The global IoT chip market is likely to grow from $4,582.6 million in 2013 to $17,285.3 million by 2023. Concept of IoT is rapidly being adopted by several industries in order to provide ease and efficiency of work. Integration of connectivity competence in large number of devices and applications and development of various networking protocols have appreciably spur the growth of IoT chip market.

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Accelerating requirement for application-specific microcontroller units (MCUs) and flexible system on chip (SoC)-type architectures are the major factors propelling the growth of IoT chip market. Moreover, combination of IoT chipsets with integrated connectivity ICs, such as Bluetooth, Near-Field Communication (NFC), and Global Navigation Satellite System (GNSS), are expected to be used in smartphones and other consumer electronic devices to reinforce varied communication protocols. Increasing demand for connected and wearable devices is likely to spearhead the growth of global IoT chip market. The key industry players in the IoT chip market have been making investments in R&D, which is expected to propel the market growth during the forecast period.

Advancement of IoT generates demand for better wireless connectivity technologies to support new segments of automotive and transportation sector such as connected cars and intelligent transportation system (ITS), which is likely to spur the demand for connectivity ICs in the global IoT chip market.

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As per the findings of research, integration of IoT chips in retail applications is expected to register highest growth, during the forecast period. Integration of IoT in retail benefits retailers with enhanced customer experience and increased revenue. In retail, IoT enabled devices and applications are majorly being used to manage inventory, mobile payments, and to advertise. Moreover, technology enhancement in IoT enabled devices and introduction to new technologies are the factors, expected to support the adoption of IoT enabled devices in the retail sector.

The automotive and transportation sector contributed largest to the IoT chip market. Based on hardware, the market is classified into processor, sensor, connectivity IC, memory device and logic device. Connectivity ICs holds the largest market among hardware components of IoT chip, whereas market for memory devices is expected to register highest growth, during the forecast period. Huge amount of data generated from IoT devices is expected to generate requirement for memory devices in near future. Moreover, huge investments by key industry players in IoT to introduce new IoT based products and devices are expected to increase demand for IoT chips.

Geographically, North America has been the largest market for IoT chip. It has been observed that companies in the region have made huge investments for research and development in IoT industry. North America has been observed as one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. The large-scale adoption of IoT technologies in several industries including retail, automotive and transportation, consumer electronics, building automation, and healthcare is the major factor backing the advancement of the IoT chip market in the region.

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Some of the key players of IoT chip market include Intel Corporation, Qualcomm Incorporated, Texas Instruments Incorporated, NXP Semiconductors N.V., Microchip Technology Inc., MediaTek Inc., STMicroelectronics N.V., Renesas Electronics Corporation, Huawei Technologies Co. Ltd., NVIDIA Corporation, Cypress Semiconductor Corporation, Advanced Micro Devices Inc., and Samsung Electronics Co. Ltd.