Selbyville, Delaware, Sept. 10, 2024 (GLOBE NEWSWIRE) -- IoT Chipset Market is projected to reach USD 750 billion in revenue by the end of 2032, as per a recent study by Global Market Insights Inc.
The IoT chipset market growth is driven by the increasing launches and advancements in connectivity technologies. Lately, several companies are developing and releasing new chipsets to offer enhanced performance and compatibility with emerging communication standards. Consequently, advancements are supporting the expansion of IoT applications across various sectors including smart homes, healthcare, and industrial automation. The ongoing progress in connectivity technologies is further driving the development of more advanced and versatile chipsets for meeting the evolving needs of connected devices and enhancing their capabilities. For instance, in June 2023, Qualcomm launched the 212S and 9205S chipsets for IoT for offering global connectivity via geostationary satellites. These chipsets adhere to 3GPP Release 17 standards for supporting the Qualcomm Aware cloud platform for real-time asset tracking and device management.
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Escalating demand in healthcare industry
The healthcare end-use industry segment in the IoT chipset market is projected to expand at a significant growth rate between 2024 and 2032, due to the rising need for transforming patient monitoring and medical device connectivity. Companies are developing advanced chipsets that are enhancing data accuracy and device interoperability for enabling real-time health tracking and remote patient management for improving care efficiency and outcomes. Increasing developments are further supporting the shift towards more connected and responsive healthcare systems for driving better patient care and streamlined operations.
Increasing use of hardware processors
IoT chipset industry value from the hardware processors segment will experience growth at a substantial CAGR through 2032, owing to the rising need to deliver enhanced processing power and efficiency. Companies are developing new chipsets with improved capabilities to handle the growing demands of interconnected devices. These innovations are optimizing performance while minimizing power consumption, crucial for maintaining device longevity and reliability. Ongoing advancements are also supporting the deployment of increasingly complex IoT systems for providing more robust solutions for various applications. The continuous developments in processor hardware is further driving the evolution of IoT technologies for ensuring that they meet the expanding needs of connected devices.
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Asia Pacific to emerge as a lucrative market
Asia Pacific IoT chipset market size is expected to witness robust growth between 2024 and 2032 due to the rise in smart city initiatives. Governments and organizations are investing in advanced IoT technologies to enhance urban infrastructure and improve city services. Ongoing developments are helping in integrating IoT chipsets into smart grids, transportation systems, and public safety networks for increasing efficiency and connectivity. Additionally, increasing efforts are advancing these chipsets to support more complex and scalable smart city solutions for addressing the growing demands for data processing and communication across the region.
IoT Chipset Market Players
Some of the top firms engaged in the IoT chipset industry include Analog Devices Inc., Cypress Semiconductor Corporation, Intel Corporation, Invensense Inc., Mediatek Inc., Microchip Technology Inc., and Nordic Semiconductor ASA, among others. These market players are engaging in partnerships and collaborations to drives innovations for scaled revenues. For instance, in April 2023, Intel and Arm announced a partnership to develop mobile chipsets for enhancing IoT capabilities. This collaboration helped in creating more efficient and powerful chipsets for enabling advanced IoT applications and improving connectivity across various devices.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
