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IoT Processor Market Overview
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.
Report Coverage
The report: “IoT Processor Industry Outlook – Forecast
(2021-2026)”, by IndustryARC covers an in-depth analysis of the following
segments of the IoT Processor Market.
By Type: 8-bit, 16-bit, 32-bit and 64-bit.
By Components: Sensor devices, Connectivity, Data
processing, User-Interface (UI) Others.
By Applications: Wearables, Automation, Building
& Home, Artificial Intelligence (AI), Smart Manufacturing, Smart cities,
Healthcare, Automotive and Others.
By Geography: North America(U.S., Canada and
Mexico); Europe(U.K., Germany, Italy, France, Spain, Russia, Rest of Europe);
APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South
America(Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa).
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.
Global IoT Processor Market Share, By Region, 2020 (%)
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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.
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.
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.
Relevant Report Titles:
IoT Technology Market – Forecast (2021-2026)
Report Code: ESR 27620
Neural Network Processor Market - Forecast(2021 - 2026)
Report Code: ESR 0689
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