Increasing Demand for Connected Wearable Device Drives Growth
With the growing adoption of the Internet of Things, it is safe to say that the global retail industry is undergoing a rapid transformation. The Internet of Things plays an efficient role in the retail industry as it efficiently supports boosting sales, offering a personalized experience, making improvements in inventory management as well as increasing the loyalty of the customers.
IoT chip is regarded as a physical networking device often known as a connected device that is well equipped with embedded technologies such as connectivity ICs, processors, sensors, logic devices, and even memory devices. These efficient technologies in the IoT market allow for the easy exchange of data between these devices, furthermore creating opportunities for growth for the IoT chip market.
The growth in the population leads to the growing penetration of internet usage across residential and commercial space as a result of a higher disposable income and improvements in the IT sector. Moreover, the adoption of cloud-based services coupled with the rising trend of industrial automation will further create growth opportunities for the IoT chip market.
The IoT chip market in retail is driven by increasing demand for connected wearable devices.
Over the past few years, there has been an increase in electronic devices such as smartphones, smart watches, laptops, desktops, and even smart shoes which is driving the growth of the market. These electronic devices perform their functions efficiently as per user requirements with the combination of internet connectivity with sensors followed by ease of integration.
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