What Is the Size of Global IOT Microcontroller Industry?
Global IoT Microcontroller market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The IoT Microcontroller Market is largely driven by development of internet connectivity and IT infrastructure in technologically developing economies and microcontroller unit miniaturization.
The increasing demand for low-cost, smart wireless sensor networks and the development of IT infrastructure in technologically developing countries are anticipated to have a major impact on market growth. Further, the growing number of IoT connections and increasing demand for low-power, energy-efficient connected products are other salient factors boosting its demand and growth.
The growing popularity of IoT is expected to provide a significant boost to the market in the near future. In the current scenario, IoT has witnessed a wide range of applications including industrial automation, smart appliances, smart grids, and smart cities, which is anticipated to fuel the market growth significantly during the forecast period. In addition, the rising popularity of fitness apps and increasing awareness about physical fitness in emerging countries such as; India, China, and Indonesia are likely to drive the adoption of wearable technology, thereby expanding the IoT market size during the forecast period. The IoT market is flourishing, and as a result, the majority of enterprises are approaching the IoT microcontroller market.
Global IoT Microcontroller Market By Products
The Global IoT Microcontroller market is segmented by Raw Material into 8 Bits 16 Bits and 32 Bits. 32-bits segment dominated the IoT Microcontroller by product segment in 2022 and is also expected to maintain its dominance during the forecast period.
32-bits microcontrollers are capable of handling arithmetic operations of 32-bit values and thus it is faster as compared to other microcontrollers such as 8-bits and 16-bits. Moreover, a 32-bit microcontroller takes fewer instruction cycles to execute a function due to its wider data bus. Thus, companies have been persistent, launching 32-bit microcontrollers owing to the rising IoT requirements. 32-bit microcontrollers process multiple devices simultaneously which is efficient and is extensively used in factory automation, grid infrastructure, and building automation applications.
Global IoT Microcontroller Market By Application
The Global IoT Microcontroller Market is segmented by Type into Industrial Automation, Smart Homes and Consumer Electronics. Smart Homes segment accounted for the majority share of the Global IoT Microcontroller Market by application in 2022 and is also expected to showcase the highest growth rate during the forecast period (2022-2028).
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The tech-enabled applications are increasing and provide numerous opportunities for businesses, and IoT for smart homes. The integration of IoT in smart homes has enabled easy control and monitoring, enhanced security, efficiency, cost and energy saving, and comfortable living. The IoT extensively improves the capability to control and cover all of the home's processes.
Global IoT Microcontroller Market by geography
The Global IoT Microcontroller market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. The Asia Pacific accounted for the largest share among all regions within the total Global IoT Microcontroller Market, in 2021.
Asia Pacific region has been a significant hub for semiconductor manufacturing and semiconductor-based devices. The region is home to some of the most prominent electronics devices and automotive manufacturing companies. Hence, the area contributes significantly through various applications of IoT microcontrollers such as automotive, industrial automation, healthcare IT, consumer electronics, robotics, and other end-user industries. Asia Pacific hosts contract-based semiconductor manufacturers like Taiwan Semiconductor Manufacturing Company (TSMC).
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Aerospace and Defense
Consumer Electronics and Home Appliance
Data Processing and Communication
Other End-user Industries
Rest of Europe
South KoreaRest of Asia Pacific
Holtek Semiconductor Inc.
Microchip Technology Inc.
Nuvoton Technology Corporation
Renesas Electronics Corporation
Texas Instruments Incorporated
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