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The Growth of the Global IoT Chip Market
Big Enterprises and service providers are relying on the Internet of Things to drive digital transformation and to unlock operational efficiencies. The market of IoT is somehow in a process of fast-rising from quarter 1 of 2018 and is constantly creating demand in IoT chips in the market since then.
A study reveals that there will be around 20.4 billion IoT devices by the end of 2020 and by that time 90% of automobiles will be connected to the Internet. It is referred to as the infrastructure of the information society.
How does IoT Chip work?
Internet of Things in simple terms is just a smart device installed with software to help smoothen the process of data collection and data exchange. With evergrowing technology, the modern-day computing device contains an electric mechanism basically known as Chipsets.
Chipsets are a collection of combined circuits planted widely on different consumer electronic devices such as smartphones, computers, wearables and there are many more to name. Chipsets are designed to work with a certain set of microprocessors and often rejected for a definite purpose or device.
Let’s see what IoT Chip market is up to. For that, we have to go through some stats and facts, so that you have a better view of the market.
IoT Chip Market outlook
In the forthcoming years, Artificial Intelligence, Smart homes, 5G network, Smart cities and especially IoT connected devices in electronics are expected to expand the market. The IoT chip market is estimated to record a compound annual growth rate (CAGR ) of 13.5% in between 2019 to 2024.
- Most of today's IoT inventions will be combined within a single and unified system on a Chip( SoC) to furnish top-notch integration. It will also grant the devices to perform with high efficiency and absolute security as it is fully packed with MCU processor, memory, RF transceivers, power management, and sensors in a single entity.
- The study enlightens us with an estimate from the Internet and Television organization, that the number of IoT connected devices will rise to 50.1 billion by 2020 from 34.8 billion in 2018 and that’s huge progress.
- Google is heard raging towards hardware and software optimisation to bring its machine learning ability to perform to the edge of networks and on specific IoT devices. This is to make sure that the data generated from IoT devices are managed with better efficiency and precision.
IoT Chip Market Divisions
The IoT chip market on a global scale is divided based on its type of hardware and end-user applications. Both the division has been shown here categorically.
Based on Types of hardware
- Sensor Processor
- Memory Device
- Logic Device
- Connectivity IC
Based on End-user applications type
- Medical and Healthcare
- Home Automation
- Environmental assessment
- Transportation and Automotives
- Wearable Devices
- Manufacturing and Production
- Media and Entertainment
- Infrastructure Mangement
- Retail Industry
- Energy Management
Global IoT Chip Market overview
The global IoT Chip Market divides into seven key regions which involve The U.S.A and Latin America, Eastern Europe, Western Europe, Middle East, Africa and also Asia Pacific (excluding Japan). The U.S and Canada having a wide presence of IoT chips in the electronics, healthcare and automotive sector seriously increased the demand of IoT Chips in North America which led the region to be the leading one in the whole world.
The second leading region is Western Europe such as the U.K, Germany, France, Spain and Italy with extensive IoT technology practice in various industries. Asian countries like India, China, and South Korea are rising high in terms of the use of IoT Chips for retail, automotive, healthcare, and pharmaceuticals making the Asia Pacific (Australia, New Zealand, ASEAN ) the fastest-growing region. The Middle East and Africa are growing at a very healthy rate say studies.
Let’s roll onto the Major players in this Dynamic Industry and what are they up to
Major Players in IoT Industry
Samsung Electronics Intel Corporation Qualcomm Technologies Analog Devises Inc. STMicroelectronics NV AMD Corporation Marvell Technology Group Atmel Corporation Nvidia Silicon Labs
All of these companies are investing time and resources in IoT technology and chips. This is just an insight into the evaluation of the market and future in IoT. All the historical data, proven research methodologies are enough to say what the IoT industry will grow up to in terms of revenue generation and efficiency.
Since years researches and studies have been enthusiastic for those who are in this business. Study says all starting from Market trends and Market segments, to Supply and Demand, to market size and competitive analysis, to technological advancements and stakeholder analysis.
All the disclosure of reports has been put together with the help of deep and extensive market research which offers a qualitative and quantitative insight by examining data collected from study groups and senior analysts across the industry. The study overview also includes subject matter such as Micro and Macro-economic indicators, regulation on IoT, market trend and mandatory guidelines.
What do the reports include
- There are many major changes in the market dynamic.
- The market is segmented into two or three subdivisions.
- Upcoming niche segments and territorial markets. Previous, current projected size of the market in terms of both value and volume.
- Evaluation of present developments in the industry.
- Entire backdrop inquiry including assessment of the parent market.
- Major player's strategies and Market Shares.
Projection of Real figures and Statistics on IoT
- More than 60% of the U.S.A is investing in IoT smart city Technology.
- It is estimated to have 3.5 Billion cellulars IoT Connections by the end of 2023.
- 127 devices are getting connected to the Internet every second.
- 90% of Automobiles will connect to the Internet by 2020
- More than 80% of retailers and merchants will be implementing IoT to enhance store visits by the year 2021.
- Global IoT Healthcare sectors are estimated to grow to $ 140 Billion by the end of 2024.
- The Home IoT market will grow to $ 53.45 Billion by 2020 study says.
- The complete economic growth of IoT would be between $4 and $ 11 trillion per year by 2025.
I know these figures are jaw-dropping but all of these statistics are compiled from Senior Analysts, Research Centers around the world and IoT Experts. The highest levels of accuracy have been maintained in the TMR’s reports. The latest studies can change from time to time, so you must keep yourself updated. Tremendous impact on the world will be seen and felt within 2022.
Coming to a conclusion
The article on Global IoT chip Market is increasing higher day by day: A new innovation 2019 comes to an end here. Every minor and major point on IoT has been discussed here and I hope you have a great insight into IoT and how globally it is being used.
Major industries are investing in detailed research and development so that the future looks bright. IoT’s rising popularity and use give us an idea of how huge it will be and how it will help us in everyday life.
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