IoT Processor Market Size to Grow at a CAGR of 8.9% During the Forecast Period 2021-2026

(IT-NEWSWIRE.COM, February 02, 2022 ) IoT Processor Market is analysed to grow at a CAGR of 8.9% during the forecast 2021-2026 to reach $1.8 billion by 2026. The basic working principle of a processor is to take the data and packages and send them to the communications chip. If the data hasn’t changed, the processor may determine that there’s no need to send it again. With the advancement in technology and the incorporation of Industry 4.0 in global market, the Internet of Things (IoT) encompasses literally anything, from wearables to automobiles and everything in between. The Internet of Things (IoT) and edge computing have triggered the proliferation of connected devices, products that perform a rich assortment of functions and sport expanded capabilities. This, in turn, has increased the level of product design complexity engineers must tackle. The complexity becomes particularly evident when selecting processing resources for one of these devices. IoT processors are now being incorporated in various systems such as smart wireless sensor networks and different embedded systems. Moreover, IoT processors are used for applications in end-to-end internet connectivity, smarter user interfaces, field programmable gate array and Connected Integrated Circuits (ICs). However, even processors can vary widely and end users must have to make a number of decisions according to the specifications required which offers wide selection option further enhancing its market size in the global IoT industry in the forecast period.

IoT Processor Market Segment Analysis - By Type

By Type, the IoT Processor Market Report is segmented into 8-bit, 16-bit, 32-bit and 64-bit. 64-bit type IoT processors are analysed to hold highest share and grow at highest CAGR of 7.5% during the forecast period 2021-2026 owing to their better performance offering as compared to other types. The first thing that comes to mind is the term bit is that it processes with its respective bits of the data bus. For instance, 8-bit processor works with 8 bits of data bus, which means this processor can move 8-bits of data in a particular time frame. Then there is a 16-bit processor and as the name implies, theoretically, it is two times faster than an 8-bits controller, and respectively others which are 32-bit and 64-bit. This suggests that a 64-bit processor can move more data in a particular time frame as compared to 8-bit and 16-bit, as 64K is larger than both 8 and 16. In many electronics, 32-bit processors are being used as it 64-bit processors entered in the market in recent years. For that reason, a 32-bit microcontroller can handle the quadruple amount of data as compared to the 8-bit and 16-bit processors which make the 32-bit microcontroller more data-efficient. But it makes the processor more power-hungry. According to the hardware’s structural form of a microcontroller, it is not true that the 32-bit microcontroller always comes in a larger package form. These big benefits to 32-bit processors is expected bring significant growth in its demand for IoT Processors Market in global market.

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IoT Processor Market Segment Analysis - By Applications

By Applications, the IoT Processor Market Report is segmented into Wearables, Automation, Building & Home, Artificial Intelligence (AI), Smart Manufacturing, Smart cities, Healthcare, Automotive and Others. Automation segment is analysed to grow at highest CAGR of 7.2% during the forecast period 2021-2026. With the evolution of Industrial Internet of Things (IIoT), owing to 5G connectivity and advances in sensor technology, the number of IoT devices is expected to grow significantly by 2026. Industrial end-users are shifting from data-driven decision-making toward automated decision-making in real-time. This tend to uplift the market growth of IoT processors for Automation applications. Moreover, rising demand of AI in-built wearables and Build & Home automations accessories is expected to drive the IoT processor market growth in the forecast period.

IoT Processor Market Segment Analysis – By Geography

North America is analysed to be the major region with a share of 30% in 2020 for the IoT Processor Market owing to the prominent research, increasing urbanization and adoption of Industry 4.0 in various industrial sectors which has brought a huge demand of IoT Processor. Moreover, with the availability of large number of automotive industries in North America region, the requirement of automation in these sector has been a major driving factor for IoT processor in this region. However, Asia-Pacific is analysed to grow at highest rate during the forecast period 2021-2026 majorly attributed to the presence of tech-giants such as China, Japan, South Korea and Others in this region. With the need of adoption of Industry 4.0 and different smart city development programme initiated by the government has brought a significant growth in the demand of IoT processors in this region.

IoT Processor Market Drivers

Evolution of Industrial IoT in global level:

With the evolution of Industrial Internet of Things (IIoT) in global level to meet the rising demand of automation in industrial level owing to 5G connectivity and advances in sensor technology, the number of IoT processors for different applications is expected to grow significantly by 2026. Industrial end-users are shifting from data-driven decision-making toward automated decision-making in real-time. Additionally, plant floor automation is increasingly adopting IIoT for data generation that has provisions for internal customer engagement. IoT Processor is witnessing market boom due to rise in its application at Industrial automation sector, especially at industrial alarm systems. This increasing demand of data-driven decision-making process for maintaining high efficient automation system tend to drive the demand of IoT processors in global market.

Rising applications of Artificial Intelligence and Smart City Developments:

Many developed economies such as United States, China, Japan and Others have adopted Artificial Intelligence in majority of the industrial sector and rely on them for various processes. Various industrial sectors which includes Automotive, Consumer electronics and Healthcare sector have witnessed major uplift in the adoption of IoT processor. This adoption tend to drive IoT Processor Market size in this region. Moreover, many countries such as India, South Korea, Singapore and Others are investing majorly in their smart city development projects. The smart-home segment covers a vast diversity of connected devices, ranging from door bells, door locks and smoke detectors to smart speakers and smart refrigerators are in-built with IoT processors. Secondly, IoT processors offers too many connectivity options such as WiFi, Bluetooth, BLE, ZigBee, Z-Wave and Others. These features is expected to bring significant growth in the applications of IoT processors, further driving its market growth in the forecast period.

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IoT Processor Market Challenges

High installation cost and certain limitations:

IoT processor offers a wide range of applications such as end-to-end internet connectivity, smarter user interfaces, field programmable gate array, Connected Integrated Circuits (ICs) and many others which helps in maintaining a high efficient automation system in Industrial premises, enterprise or any other business area but on the other hand, the cost of installation and maintaining its smooth operation can bring major challenges in its market growth. IoT processor consist of different components which increases its overall cost. Moreover, certain limitations such as security breaches has been a major factor which tend to restrain the market growth of IoT processor. Security is the most critical issue that may hinder the IoT processor market growth. Providing security for IoT technology is a big and real challenge. In some cases, IoT allows anyone to access embedded devices from anywhere, which affects the privacy of sensitive data. These factors tend to bring major challenges in the IoT Processor Market growth.

IoT Processor Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the IoT Processor Market. The IoT Processor top 10 companies includes Analog Devices, Inc., Cypress Semiconductor Corporation, Intel Corporation, MediaTek Inc., Microchip Technology Inc., NXP Semiconductors NV, Qualcomm Technologies, Inc., Samsung Electronics Co Ltd., STMicroelectronics N.V., Texas Instruments Incorporated among others.

Acquisitions/Technology Launches/Partnerships

In July 2021, Intel Corporation launched the newest generation of Intel Xeon W-3300 processors, available to its system integrator partners. Intel Xeon W-3300 processors offer uncompromised performance, expanded platform capabilities, and enterprise-grade security and reliability in a single-socket solution.

In June 2021, Qualcomm Technologies, Inc. introduced 7 new chipsets for IoT applications across various industries. The chips are equipped with features to support activities, such as integrated connectivity, sensor fusion, person identification and detection, object detection, edge detection, activity analysis, and personalization. Further, the chips are also designed to support warehouse management.

Key Takeaways

Growing technological advancement and incorporation of Industry 4.0 in global market to offer automation with the help of processors is analysed to significantly drive the market during the forecast period 2021-2026.

Automation is analysed to hold significant share in 2020 owing to the increasing demand of artificial workforce and growing necessity of reduced expenditure in operation of various industries.

64-bit is expected to hold the highest market share in the forecast period owing to rise in technological advancement and increase in the requirement of bit size for better efficiency of the system.

North America is analysed to grow at highest CAGR during the forecast period owing to the growing advancement in Automation and smart city developments. Moreover, due to the presence of one of the highest urbanized regions which tend to witness major growth for the IoT processor wireless for Building & Home automation sector further propelling the market growth of IoT Processor Market.

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IoT Processor Market Size to Grow at a CAGR of 8.9% During the Forecast Period 2021-2026