The IoT chip market is set to see substantial growth, driven by factors such as the rising demand in healthcare and automotive sectors, as well as the increased deployment of 5G technologies. A recent report by Allied Market Research projects that the global IoT chip market, valued at $432 billion in 2022, is expected to reach $1.7 trillion by 2032, growing at a CAGR of 14.3% from 2023 to 2032.
The processor segment is anticipated to maintain its leadership position throughout the forecast period, with the sensor segment showing the highest projected CAGR. In terms of industry verticals, the industrial sector is expected to lead the pack, while the consumer electronics segment is projected to exhibit the highest growth rate. North America is expected to maintain its dominance in the market, but Asia-Pacific is forecasted to have the highest CAGR from 2023 to 2032.
Key industry developments include Qualcomm’s launch of new IoT chipsets for various devices like logistics, smart cameras, and retail applications. Leading players in the market include Qualcomm Technologies Inc., STMicroelectronics NV, Samsung Electronics Co. Ltd, and Intel Corporation, among others. These companies are implementing strategies like product launches and partnerships to maintain their market position.
For more insights, the full report offers in-depth analysis and detailed information about market players, operating segments, and strategic moves. Allied Market Research is a trusted source for market research reports and business consulting services, providing valuable insights to help businesses make strategic decisions and achieve growth in their respective industries.
To learn more about the IoT chip market and related trends, visit Allied Market Research’s website. Stay informed with the latest reports and trends in the semiconductor and electronics industry for a better understanding of market opportunities and growth potential.
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