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IoT Chip Market Size, Share, Growth Opportunities, Technology, Application, Key Players and Market Demand by 2023
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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.
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.
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.
The factors driving the growth of IoT chip market include increasing growth in the number of networking protocols and accelerating requirement of application specific MCUs and SoC type architecture. Conventional microcontrollers are the general-purpose devices that can address an extensive range of control tasks. Additionally, conventional microcontrollers enable large number of IoT integrated applications.
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The global IoT chip market had a consolidated structure in 2016. 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.
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