IoT Chip Market Will Generate $693.8 Billion Revenue by 2030, Says P&S Intelligence

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the IoT chip market size was $427.0 billion, and it is predicted to advance at a 5.5% CAGR from 2021 to 2030, to hit $693.8 billion in 2030. The growth of this market can be credited to the expansion of internet connectivity, which is contributing to the acceptance of connected devices and the expansion of networking protocols.

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Largest Share Is Captured by North America

North America holds the largest share in the market, and it is also projected to continue its dominance in the coming years, generating over $300 billion in revenue in 2030. This can be ascribed to the growing demand for consumer electronics and surging research and development in the field of technology.

Moreover, the development of smart infrastructure in the residential, commercial, industrial, and civic sectors has been driving the requirement for smooth connectivity. For instance, ICs and logic devices will become imperative for smart transportation and smart cities, especially with governments investing heavily in these fields.

Logic Devices Category Holds Largest Share

The logic devices category holds the largest share, owing to the advanced reprogramming and prototyping capability of these devices for debugging. Logic devices, especially field-programmable gate arrays, are snowballing in acceptance because each logic block can be customized by specifying the logic.

In the same way, consumer electronics sales are surging at a significant rate because of the increasing acceptance of smart appliances for residential purposes, such as thermostats, home monitors, and door locks.

Furthermore, smartwatches are widely used in the fitness and healthcare sector. Additionally, for tracking the location of medical equipment, such as defibrillators, wheelchairs, and oxygen pumps, IoT chips are used.

Browse detailed report on IoT Chip Market Trends, Development and Demand Forecast to 2030

Connected Wearable Devices Are Gaining Popularity

Connected wearable devices, such as smartphones, smartwatches, smart jewelry, smart shoes, and laptops, use IoT chips for several functions. A single wearable device can measure multiple health parameters, including body temperature, blood pressure, alcohol level in the bloodstream, lactate, and body hydration, thus allowing for the non-invasive monitoring of a person's fitness.

In this regard, the growing research and development in the field of IoT and increasing requirements for improved lifestyles are the major reasons for the surging demand for IoT chips. Due to the extensive R&D, several technologies have been combined with semiconductor equipment, such as 5G, e-SIM, and mesh networks.

Furthermore, scientists are developing methods for the bioprinting of complex organs, achieving predictive medicine, and using gene editing to cure illnesses. The adoption of IoT in the lab atmosphere provides additional efficiency to R&D departments and is the first step in getting a smart laboratory.

Global IoT Chip Industry Report Coverage

By Hardware

• Processors
• Sensors
• Connectivity ICs
• Memory Devices
• Logic Devices

By Application

• Healthcare
• Consumer Electronics
• Building Automation
• Industrial
• Automotive and Transportation
• Banking, Financial Services, and Insurance (BFSI)
• Agriculture
• Retail
• Oil and Gas

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
•  Australia
• Latin America
• Brazil
•  Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence