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IC Insights, a leading market research firm, highlighted that the number of connected devices globally has surpassed the total number of internet users. As of now, the number of IoT-connected devices exceeds six times the global online population. In 2016, the overall sales of IoT semiconductors are projected to grow by 19%, reaching $18.4 billion. By 2019, the market is expected to hit $29.6 billion, with a compound annual growth rate (CAGR) of approximately 19.9% from 2014 to 2019.
According to IC Insights, the five major application markets for IoT semiconductors have shown strong growth, with revenue increasing by 20%. The connected car sector, in particular, has seen significant expansion. In 2016, IoT semiconductor revenue in this area is expected to jump 66% to $787 million. This has led to an upward revision in the CAGR, which is now estimated at 36.7% between 2014 and 2016, up from 31.2%. Additionally, the forecast for the 2019 connected car chip market was raised from $1.4 billion to $1.7 billion.
In 2016, IoT semiconductor revenue reached around $11.4 billion, reflecting a 15% increase from the previous year. However, the growth in the "connected cities" segment, including smart meters and infrastructure, was slower, with a CAGR of about 12.9% between 2014 and 2016. Despite this, the market is still expected to reach $15.7 billion by 2019.
The wearable IoT semiconductor market also saw a slight revision in its forecast. IC Insights estimates that the market will grow by 22% in 2016, reaching $2.2 billion, and is expected to expand further to $3.9 billion by 2019. Meanwhile, the smart home IoT semiconductor market is projected to grow by 26% in 2016, reaching approximately $545 million. The Industrial IoT segment is also on the rise, with a 22% growth expected in 2016, bringing revenue to $3.5 billion. Over the period from 2014 to 2019, the Industrial IoT semiconductor market is anticipated to grow at a CAGR of 25.7%, expanding from $2.3 billion to $7.3 billion.
September 19, 2025