Internet Connectivity Growth in technologically advanced countries is expected to drive the Global IoT Microcontroller Market in the forecast period 2024-2028.
According to TechSci Research report, “IoT Microcontroller Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F,” the Global IoT Microcontroller market is anticipated to register a robust growth during the forecast period 2024-2028. Global IoT Microcontroller market is growing and is expected to be significantly impacted by the rising need for affordable, smart wireless sensor networks and the rise of IT infrastructure in technologically emerging nations. Other significant factors driving its demand and growth include the rising IoT connection count and desire for low-power, energy-efficient linked items., which is enabling growth in the global IoT Microcontroller market.
Moreover, the rise of IT infrastructure in technologically emerging nations are driving the market growth. Additional significant factors promoting its demand and growth are the rising number of IoT connections and the growing demand for connected devices such as smart electronics appliances, cars that are energy efficient.
Additionally, the industrial sector is currently dealing with a potential scarcity of semiconductors and numerous components, including microcontrollers and microprocessors. The lack of semiconductors is anticipated to last until 2023, is hindering the growth in the market. These effects are likewise projected to last through Q4 2023 for Microcontroller average selling prices. Therefore, it is anticipated that the market’s expansion would be constrained by the fluctuating selling prices of MCUs and the component shortages, which are proving to be one of the primary bottlenecks for OEMs, device makers, and automakers. The market for wearables that can track and monitor numerous health indicators, including heart rate and oxygen saturation, has been expanding rapidly.
Moreover, the adoption of wearable technology is typically driven by rising concerns over maintaining health and hygiene, the popularity of fitness apps, and the ensuing increase in public awareness of physical fitness and wearable technology, particularly in nations like Poland, China, the U.K., Germany, and India. This trend is expected to continue over the course of the forecast period. All these elements, which are positive for the expanding use of wearable technology, are anticipated to fuel the market’s expansion.
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Global IoT Microcontroller market is segmented by Product, Application, End-User. On the basis of product the market is further segmented into 8 bit, 16 bit, and 32 bit. On the basis of application, the market is further divided into industrial automation, smart homes, consumer electronics, and others. Moreover, on the basis of End-User market is segmented into aerospace and defense, consumer electronics, automotive, healthcare, other.
In 2022, the 32-bit MCU segment dominated the market, and it is predicted that from 2023 to 2028, it will see the highest CAGR. The most versatile MCU for Internet of Things applications is 32 bit. As it is widely utilized in industrial applications including factory automation and building automation, processes many peripherals effectively, and is also affordable.
The market for 8 Bit MCUs is anticipated to expand significantly during the projection period. The 8-bit sector is frequently used in low-power applications like connected devices and smart wearables. The millennial generation’s rising demand for fitness wearables is expected to accelerate the adoption of wearables. Obesity and other lifestyle diseases motivate people to participate in various fitness-related activities and monitor their progress using wearables, which is anticipated to positively impact market growth over the upcoming years.
Key market players in the IoT Microcontroller market:
- Broadcom Inc.
- Espressif Systems (Shanghai) Co., Ltd,
- Holtek Semiconductor Inc.
- Infineon Technologies AG
- Microchip Technology Inc.
- Nuvoton Technology Corporation
- NXP Semiconductors N.V.
- Silicon Laboratories, Inc.
- STMicroelectronics N.V.
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“The market is dominated by Asia Pacific, which is also expected to grow at a CAGR that would be greater than average over the projection period. China, India, and Japan, which together accounted for more than 50% of the market share, are the main forces behind the expansion. This can be attributed to the rising demand for smart wearables and favorable government investments to support efforts for smart cities. Consumers should be able to purchase smart home devices at reasonable prices as a result of recent Regional Comprehensive Economic Partnership (RCEP) trade agreement with China and ASEAN nations, as well as the rise in disposable income in emerging economies like Vietnam, Malaysia, and Indonesia. This will ultimately drive the market growth over the forecast period.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“IoT Microcontroller Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, Segmented By Product (8 bit, 16 bit, and 32 bit), By Application (industrial automation, smart homes, consumer electronics, and others), By End-User (Aerospace and Defense, Consumer Electronics, Automotive, Healthcare, Other), By Region, Competition has evaluated the future growth potential of IoT Microcontroller Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global IoT Microcontroller Market.
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