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IoT Chipset Market Trends

Report ID: GMI8727
Published Date: Mar 2024
Report Format: PDF

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IoT Chipset Market Trends

The increasing number of battery-powered IoT devices has resulted in a strong emphasis on low-power consumption and energy efficiency. There is an increasing demand for integrated connectivity solutions that support multiple wireless standards, enabling seamless communication between devices. Edge computing capabilities are becoming increasingly important as they enable real-time data processing and analysis at the network's edge, lowering latency and improving overall system efficiency.

For instance, in February 2024, Digi International launched Digi IX40, a 5G edge computing industrial IoT cellular router solution. Digi IX40 is purpose-built for Industry 4.0 use cases such as advanced robotics, predictive maintenance, asset monitoring, industrial automation, and smart manufacturing. Fully integrated with Digi Remote Manager, this solution’s capabilities improve security and scalability while ensuring speed, reliability & efficiency.

There is a growing emphasis on security features embedded in IoT chipsets to reduce cybersecurity risks and protect sensitive data. Furthermore, AI and machine learning algorithms are increasingly being integrated into IoT chipsets, enabling advanced analytics and predictive capabilities to be delivered directly to connected devices. The advancement of 5G technology is expected to drive the development of IoT chipsets capable of leveraging the high-speed, low-latency connectivity provided by 5G networks, opening new opportunities for IoT applications in a variety of industries.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

IoT chipset industry size exceeded USD 450 billion in 2023 and is estimated to surpass USD 750 billion by 2032, due to surging need to enable connectivity and data processing for IoT devices for facilitating communication with other devices and the Internet.

The consumer electronics end-use industry segment held over 17.5% of the IoT chipset market share in 2023, led by the strong demand for smart and connected devices.

IoT chipset industry size from the connectivity IC hardware segment is estimated to witness over 7.2% CAGR from 2024 to 2032, led by their ability to enable devices to communicate and exchange data wirelessly for aiding seamless integration and interoperability within IoT ecosystems.

North America held over 30% of the global IoT chipset industry share in 2023, due to increased adoption of IoT devices in industries, such as healthcare, automotive, and smart cities.