IoT Chip Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


IoT Chip Market Analysis:

The estimated size of the Internet of Things (IoT) Chip Market in 2023 is USD 17.92 billion, with an expected growth to USD 37.85 billion by 2028, representing a CAGR of 16.13% during the forecast period (2023–2028). The pandemic has had an impact on the growth of IoT connections in certain sectors due to demand-side and supply-side factors. Some IoT contracts were canceled or delayed as businesses scaled back or closed. However, the increasing demand for automation and the widespread application of IoT devices in various industries such as healthcare, consumer electronics, industrial, automotive, BFSI, and retail continue to drive the adoption of IoT devices.

The growth of the IoT chip market can be primarily attributed to the integration of connectivity capabilities in a wide range of devices and applications. Additionally, the development of different networking protocols has significantly contributed to the growth of the IoT chip market across multiple industries.

In March 2022, two Indian researchers at the Massachusetts Institute of Technology (MIT) developed a low-power security chip specifically designed to prevent side-channel attacks (SCA) on IoT devices. SCA exploits vulnerabilities to extract information from the indirect effects of system hardware behavior, rather than directly attacking programs and software.

As the number of IoT devices continues to increase rapidly, the demand for chips to build these devices is also expected to rise during the forecast period. Manufacturers will prioritize reducing energy consumption and miniaturizing chips to meet these requirements.

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