IoT chip market to reach $38.61 billion by 2029: report | FierceElectronics
According to a market intelligence report by BIS Research titled “Global IoT Chip Market – Analysis and Forecast, 2019-2029,” the global IoT chip market is projected to grow at a CAGR of 15.18% between 2019 and 2029, with the market growing to over $38.61 billion by then. The rising adoption rate of IoT-based devices and declining IoT sensor’s cost are key factors propelling the overall market demand for IoT chips.
Substantial initial investments and the complication regarding the integration of IoT technology with already existing devices are some of the challenging aspects that need to be considered in the current scenario. Moreover, integration of artificial intelligence (AI) in IoT for decision-making applications is expected to create numerous market opportunities as massive amount of unorganized data generated from IoT devices is converted into useful information with the help of integration of AI algorithms.