LONDON — Qualcomm said on Thursday that it had agreed to acquire NXP Semiconductors for $38.5 billion, the latest deal in the rapidly consolidating chip industry.

Semiconductor makers are betting on the so-called internet of things — the connection of everyday products like watches, refrigerators and cars to the internet — and NXP makes the type of chips that are commonly used in this growing market.

Qualcomm, based in San Diego, primarily designs and makes chips for smartphones. It can use NXP to significantly extend its reach, potentially supplying chips that are used in devices like payment terminals and cars.

The NXP deal could also help Qualcomm combat higher costs and pricing pressure, which have eroded profit margins in the chip industry as demand for personal computers and smartphones has waned.