The global IoT chip market is foreseen to expect high growth opportunities taking birth on the back of the rise of the automotive and healthcare industries. The global IoT chip market could also benefit from the increase in demand in the transportation industry. The development of intelligent transportation system (ITS) and introduction of new product lines of connected cars are projected to set the tone for significant growth in the global IoT chip market. There could be lucrative growth prospects available in the retail industry as it takes lead in terms of market share.
Manufacturers are expected to cash in on the need for multilayered security for IoT and near field communication (NFC) authentication applications to gain a strong foothold in the global IoT chip market. In September 2018, NXP Semiconductors launched its privacy-enabled NTAG DNA tag chips for cost-effective channel authentication and product protection throughout the supply chain.
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North America to Take Advantage of Heavy Presence of Vendors to Lead Market
From a geographical perspective, North America is foretold to take the lead in the global IoT chip market due to strong presence of vendors in the region. The U.S. and Canada could among the pick of the country-wise markets for IoT chip in the region. The demand in the North America IoT chip market is forecast to surge because of increased application in the healthcare, electronics, and automotive industries.
Western Europe could be another region with promising growth in the global IoT chip market. Rising application of IoT technology in Italy, France, and Germany is envisaged to help the region to secure a good position in the IoT chip market.
Considering the high industrial growth in retail, pharmaceutical, and automotive industries, especially in South Korea, India, and China, APEJ is envisioned to show quicker growth in the global IoT chip market.