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IoT chip market expected to hit $375.5 billion by 2028

The global market for IoT chips was projected to grow from $186.1 billion in 2022 to $375.5 billion in 2028, at a compound annual growth rate (CAGR) of 14.3% during the forecast period 2023-2028, according to Research and Markets.

The key factors driving the growth of the IoT chips market include growing demand for IoT based vehicles, incorporation of government policies and initiatives towards smart city projects, and growing demand of connected wearable among customers.

By the end of 2028, the consumer electronics segment will continue to dominate the global IoT chips market. The segment will show a dominating position till the end of 2028, owing to the growing usage of smart and multimedia devices, increasing utilization of tablets and smartphones, cloud computing development, and improvements in IoT security.

North America holds the highest market share in the global IoT chips market. United States and Canada are significant contributors to the global IoT chips market. The presence of major market players, strong technological infrastructures, and rising investments by the U.S. government for implementing IoT solutions in industrial applications are boosting the demand for market growth in the region.

The report provides an overview of the global IoT chips market size analysis and a detailed analysis of the market player’s products and strategies. Using 2022 as the base year, the report provides estimated market data for 2023 through 2028. Revenue forecasts for this period are segmented based on hardware, power consumption, end-use industry, and geography. Research and Markets

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