IoT Chip Market Driven by the Growth in Smartphone Usage Globally
In 2015, Government of India announced plans to develop 100 smart cities, in order to better manage the resources and provide people with a higher quality of life. Such cities use several devices, connected via the internet of things (IoT) technology, to share real-time data with each other as well as the monitoring agency.
Information related to the traffic, amount of natural light, carbon emissions, temperature, humidity, water and electricity consumption, and various other subjects is regularly shared by such devices over the internet.
Among these, the demand for connectivity ICs was the highest in the IoT chip market in the past, as these make the connection among all the components possible. In the coming years, the usage of memory devices would rise the fastest, as the operation of connected devices generates huge volumes of data, which needs efficient storage.
IoT devices, and in turn, the chips embedded in them, find application in the automotive and transportation, banking, financial services, and insurance (BFSI),industrial, healthcare, retail, wearable devices, agriculture, consumer electronics, oil and gas, and building automation sectors.
Among these, the automotive andtransportation industry accounted for their widest adoption, owing to the strong focus on the development of smart transportation infrastructure and popularity of connected cars.
In the coming years, the retail domain would most rapidly adopt the technology, to drive revenues and augment the level of customer satisfaction, by decreasing the checkout time, making the payment procedure easier, and letting customers compare the cost of products sold by different companies.
Therefore, with the rapid development of smart infrastructure, the demand for IoT chips is also increasing, as IoT is not possible without a chip, which is responsible for the functioning of such devices. Chip hardware includes several components, such as sensors, processors, connectivity integrated circuits (IC), memory devices, and logic devices, which are generally a field-programmable gate array (FPGA).
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IoT is primarily utilized to maintain the inventory and manage mobile payments, which are increasing in preference, with the growth in internet connectivity and rise in the adoption of smartphones. Due to the improvements in IoT devices, the retail sector is predicted to use them even more in the coming years.