The IoT chip market will advance at a compound annual growth rate of 5.5% by the end of this decade, to reach a value of USD 693.8 billion by 2030. This growth is because of the expansion in internet connectivity in developing nations, driving the acceptance of connected devices and the expansion of networking protocols.

Logic devices had the largest share in 2021, because of their improved prototyping and reprogramming aptitude for debugging.

Logic devices, particularly FPGA, are growing in acceptance since they can be modified by stipulating the logic of the function of each logic block. The enhanced performance, cost-efficiency, and programmability, are the other factors will boost the acceptance of these sorts of devices.

Sensor will grow the fastest in the years to come, because of the growing use of temperature and pressure sensors in the manufacturing sector. The increasing usage of position and motion sensors in smart electronics, for example alarms, security cameras, and live video monitoring, will contribute to the development of the sensors.

The sales of consumer electronics are rising fast as a result of the growing acceptance of smart appliances for housing applications, for example thermostats, door locks, and home monitors.

Furthermore, smartwatches are extensively used in the healthcare and fitness sector. Furthermore, IoT chips are put to use for tracking the real-time location of medical apparatus, as well as oxygen pumps, wheelchairs, and defibrillators.

Connected wearable devices such as smartphones, smartwatches, smart shoes, laptops, and smart jewelry. They employ these chips for performing diverse functions, and hence, their increasing use is powering the growth of the IoT chip market. These devices combine internet connectivity with ease of integration and sensors, to perform functions as per the needs of the users.

A single wearable device can measure numerous indicators of complete health, for example BP, alcohol, glucose, body temperature, and lactate, levels, and hydration of the body, in the real time, therefore permitting for the non-invasive monitoring of a wellbeing of a person.

North America leads the industry, and it will continue like this by the end of this decade, with more than USD 300 billion. The development in the region is because of the increasing R&D, for new and innovative technologies.

The growing requirement for consumer electronics is one more key factor powering the development of the region. Furthermore, numerous important players have a robust foothold, therefore making it easier for users to obtain these semiconductor components.

It is because of the expansion in internet connectivity in advanced economies all over the world, the demand for IoT chips will continue to increase in the future as well.

Source: P&S Intelligence