IoT processor mkt will be US$92.92 billion by 2032, says FMI
The global internet-of-things (IoT) processor market is projected to reach a valuation of US$ 92,925.7 million by 2032, with sales growing at a CAGR of 7.4% from 2022 to 2032.
Predicted to reach an estimated US$ 45,420 million in 2022, the IoT processor market is fuelled by associated benefits such as greater business efficiency, empowering new business models, and enhancement of existing services.
These insights are based on a report on the IoT processor market by Future Market Insights (FMI).
The IoT is a low-powered processor that can host multiple applications from various connected devices in real-time. This includes more data, sensors, end-to-end communications, faster responses, and a smarter user interface.
IoT empowers almost every aspect of the digital universe. These connected devices obtain vast amounts of data daily and transfer the same data and information in real-time to overcome human challenges.
With more and more devices coming into use daily, carrier suppliers find 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 an FMI analyst.
Also, while IoT products' tendency to attract a niche market leads to low sales volume, 8 bit IoT processor segment will register high demand over the forecast period. This is so as usage in the semiconductor sector to strengthen market possibilities.
The FMI report also did some regional analysis of the forecasted volume.
Accordingly, North America is anticipated to be the largest IoT processor market. The region accounts for 40.1% of the global market share. The presence of major market players, larger 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 from 2022 to 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 modelling, 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 steadily 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.
Texas Instruments, Intel, Qualcomm, ARM, Atmel, Freescale, Amulet Technologies, Broadcom, 4D Systems, and Renesas Electronics are some of the major players in the IoT processor market profiled in the full version of the report.
Leading market players utilise 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, says the FMI report.