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Report: Global IoT chip market likely to grow to $38.61 billion by the end of the decade

January 16, 2020 / IoT News
SHARESHARESHARE

A new market report, titled “Global IoT Chip Market – Analysis and Forecast, 2019-2029” by BIS Research, has found that the worldwide IoT chip market, which was valued at $9.40 billion in 2019, is now expected to grow over $38.61bn at a CAGR of 15.8% by 2029.The overall market demand for IoT chips is driven by the rising adoption rate of IoT-based devices and decreasing cost of IoT sensors, the research firm added.According to the report, the growing demand for IoT chipset-based consumer and industrial devices, together with the integration of AI across several industries, are some of the prominent factors contributing to the market growth of IoT chips across the world. Yet, substantial early investments and the complication regarding the integration of IoT technology with already existing devices are some of the challenging aspects that must be addressed at the current stage.