IoT Chip Market Worth $525.4 Billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, June 19, 2020 /PRNewswire/ -- According to the new market research report "IoT Chip Market with COVID-19 Impact Analysis by Hardware (Processor, Connectivity IC, Sensor, Memory Device and Logic Device), Power Consumption, End-use Application (Wearable Devices, Consumer Electronics, Building Automation and Retail) and Region - Global Forecast to 2025", published by MarketsandMarkets, the 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 growth of application-specific MCUs and flexible SoC-type designs, adoption of IPv6, which provides more IP address space, technologies such as AI fueling IoT adoption, development of internet connectivity, and growth of low-cost smart wireless sensor networks are expected to drive the IoT chip industry. However, concerns regarding the security and privacy of user data hamper the growth of the market.

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Processor market, by hardware, to hold the largest share in the IoT chip market during the forecast period

Processors include several components, such as microcontrollers, digital signal processors (DSPs), and power management integrated circuits (PMICs). For IoT devices or systems to support real-time data monitoring and analytics, adequate processing hardware that consumes less power is required. The manufacturers of these products can adopt one of these two strategies to compete in the IoT processing segment—providing customers with a high-performance product at a relatively high price or developing low-cost, low-power chips that can be used in several applications.

Companies are targeting the IoT chip market by developing processing hardware that can meet the low-power requirements of IoT devices. The increasing demand for edge devices is the key factor supporting the growth of the processor segment. In addition, increasing demand for consumer electronics and the soaring popularity of smart homes, which use different processors such as microcontrollers and microprocessors according to the application, are expected to further drive the demand for processors.