How Does Rising Popularity of Smart Watches Propel IoT Chip Industry?

 The IoT chip industry has garnered $427.0 billion revenue in 2021, and it is projected to generate $693.8 billion in 2030, rising at a rate of 5.5% from 2021 to 2030.

The rising penetration of the internet in emerging economies propels the adoption of connected devices and networking protocol development. In addition, the surging number of AI-based devices propels the industry. Presently, there are more than 10 billion active IoT devices, resulting in the massive requirement for these chips.

North America holds a significant share of the IoT chip industry, and it is projected to dominate the industry by 2030, capturing a value of more than $300 billion. It is ascribed to the expansion of the research & development sector, for new and advanced technologies. The growing demand for consumer electronics fuels the industry's growth.

The advanced infrastructure development results in surging demand for better wireless connectivity solutions. It thus, fuels the requirement for Logic devices and ICs, more specifically for smart cities, that are characterized by connected automobiles and smart transportation systems, including residential applications.

Logic devices hold the largest industry share, led by the better prototyping and reprogramming ability for debugging. Field-programmable gate arrays (FPGA) are massively adopted due to the customization of each logic block. The enhanced cost-efficiency, programmability, and better performance are projected to fuel the sales of such devices.

The growing demand for smartwatches and rising logic device shipment fuels the industry. FPGAs function more rapidly compares to other devices and can modify, reconfigure, and update the functionality to better suit various and novel tasks.

For instance, there were more than 14 million wearables shipped in 2021. Among those, over 12 million were smartwatches. The growing demand for these wearables to track blood oxygen levels, respiration rate, and heart rate fuels the industry's growth.

The sensor category is projected to experience the fastest growth in the coming years, due to the surging manufacturing application of temperature and pressure sensors. The growing use of motion and position sensors in smart electronics, including alarms, security cameras, and live video monitoring applications is projected to fuel the growth of the sensor category.

Rising consumer electronics sales led by the adoption of smart appliances such as thermostats, door locks, and home monitors, in the residential sector, propel the industry. 

In addition, the growing popularity of smartwatches in the healthcare and fitness industry captures the largest industry share. IoT chips facilitate the tracking of medical equipment in real-time, including oxygen pumps, wheelchairs, and defibrillators.

Connected wearable devices such as smartphones, smartwatches, smart jewelry, and smart shoes capture a significant industry share. These chips are utilized for tracking various functions and thus fuel industry growth. These devices facilitate ease of integration, sensors with internet connectivity.

Therefore, the growing popularity of smartwatches boosts the IoT chip industry.

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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.

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