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According to new market research report 'IoT Chips Market - Forecasts from 2017 to 2022', published by Knowledge Sourcing Intelligence, is projected to witness a CAGR of 15.95% during the forecast period. The report has segmented the Global IoT Chips market by application (smart home, wearable, smart city, smart grid, industrial internet, connected car, connected health, and others), by industry (consumer electronics, automotive, agriculture, Infrastructure, retail, healthcare and others), and by geography (North America, South America, Europe, Middle East and Africa, and Asia-Pacific). The regional segment also covers country-level segmentation of global IoT Chips market.
Exponentially growing IoT application across the industry verticals is the major factor driving the IoT chip market. Connected devices are being increasingly adopted by various industries. The emergence of connected health, connected car, and connected cities among others are contributing to the IoT chip market growth. Moreover, the reducing cost of chips is another factor driving the demand for these chips over the forecast period. Other drivers include technological advancement in sensors and availability of more IP address space owing to the adoption of IPV6. Enterprises like Dell and Google among others are increasingly investing in IoT. Thus, developing IoT industry will augment the demand for IoT chips. However, the security issue with IoT might hamper the market growth.
Consumer electronics and automotive segment accounts for a high market in 2016 dominates the global IoT Chips market throughout the projected period
By industry, consumer electronics accounted for a high market share in 2016 owing to the growth in a number of connected devices. Likewise, the automotive segment also accounted for a significant share and is also expected to grow at a high rate over the projected period. This growth is largely driven by favorable government regulations and policies, especially in Europe and North America region.
North America accounts for high market share and will grow at a considerate CAGR
Geographically, North America accounted for the biggest market share in 2016 owing to the presence of major players. Early adoption of technology, especially in the United States, and growing number of connected devices contributes to the regional growth. Many U.S. companies are investing in IoT industry which further propels the North America IoT chip market.
Prominent key market players in Global IoT Chips market include Intel Corporation (USA), Qualcomm Technologies, Inc.(USA), Arm Limited (UK), Microchip Technology Inc.(USA), NXP Semiconductors(Netherlands), Huawei Technologies Co., Ltd.(China), Samsung (South Korea), and NVIDIA Corporation(USA).