Global Internet of Things (IoT) Chip Market to Reach $51.5 Billion by 2030
The global market for Internet of Things (IoT) Chip estimated at US$21.8 Billion in the year 2023, is expected to reach US$51.5 Billion by 2030, growing at a CAGR of 13% over the analysis period 2023-2030. IoT Chip Processors, one of the segments analyzed in the report, is expected to record a 13.5% CAGR and reach US$20.4 Billion by the end of the analysis period. Growth in the Connectivity Integrated Circuits segment is estimated at 11% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6.7 Billion, While China is Forecast to Grow at 12.4% CAGR
The Internet of Things (IoT) Chip market in the U.S. is estimated at US$6.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.8 Billion by the year 2030 trailing a CAGR of 12.4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.6% and 11% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 9.4% CAGR.
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