Global IoT chip market poised for significant growth
The global IoT chip market is projected to experience substantial growth on a global scale, with experts predicting a significant Compound Annual Growth Rate (CAGR) for the upcoming period. The market’s potential has been boosted by regional revenue generation spurred by economic growth and significant infrastructure development.
Analysts have closely examined domestic production, import, export, and consumption patterns, enabling market participants to identify potential opportunities. The comprehensive analysis, encompassing both qualitative and quantitative parameters, has shed light on the driving and restraining factors influencing the market.
Cumulative impact of COVID-19, Russia-Ukraine conflict, and high inflation on IoT chip market
The research by Research and Markets highlights the lasting effects of three major factors on the global IoT chip market. The first is the cumulative impact of COVID-19, which continues to impact consumer behavior, supply chains, and government interventions. This has significant implications for the demand-supply balance, pricing, and trade in the market.
Secondly, the Russia-Ukraine conflict has caused political and economic uncertainty in Eastern Europe. This uncertainty may further affect demand-supply balances, pricing variants, and IoT chip import/export and trading.
Lastly, high inflation is making its mark on the global economy. The report details fiscal policies aimed at mitigating the effects of inflation on demand, supply, cash flow, and currency exchange in the IoT Chip Market.
Market statistics
The report provides market sizing and forecasts in 7 major currencies – USD, EUR, JPY, GBP, AUD, CAD, and CHF – offering organization leaders valuable insights for well-informed decision-making. Historical data from 2018 to 2021, with 2022 as the base year and 2023 as the estimated year, form the foundation for forecasts covering the period from 2024 to 2030.
Market dynamics
Drivers:
- Growing utilization of electronic devices leading to increased demand
- Widespread adoption of IoT devices and enhanced connectivity networks
- Favorable governmental initiatives driving IoT advancements in industrial sectors
Restraints:
- Concerns regarding data privacy and security hampering widespread adoption
Opportunities:
- Investments to bolster global IT infrastructure
- Increasing usage of portable devices worldwide
- Rising research and development for integrated solutions
Challenges:
- Scarcity of standard protocols for IoT chips
- High power consumption by IoT chip-based applications
Notable companies mentioned in the IoT chip market report
The following companies are playing significant roles in the global IoT chip market:
- Espressif Systems
- Huawei Technologies Co., Ltd.
- Lantronix, Inc.
- Marvell Technology, Inc.
- MediaTek Inc.
- Microchip Technology Inc.
- Nordic Semiconductor
- NXP Semiconductors N.V.
- Qualcomm Technologies, Inc.
- Renesas Electronics Corporation
- Samsung Electronics Co., Ltd.
- Semtech Corporation
- Silicon Laboratories, Inc.
- STMicroelectronics N.V.
- Telit Corporate Group
As the global IoT chip market evolves, stakeholders keenly watch the ever-changing landscape shaped by economic factors, geopolitical events, and technological advancements.
