IoT Chip Market – Growth, Trends And Forecast (2020 – 2024)
An IoT chip is a small electronic device embedded in objects, machines and electronic devices that connect to wireless networks and sends and receives data. Sometimes referred to as a “radio chip”, the IoT chip contains the same technology and data circuits found in mobile phones but without a display or a keypad.
The IoT chip market is expected to register a CAGR of 13.5% during the forecast period 2019-2024.
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Top Companies in the Global IoT Chip Market:
Qualcomm Technologies Inc., Intel Corporation, Texas Instruments Incorporated, NXP Semiconductors N.V., Cypress Semiconductor Corporation, Mediatek Inc., Microchip Technology Inc., Samsung Electronics Co. Ltd., Silicon Laboratories Inc., Invensense Inc., STMicroelectronics NV, Nordic Semiconductor ASA, Analog Devices Inc among others.
In the near future, 5G Network, artificial intelligence, machine learning, smart homes, smart cities, as well as an increase in the IoT connected devices in electronics and automotive segment are expected to drive market growth.
– The Internet & Television Association estimated that by 2020, the number of IoT connected devices is expected to reach 50.1 billion from 34.8 billion in 2018.
– The growth of the market can be majorly attributed to the Integration of connectivity in a large number of devices and applications along with the development of various networking protocols that have appreciably advanced the growth of the IoT chip market across various end-user industries.
– A majority of these new IoT inventions will be implemented with a single system on a chip (SoC) to provide high levels of integration and it also allows the devices to operate with high power efficiency and security as it packs processors (MCU), RF transceiver, memory, power management, connectivity, and sensors in a single unit.
– Moreover, Google is taking major steps in hardware and software optimization to bring its machine learning and analytics capabilities to the edge networks and even to the individual IoT devices. This is aimed to deal better with the data generated by increasing IoT devices, the company said at its Cloud Next technology conference.
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Key Market Trends:
Consumer Electronics Segment is Expected to Expand With a Significant Rate
– Currently, IoT is majorly adopted in home electronics, from entertainment to smart home control. Smart TV sets, washing machines, and home appliances are increasingly adopting IoT approaches and getting interconnected.
– Coupled with this, an increase in the demand for application-specific microcontroller units and flexible SoC type architecture are major factors boosting the growth of IoT chips in the consumer electronics segment.
– Moreover, recently, wearable devices have witnessed increased adoption in the market. These devices, in the beginning, caused an inconvenience due to charging problems. In addition, the power provided by these batteries was also not sufficient to perform the standard computations and operate available features for the user throughout the day.
– These problems called for a huge demand for both hardware and software design improvements of the ultra-powered chips to cater to the communication requirements among the users and also extend the battery life of the product.
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Influence Of The IoT Chip Market Report:
-Comprehensive assessment of all opportunities and risk in the IoT Chip market.
-IoT Chip market recent innovations and major events.
-Detailed study of business strategies for growth of the IoT Chip market-leading players.
-Conclusive study about the growth plot of IoT Chip market for forthcoming years.
-In-depth understanding of IoT Chip market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital market latest trends striking the IoT Chip market.
Finally, IoT Chip Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. IoT Chip industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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