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.
Devices with 5–10 W power consumption are expected to grow at the fastest rate during the forecast period
Surveillance cameras and drones are the major contributors to the IoT chip market with power consumption between 5–10 W. Cameras for behavioral analysis, face recognition, and vehicle recognition have an average power consumption between 5 and 10 W. NVIDIA's Jetson TX1 draws around 8–10 W under a typical CUDA load, while its latest Jetson TX2 module draws 7.5 W at peak processing efficiency. Power management plays a significant role in the smart speaker system design as the ultimate goal is to provide power efficiently to dissipate less heat, allowing for a smaller and low-cost system.
Smart TV is the fastest-growing product in consumer electronics application, in terms of volume
The market for smart home devices is expected to grow exponentially in the near future, as many big players in the consumer electronics sector, such as LG Electronics (South Korea), Samsung Electronics (South Korea), and Whirlpool Corp. (US), have already launched a series of smart products in the market. These products can be controlled via different apps provided exclusively by these companies. Samsung Electronics (South Korea) is one of the largest smart product manufacturers in the world; this can be considered as a major step as it could be the turning point for IoT. The growth of smart products is expected to increase the IoT chip market's total addressable market with growth in connectivity devices.
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The US to hold the largest share in the North American IoT chip market during the forecast period
The US is estimated to be the largest market for IoT chips in North America during the forecast period. It is home to some of the most prominent IoT hardware manufacturers, such as NXP Semiconductors (US), Intel Corporation (US), and Texas Instruments Incorporated (US). Increased R&D in the field of IoT in terms of new and improved technologies, growing government investments for the implementation of IoT solutions, and rising demand for improved lifestyle are the major factors driving the growth of the market.
Emerging 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 & transportation, and healthcare. Moreover, the US government has provided an ideal environment for research and innovation, which has facilitated massive advancements in various fields of science and technology.
Key Market Players
Key players in the IoT chip market are 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), Advanced Micro Devices (US), STMicroelectronics N.V. (Switzerland), TE Connectivity Ltd (Switzerland), Nordic Semiconductor (Norway), GainSpan (US), Expressif Systems (China), Dialog Semiconductor (UK), and Silicon Labs (US). These players are increasingly undertaking product launches and developments and acquisitions to develop and introduce new technologies and products in the market.
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