The global IoT chip market is projected to reach $17,285.3 million by 2023, growing at a CAGR of 15.1% during 2017 - 2023.
Based on the research findings, the global IoT chip market is likely to grow from $4,582.6 million in 2013 to $17,285.3 million by 2023. Concept of IoT is rapidly being adopted by several industries in order to provide ease and efficiency of work.
Integration of connectivity competence in large number of devices and applications and development of various networking protocols have appreciably spur the growth of IoT chip market.
Accelerating requirement for application-specific microcontroller units (MCUs) and flexible system on chip (SoC)-type architectures are the major factors propelling the growth of IoT chip market.
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As per the findings of research, integration of IoT chips in retail applications is expected to register highest growth, during the forecast period. Integration of IoT in retail benefits retailers with enhanced customer experience and increased revenue.
In retail, IoT enabled devices and applications are majorly being used to manage inventory, mobile payments, and to advertise. Moreover, technology enhancement in IoT enabled devices and introduction to new technologies are the factors, expected to support the adoption of IoT enabled devices in the retail sector.
Geographically, North America has been the largest market for IoT chip. It has been observed that companies in the region have made huge investments for research and development in IoT industry.
North America has been observed as one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. The large-scale adoption of IoT technologies in several industries including retail, automotive and transportation, consumer electronics, building automation, and healthcare is the major factor backing the advancement of the IoT chip market in the region.
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The factors driving the growth of IoT chip market include increasing growth in the number of networking protocols and accelerating requirement of application specific MCUs and SoC type architecture. Conventional microcontrollers are the general-purpose devices that can address an extensive range of control tasks.
Additionally, conventional microcontrollers enable large number of IoT integrated applications. However, despite their flexibility, there still exists a staggering array of inconsistencies from a number of manufacturers.
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