The IoT chip market constitutes hardware such as processors, sensors, connectivity ICs, memory devices, and logic devices which are used in IoT-enabled devices. The major drivers for the growth of the IoT chip market are the increasing demand for application-specific MCUs and flexible SoC-type designs and increasing investments by major giants of this industry in the IoT market.
According to the global research, the IoT chip market is expected to grow at a CAGR of 13.2% during the forecast period, to reach USD 14.81 Billion by 2022.
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All the major end-use applications, automotive and transportation held the largest share of the IoT chip market in 2015. The growth of the automotive and transportation application was primarily driven by the development of intelligent transportation systems (ITS) and high potential for the growth of connected cars.
The IoT chip market for the retail end-use application is expected to grow at the highest CAGR from 2016 to 2022, followed by wearable devices. The rising demand from customers for easier and better shopping experience would drive the use of IoT in the retail application as it would help customers to reduce checkout times, facilitate easier payment procedures, and enable a comparative cost analysis.
On the basis of hardware, the IoT chip market has been segmented into processor, sensor, connectivity IC, memory device, and logic device. Connectivity ICs held a major share of the market in 2015. The significant recent development of IoT-enabled products is one of the key factors leading to the dominance of this segment.
North America held the largest market share of the global IoT chip market in 2015. The increased research and development in the field of Internet of Things and the changing lifestyle of the population are the major driving factors for the growth of the market in this region. The IoT chip market in APAC is expected to grow at the highest CAGR from 2016 to 2022 owing to the huge investments by the companies for the development of IoT.
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