Emergen research: By 2028, the global IoT chip market is expected to reach US$34.74 billion

March 16 news, recently, a report released by market research and consulting firm Emergen Research showed that in 2020, the global IoT chip market size reached US$11.37 billion, and is expected to reach US$34.74 billion by 2028, with a compound annual growth rate of 14.9% during the forecast period.

The report pointed out that due to the growing demand for wearable devices, the global IoT chip market revenue is expected to grow significantly, and the increasing popularity of artificial intelligence technology will further drive the growth of the global IoT chip market.

The Asia Pacific market is expected to grow rapidly in terms of revenue share in the global IoT chips market during the forecast period. This can be attributed to the increasing emphasis of governments in the region on developing smart cities. In addition, the increasing use of process automation systems in the manufacturing industry in countries such as China, Japan, and South Korea is expected to further drive the growth of the Asia Pacific market.

As 5G network coverage increases rapidly, it will provide fast and efficient connections for IoT devices. The booming IoT sector and chip manufacturers that support it will gain a larger market size through 5G technology.