IoT processor market to reach a value of US$92.92bn by 2032 at a CAGR of 7.4% , FMI forecasts
The global IoT processor market is projected to reach a valuation of US$92,925.7 million (€94,706.62 million) by 2032, with sales growing at a healthy CAGR of 7.4% from 2022 to 2032. Predicted to reach an estimated $45,420 million (€46,290.47 million) in 2022, the Internet of Things (IoT) processor market is fuelled by associated benefits like greater business efficiency, empowering of new business models, and enhancement of existing services.
The internet of things is made up of mainly low-powered processors that include more data and sensors, end-to-end communications, faster responses, and a smarter user interface.
With more and more devices coming into use daily, carrier suppliers are finding it tough to collect, process, and dispatch data from one device to another because of general-purpose sensor conformance limitations. This results in a particular need for IoT processors. For instance, IoT processors in wearable devices control, process, store, and interpret data while consuming minimal power. This would have been hard to achieve if wearable device distributors like Xiaomi and Apple Inc. had used general-purpose processors in their devices.
In addition, technological evolutions in cognitive and affective computing are further aiding the growth of the IoT Processor market during this assessment period.
“Benefits associated with IoT processors such as minimal consumption of power, smarter user interfaces, smoother communication, and others are expected to propel the market growth of the IoT processors over the forecast period,” says Aditi Basu, marketing head at Future Market Insights.
Key Takeaways:
- Usage in the semiconductor sector to strengthen market possibilities.
- IoT products’ tendency to attract a niche market leads to low sales volume.
- North America holds about 40.1% of the global market share.
- The semiconductor industry is driving the target market in the Asia Pacific region.
- Europe accounts for 23.6% of the overall market share.
- 8 bit IoT processor segment will register high demand over the forecast period.
Regional analysis
Aditi Basu
- According to the latest Future Market Insights reports, based on region, North America is anticipated to be the largest IoT processor market. The region accounts for 40.1% of the global market share. The immense presence of major market players, greater investment in the local IoT environment, expansion of cloud platforms, and elevated investment in research and development activities fuel the regional market growth over the projected period.
- Europe’s IoT processor market is predicted to exhibit impressive growth during 2022-2032. The region holds about 23% share of the global IoT processor market. The expanding healthcare sector is increasingly tied to large databases. Diagnostic analytics, descriptive analytics, prescriptive modeling, and actionable insights are all enabled by IoT technology in combination with big data analytics. Hence, advancing big data and IIoT technology will drive the target market growth in this region.
- Asia Pacific IoT processor markets, too, are expected to grow at a steady rate in the upcoming years. The huge semiconductor sector in countries like China and Taiwan is anticipated to drive the demand for IoT processors in this region through 2032.
Competitive landscape
Texas Instruments, Intel, Qualcomm, ARM, Atmel, Freescale, Amulet Technologies, Broadcom Inc., 4D Systems, and Renesas Electronics among others are some of the major players in the IoT processor market profiled in the full version of the report.
Leading market players are utilising various organic and inorganic strategies such as mergers, acquisitions, partnerships, and collaborations. These businesses are keen on new product releases and geographical expansions to extend their consumer base.
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