According to a new report, published by KBV research, The Global IoT Chips Market size is expected to reach $1088.6 billion by 2031, rising at a market growth of 11.1% CAGR during the forecast period.
An integrated circuit specifically designed for use in machines, objects, or things is known as an IoT chip. It provides connectivity, data processing, and communication in IoT sensors and smart gateways. These devices rely on embedded technologies, including processors, sensors, connectivity ICs, memory, and logic devices. IoT chips are essential for IoT systems' data collection, transmission, and processing.
The Processor segment led the Global IoT Chips Market by Hardware in 2023; thereby, achieving a market value of $307.9 billion by 2031. IoT devices are becoming increasingly sophisticated, requiring more powerful processors to handle complex tasks such as data processing, analytics, and AI inference. As IoT applications evolve, there is a growing need for processors with higher computing power, efficiency, and capabilities to meet performance requirements.
The Industrial segment is growing at a CAGR of 9 % during the forecast period. IoT chips allow machines and equipment to be monitored remotely in real time. This enables predictive maintenance, where potential issues can be identified and addressed before they lead to costly breakdowns or downtime. Industrial IoT solutions can monitor energy usage in real time and identify opportunities for optimization. This leads to cost savings and reduces the environmental footprint of manufacturing operations.
Full Report: https://www.kbvresearch.com/iot-chips-market/
The North America region dominated the Global IoT Chips Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $361.6 billion by 2031. The Europe region is anticipated to grow at a CAGR of 10.6% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 11.6% during (2024 - 2031).
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