The IoT chip industry gathered $427.0 billion in revenue in 2021 and is projected to generate $693.8 billion in 2030, increasing at a rate of 5.5% from 2021 to 2030.
The growing penetration of the Internet in emerging economies is driving the adoption of connected devices and the development of network protocols. Also, the growing number of AI-powered devices is pushing the industry forward. Currently, there are more than 10 billion active IoT devices, resulting in a huge need for these chips.
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North America holds a significant share of the IoT chip industry and is expected to dominate the industry by 2030, capturing more than $300 billion in value. It is attributed to the expansion of the research and development sector, for new and advanced technologies. Growing demand for consumer electronics is fueling the growth of the industry.
The development of advanced infrastructure results in an increase in the demand for better wireless connectivity solutions. Thus, it fuels the demand for logic devices and integrated circuits, more specifically for smart cities, featuring connected automobiles and intelligent transportation systems, including residential applications.
Logic devices hold the largest share in the industry, driven by better prototyping and reprogramming capability for debugging. Field Programmable Gate Arrays (FPGAs) are being adopted massively due to the customization of each logic block. Increased cost efficiency, programmability, and improved performance are expected to fuel sales of such devices.
Growing demand for smartwatches and rising shipments of logic devices are fueling the industry. FPGAs operate faster than other devices and can change, reconfigure and upgrade functionality to better adapt to various and new tasks.
For example, more than 14 million wearables were shipped in 2021. Of these, over 12 million were smartwatches. The growing demand for these wearable devices to monitor blood oxygen levels, respiratory rate, and heart rate is fueling the growth of the industry.
The sensor category is expected to experience the fastest growth in the coming years due to the increased application in manufacturing of temperature and pressure sensors. The growing use of motion and location sensors in smart electronics, including alarms, security cameras, and live video monitoring applications, is expected to fuel the growth of the sensor category.
Increased sales of consumer electronics driven by the adoption of smart appliances such as thermostats, locks and home monitors, in the residential sector, is boosting the industry.
Additionally, the growing popularity of smartwatches in the healthcare and fitness industry captures the largest share of the industry. IoT chips make it easier to monitor medical equipment in real time, including oxygen pumps, wheelchairs and defibrillators.
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Connected wearables such as smartphones, smart watches, smart jewelry, and smart shoes capture a significant share of the industry. These chips are used to track various functions and thus fuel the growth of the industry. These devices facilitate ease of integration, sensors with internet connectivity.
Thus, the growing popularity of smartwatches boosts the IoT chip industry.
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