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According to the new report titled "IoT Chip Market by Product (Processor, Sensor, Connectivity IC, Memory Device, Logic Device, Other Products) and Application (Consumer Electronics, Industrial, Healthcare, Automotive, BFSI, Retail, Building Automation, Others) - Global Analysis to 2023", the valuation of the IoT chip market was $7.81 Billion in 2017 and is projected to reach $15.67 Billion by 2023, at a CAGR of 14.01% from 2018 to 2023.

The factors such as the increasing demand of connected & wearable devices and growing trend of industry 4.0 have driven growth in the IoT chip market. Further, evolution of low-cost smart wireless sensor networks has increased the demand for IoT chip.

Connectivity IC dominated the IoT chip market

Connectivity IC accounted for the highest share in the IoT chip market in 2017 owing to the important recent development of IoT products.  Furthermore, the adoption of multi-protocol connectivity IC have driven the demand for connectivity IC in IoT chip market.

Consumer electronics held the largest share in the IoT chip market

The consumer electronics held the largest share in the market in 2017. Increased adoption of IoT chips in home electronics, growing preferences for application-specific microcontroller units, and the development of smart wearable devices have raised the demand for IoT chip in the consumer electronics.

North America headed the IoT chip market in 2017

North American dominated the IoT chip market in 2017. The increased IoT research & developments and early adoption of smart devices in the region have driven growth of the market. However, Asia Pacific is expected to grow with highest CAGR during the forecast period owing to increasing trend of smart-cities and home automation as well as investments for the development of IoT.

Key market players operating in the market that are profiled in the report are Intel Corporation (U.S.), Qualcomm Incorporated (U.S.), Microchip Technology Inc. (U.S.), Renesas Electronics Corporation (Japan), Huawei Technologies Co., Ltd. (China), Texas Instruments Incorporated (U.S.), NVIDIA Corporation (U.S.), Cypress Semiconductor Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), MediaTek Inc. (Taiwan), STMicroelectronics N.V. (Switzerland), Advanced Micro Devices, Inc. (U.S.), and Samsung Electronics Co., Ltd. (South Korea).

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