IoT Chipset Market Size

IoT Chipset Market Size

IoT Chipset Market size was valued at over USD 450 billion in 2023 and is estimated to register at a CAGR of over 6.4% between 2024 & 2032. An IoT chipset is a compact electronic component containing microprocessors, sensors, and communication modules. It enables connectivity and data processing for IoT devices, facilitating communication with other devices and the Internet. These chipsets are essential for powering the functionality of various IoT applications across industries.

The increasing demand for IoT solutions in logistics and supply chain management is driving the development of advanced IoT chipsets. These chipsets enable real-time tracking, monitoring & optimization of inventory, transportation, and warehousing operations. With an increasing focus on efficiency, transparency, and cost reduction in logistics operations, there is an increasing need for dependable and high-performance IoT chipsets to support the implementation of IoT solutions across the supply chain.
 

For instance, in June 2021, Qualcomm launched seven new IoT chipsets: Qualcomm QCS8250, Qualcomm QCS6490/QCM6490, Qualcomm QCS4290/QCM4290, and Qualcomm QCS2290/ QCM2290, to enable the proliferation of next-generation IoT devices. These latest IoT solutions from Qualcomm Technologies are purpose-built to help meet the needs of the expanding IoT ecosystem for key segments including transportation & logistics, warehousing, video collaboration, smart cameras, retail, healthcare, and more. The new IoT solutions also offer significant capabilities for a wide range of connected solutions and smart devices with extended life hardware & software options to achieve long-term support.
 

The growing demand for connected devices in smart homes is driving the IoT chipset market. These chipsets enable the communication and functionality of a variety of smart home devices including thermostats, security cameras, and lighting systems. As consumers seek greater convenience and energy efficiency in their homes, the demand for IoT chipsets grows.
 

Power consumption is a critical challenge in the market as many devices have limited battery life. High power consumption can limit the functionality and usability of IoT devices, particularly in remote or resource-constrained environments. Manufacturers are under pressure to develop chipsets with high energy efficiency to extend battery life and reduce the need for frequent recharging or battery replacement, thereby hampering market adoption.