Report: Global IoT chip market likely to grow to $38.61 billion by the end of the decade

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A new market report, titled “Global IoT Chip Market – Analysis and Forecast, 2019-2029” by BIS Research, has found that the worldwide IoT chip market, which was valued at $9.40 billion in 2019, is now expected to grow over $38.61bn at a CAGR of 15.8% by 2029.

The overall market demand for IoT chips is driven by the rising adoption rate of IoT-based devices and decreasing cost of IoT sensors, the research firm added.

According to the report, the growing demand for IoT chipset-based consumer and industrial devices, together with the integration of AI across several

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