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Internet of Things (IoT) is internetworking of physical and virtual objects, which enables physical and virtual devices relate to each other through cloud technology in order to exchange data and information. With accelerated technological advancements and accumulating dependence on technology, IoT concept is expected to have a propitious future. Hardware components of IoT include processor, sensor, connectivity IC, memory device and logic device. The Internet of Things (IoT) can happen with traditional processor, sensor and other hardware components, but several concerns, including low power requirements and wireless support, have driven evolution of platforms designed for its applications.Access Report Overview: https://www.psmarketresearch.com/market-analysis/iot-chip-market
Major factors propelling the growth of IoT chip market include soaring demand of application specific MCUs, and flexible SOC type architectures. IoT chips are capable enough to support varied communication protocols, owing to which these chips are widely being adopted in the field of automation. The increasing demand of IoT enabled applications and devices from various industry verticals is likely to spearhead the growth of the global IoT chip market.
However, security and privacy of data are the major concerns associated with the usage of IoT chips, which acts as restraint to the global IoT chip market. Additionally, lack of common communication protocols across application platforms and high power consumption by connected devices are the major challenges of the global IoT chip market.
The major trend observed in the IoT chip market is the miniaturization of devices and decreasing cost of connected devices in order to accelerate their adoption. The push for miniaturization of devices comes from the demand for smaller assemblies in specific applications and the need to cut material costs through smaller parts that function similar to larger ones. Manufacturing techniques are pushing the limits of smaller, faster and cheaper products.
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The factors driving the growth of IoT chip market include increasing growth in the number of networking protocols and accelerating requirement of application specific MCUs and SoC type architecture. Conventional microcontrollers are the general-purpose devices that are able to address an extensive range of control tasks. Additionally, conventional microcontrollers enable a large number of IoT integrated applications. However, despite their flexibility, there still exists a staggering array of inconsistencies from a number of manufacturers. Sometimes the application has specific requirements that device manufacturers are willing and able to develop.
The key industry players in IoT chip market have been making investments in R&D, which is expected to propel the market growth during the forecast period. Advancement of IoT generates demand for better wireless connectivity technologies to support new segments of automotive and transportation sector such as connected cars and intelligent transportation system (ITS), which is likely to spur the demand for connectivity ICs in the global IoT chip market.
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