsets are designed to work with a certain set of microprocessors and often projected for a definite purpose or device.
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IOT Chip Market: Market Dynamics and Restraints
Majorly, growth in healthcare and automotive sector is directly driving the market of IOT Chip market globally. Growth in the new segment of the transportation and automotive domain is driving the demand; the new segment includes an addition of connected car product line which adheres intelligent transportation system (ITS) with the advancement of Internet on Thing (IOT) technology.
The retail industry is forecasted to overtake the market of IOT while becoming the leading industry in IOT usage. The other key factors that lift the market growth of IOT Chip worldwide is its capacity to process and manage an enormous amount of data which is generated by the devices or gadgets.
Also, it is a protected, and adhere nonvolatile memory (NVM) for code storage, device configuration, sensor trimming, security keys, as well as stand by other storage functions which are essential during processing and execution of data produced from IOT devices. Chipset which is specifically designed for IOT system adheres different factor that is finest energy efficiency.
Although demand and necessity of IOT Chip in the varied applications of several industries ranging from automotive to pharmacy can be seen significantly, factors such as restricted throughput and high pricing of IOT Chip technology are acting as the main hindrance to the IOT Chip market growth to a certain extent.
IOT Chip Market: Market Segmentation
The global IOT Chip market is segmented based on its hardware types, and end user applications type.
Based on the hardware type, IOT Chip market is segmented into:
- Connectivity IC
- Memory Device
- Logic Device
Based on the end user applications type, IOT Chip market is segmented into:
- Automotive & Transportation
- Environmental monitoring
- Building and home automation
- Consumer application
- Wearable Devices
- Metropolitan scale deployments
- Medical and healthcare
- Energy management
- Infrastructure management
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IOT Chip Market: Regional Outlook
Regarding geography, the global IOT chip market has been categorized into seven key regions including North and Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa. The IOT chip market is globally expected to register healthy CAGR during the forecast period.
Due to the presence of large number of IOT Chip market players in the U.S and Canada, and huge practice of IOT chips in the automotive, electronics and health care sector escalates the demand of IOT Chip in North America by making it a leading region in IOT chip market worldwide. The second leading region is Western Europe in which countries such as Germany, France, Italy, and U.K practices IOT technologies in various industries.
Countries like China, India, and South Korea are becoming emerging market in IOT Chip making Asia Pacific Excluding Japan fastest developing region for IOT Chip market space, this is because of the high industrial growth of automotive, pharmaceutical and retail domain. The Middle East and Africa are anticipated to grow at a healthy growth rate.
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