Northbrook, IL -- (SBWIRE) -- 05/17/2021 -- The global IoT chip market size is estimated to grow from USD 392.0 billion in 2020 to USD 525.4 billion by 2025, at a CAGR of 6.0%. The key drivers for the growth of the IoT chip market are the development of internet connectivity in technologically advancing countries and the growth of low-cost smart wireless sensor networks. The growth of application-specific MCUs and flexible SoC-type designs, adoption of IPv6, which provides more IP address space, and technologies such as AI fueling IoT adoption are also expected to drive the IoT chip market. Concerns regarding the security and privacy of user data act as restraints for the market.
Logic devices, by hardware, is projected to be the fastest-growing segment in the IoT chip market during the forecast period
To implement IoT, the most common type of logic device used is a field-programmable gate array (FPGA). FPGA is an IC that is designed to be configured by a customer or designer even after manufacturing—therefore, the name "field-programmable." FPGAs are programmed using hardware description languages, such as VHSIC Hardware Description Language (VHDL) or Verilog. FPGA offers advantages such as rapid prototyping, shorter time-to-market, ability to reprogram in the field for debugging, and long product life cycles. The significant increase in the shipment of logic devices can be attributed to the rising demand for wearables, e.g., smartwatches, especially in developing economies, such as China, India, and Brazil, as well as the increasing participation of domestic players in the wearables market.
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Building automation, by end-use application, to hold the second-largest share in the IoT chip market during the forecast period
The demand for energy-efficient solutions, enhanced security, increased venture capital funding, and the constant need for improving the standards of living has led to the development of the building automation market. Building automation, which started with wired technology, has now entered the era of wireless technology with technologies such as ZigBee, Z-wave, EnOcean, Wi-Fi, and Bluetooth Smart revolutionizing the market. Moreover, the growing awareness of energy conservation, stringent legislation and building directives, promotion of numerous smart grid technologies, and the availability of a number of open protocols are driving the growth of the building automation market.
Aerospace & defense, by end-use application, is projected to be the fastest-growing segment in the IoT chip market during the forecast period
IoT provides connectivity and integration and equips the manufacturer with wide-ranging views of their operations in the aerospace & defense segment in the industrial application. The aerospace & defense end-use application uses sensors to capture comprehensive machine data. These sensors can be used on key equipment, machines, and vehicles. IoT offers numerous opportunities to airlines for the improvement of baggage handling and equipment monitoring.
North America, by region, is expected to hold the largest share in the global IoT chip market during the forecast period
North America is a key market as it is home to some of the largest multinational corporations, such as Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), in the IoT ecosystem. Increased R&D in the field of IoT, in terms of new and improved technologies, and the increasing demand for improved lifestyles are the two crucial factors driving the growth of the North American IoT chip market. Increasing R&D, at both the academic and industry levels, is broadening the application areas of IoT in different industries, such as consumer electronics, retail, automotive and transportation, and healthcare, especially in the US. This is the main factor driving the growth of IoT applications in North America.
Key Market Players
Intel Corporation (US), Texas Instruments Incorporated (US), Qualcomm Incorporated (US), NXP Semiconductors N.V. (Netherlands), MediaTek Inc. (Taiwan), Marvell Technology Group Ltd. (Bermuda), Microchip Technology Inc. (US), Cypress Semiconductor Corporation (US), Renesas Electronics Corporation (Japan), Huawei Technologies Co., Ltd. (China), NVIDIA Corporation (US), Samsung Electronics (South Korea), and Advanced Micro Devices (US) are a few major players in the global IoT chip market.