Industrial demand for IoT devices continued to grow in industrial, consumer and edge networking applications, Qualcomm noted, considering its fiscal 2023 year ended Sept. 24.

However, as a result of the current macroeconomic environment, the growth rate slowed compared to previous projections and high channel inventory reduced multi-industry semiconductor demand within IoT in fiscal 2023. 

The installed base of IoT devices, which includes everything from wearable devices to industrial handhelds to gateways, is forecast to increase 70% between 2023 and 2026, according to ABI Research.

Industrial demand 

IoT consumer products continue to embrace the latest mobile intelligence, processing and connectivity technologies, including personal computing (e.g., tablets and personal computers), connected audio (e.g., wireless headphones, speakers and sound bars), wearable devices (e.g., smart watches), XR devices (e.g., VR headsets and AR glasses) and others (e.g., camera and video collaboration, exercise equipment and home appliances). 

Qualcomm said this is enabling new services, applications and experiences.

Edge networks. Advances in wireless technology are helping to drive demand for edge networking products (including wireless access points and mobile broadband). 

On the other hand, the combination of IoT devices with connectivity, computing, on-device artificial intelligence and accurate, power-optimized location tracking along with the cloud are helping to deliver near real-time data and information in industries such as retail, transportation, logistics, utilities and energy.