IoT Chipset Market Analysis

IoT chipset Market Analysis

Based on end-use industry, the market is segmented into aerospace & defense, automotive & transportation, BFSI, building automation, consumer electronics, healthcare, retail, manufacturing, oil & gas, and others. The consumer electronics segment accounted for a market share of over 17.5% in 2023.
 

• The consumer electronics industry is experiencing significant growth in the market as demand for smart and connected devices rises. IoT chipsets enable devices to communicate, collect data & perform tasks autonomously, increasing consumer functionality and convenience. The proliferation of IoT-enabled gadgets, such as smart home appliances, wearable devices, and connected vehicles, has increased the demand for efficient and high-performance chipsets.
   
• These chipsets enable seamless connectivity, data processing, and energy efficiency, resulting in widespread adoption across consumer electronics applications. Furthermore, advancements in semiconductor technology, such as the development of low-power and miniaturized chipsets, are also driving market growth. As consumers seek smarter & more interconnected devices to streamline daily tasks and improve quality of life, consumer electronics continues to be a key factor driving the market expansion.
   

Based on hardware, the IoT chipset Market is segmented into processors, connectivity ICs, sensors, memory devices, logic devices, and others. The connectivity IC segment is estimated to register a significant CAGR of over 7.2% during the forecast period.
 

• Connectivity ICs play an important role in the IoT Things) chipset market. The segment is also growing rapidly due to a variety of factors, which include their ability to enable devices to communicate and exchange data wirelessly, thereby aiding seamless integration and interoperability within IoT ecosystems. The growing demand for IoT devices in a variety of industries including smart homes, healthcare, industrial automation, and smart cities is further propelling the market.
   
• Connectivity ICs are essential components that enable wireless connectivity options such as Wi-Fi, Bluetooth, Zigbee, and cellular technologies, allowing devices to connect to networks & interact with one another. As the IoT landscape evolves, there is a growing demand for advanced connectivity solutions that can support a wide range of applications while maintaining robust connectivity, security, and low power consumption. This demand drives innovation and investment in connectivity ICs, resulting in the overall market development.
   

North America held a significant share of over 30% in the global IoT chipset market in 2023. North America's market is expanding rapidly due to a variety of factors. The increased adoption of IoT devices in industries such as healthcare, automotive, and smart cities is a key growth factor. The region's robust telecommunications and internet connectivity infrastructure, combined with advancements in semiconductor technology, are also driving this growth. Furthermore, the rising demand for connected devices and the emergence of 5G networks are opening up new opportunities for IoT chipset providers in North America, making it a growing and promising market for IoT technology.