IoT Chipset Market Size

Market Outlook:

IoT Chipset Market size exceeded USD 463.5 Billion in 2023 and is anticipated to cross USD 787.5 Billion by end of the year 2032, witnessing more than 6.7% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 463.5 Billion
• CAGR (2024-2032): 6.7%
• Forecast Year Value (2032): USD 787.5 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing demand for connected devices: The growing adoption of connected devices such as smartphones, smart home appliances, wearables, and industrial IoT devices is driving the demand for IoT chipsets. These chipsets enable these devices to connect to the internet and communicate with each other, driving the growth of the IoT chipset market.

2. Advancements in wireless communication technologies: The development of new wireless communication technologies such as 5G and Wi-Fi 6 is creating opportunities for IoT chipset manufacturers. These advanced technologies enable faster and more reliable connectivity, driving the demand for high-performance IoT chipsets.

3. Rising investment in IoT infrastructure: Governments and enterprises are investing heavily in IoT infrastructure to improve efficiency, productivity, and safety. This investment is driving the demand for IoT chipsets that can support the connectivity and processing requirements of IoT devices.

4. Growing adoption of edge computing: Edge computing, which involves processing data closer to the source of generation, is gaining traction in IoT applications. This trend is driving the demand for IoT chipsets with enhanced processing capabilities to support edge computing deployments.

Industry

Report Scope

Report Coverage	Details
Segments Covered	Hardware, Power Consumption, End-Use Industry
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Analog Devices, Cypress Semiconductor, Intel, Invensense, Mediatek, Microchip Technology, Nordic Semiconductor ASA, NXP Semiconductors NV, Qualcomm Technologies, Samsung Electronics Co., Silicon Laboratories, STMicroelectronics NV, Texas Instruments Incorporated

1. Security concerns: Security remains a major concern in the IoT ecosystem, as connected devices are vulnerable to cyber threats. The lack of robust security measures in IoT chipsets can hinder the adoption of IoT devices and infrastructure.

2. Complexity of interoperability: The interoperability of IoT devices from different manufacturers and compatibility with different communication protocols can be a challenge. This complexity hampers the seamless integration of IoT devices and can be a restraint for the IoT chipset market.

3. Limited power and energy efficiency: IoT devices often have limited power sources, such as batteries, and need to operate efficiently to prolong battery life. IoT chipsets with high power consumption can be a restraint for the market, as energy efficiency is a key requirement for IoT devices.