Published On : 19 Sep 2018
The global market for processors for IoT and wearable devices is a market in its early stages of development but is marked by a dynamic R&D scenario. The market features a number of established companies from the electronics sector and is inviting new companies owing to the large set of untapped opportunities.
IoT, the phenomenon of computerization of objects through computing power and embedded sensors for making them capable of communicating with computers and a network of connected objects, has emerged as one of the most gripping trends of present times. As the technology develops further and new products continue to foray into the larger marketplace, applications of IoT such as wearable and smart devices are gaining increased attention from consumers.
Increased Usage of Connected Devices Globally Increases Focus on R&D Activities
The rising consumption of these products has compelled manufacturers to focus on the development of processors especially fitting the needs of these devices. The trend is expected to remain a key factor working in favor of the global processors for IoT and wearable devices market. Consumer adoption of smart devices, the ones with computing and connectivity capabilities, such as wearable devices, smart in-home applications, has exhibited a constant rise in the past some years. Studies show that customers in developed parts of the world already either own or plan to buy a wearable or an in-home IoT device in coming year or so. These factors are also expected to up the growth opportunities in the global processors in IoT and wearable market.
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Traditionally, the processors used in several industrial and consumer IoT and wearable devices have been employing semiconductor products designed for other electronic applications such as mobile phones. However, over the years of developing IoT and wearable products, it is becoming increasingly obvious that these products can gain several additional advantages if fitted with custom processors rather than reusing processors designed with a different set of functionalities in mind. As most IoT and wearable devices possess the ability of running a number of applications in real-time, new varieties of low-power processors that are extensible, efficient, and configurable are required.
North America and Asia Pacific to Remain Leading Regional Markets
The market is expected to see a promising growth trajectory in North America and Asia Pacific regions in the next few years. The market in North America will benefit from the presence of several leading companies operating in the field of computer processors and the affluent population open to technologically advanced products. The high rise in usage of wearable products for medical, fitness, and general uses is also a leading factor expected to work in favor of the North America processors for IoT and wearable market.
The market in Asia Pacific will remain the key manufacturing hub for wearable devices and IoT products owing to the presence of a large number of some of the world’s leading electronic device manufacturers. Internal demand for wearable devices and smart connected electronic products will also rise owing to increased disposable incomes and increased popularity of these products through social media platforms and the internet.
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