Global Internet of Things (IoT) Microcontroller Market

Internet of Things (IoT) Microcontroller market Size, Share, Growth Analysis, By Product(8 Bit, 16 Bit, and 32 Bit), By Application(Industrial Automation, Smart Homes, Consumer Electronics (Smartphones, Wearables)), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45N2015 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 68 | Figures: 75

Internet of Things (IoT) Microcontroller market Dynamics

Internet of Things (IoT) Microcontroller market Drivers:

Growing Demand for Wearable Devices

  • Intelligent devices termed as wearables can be embedded in clothing, implanted in the user's body, or worn as accessories. Wearables can be combined with IoT technology due to the downsizing of sensors and advancements in modern technologies such as Artificial Intelligence, Machine Learning, and Big Data Analytics.

Strong Emphasis on High Operational Efficiency in Fleet Management

  • IoT can be utilised in a variety of fleet management applications, including asset tracking, fleet route planning, and predictive fleet maintenance, to promote operational flexibility and enable logistics and transportation companies to save back on capital expenditures (CAPEX) and operating expenses (OPEX).

Internet of Things (IoT) Microcontroller market Restraint:

Increased Cost Involved in Research and Development

  • Microcontrollers for the Internet of Things are an area of study and invention. Samsung recently investigated in an in-depth research of an "all-in-one bio-processor chip." However, the high IoT-related expenses for research and innovation in the IoT microcontroller business may be hindered by microcontroller devices and fierce rivalry. Since the Internet of Things (IoT) is booming, a sizable proportion of businesses are entering the IoT microcontroller industry. ​
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FAQs

Internet of Things (IoT) Microcontroller market size was valued at USD 4.69 billion in 2021 and is poised to grow from USD 5.29 billion in 2022 to USD 13.76 billion by 2030, growing at a CAGR of 12.7% in the forecast period (2023-2030).

Competitive Landscape in the IoT microcontroller market put a lot of effort into extending their reach internationally through a variety of tactics, including partnerships, collaborations, and joint ventures. Some players are also spending a lot of money on R&D in order to improve their products and expand their market positions internationally. 'NXP Semiconductors', 'Texas Instruments', 'STMicroelectronics', 'Infineon Technologies', 'Microchip Technology', 'Cypress Semiconductor', 'Renesas Electronics Corporation', 'Silicon Laboratories', 'Analog Devices, Inc.', 'Marvell Technology Group', 'Nordic Semiconductor', 'Maxim Integrated', 'Espressif Systems', 'ON Semiconductor', 'Atmel Corporation', 'Toshiba Corporation', 'MediaTek Inc.', 'Samsung Electronics', 'Broadcom Inc.', 'Qualcomm Technologies Inc.'

Intelligent devices termed as wearables can be embedded in clothing, implanted in the user's body, or worn as accessories. Wearables can be combined with IoT technology due to the downsizing of sensors and advancements in modern technologies such as Artificial Intelligence, Machine Learning, and Big Data Analytics.

The increasing buzz for the industry is the growing numbers of autonomous and electric vehicles that employ linked infrastructure. The Internet of Things refers to the connectivity of many devices over the Internet. MCU miniaturisation offers system designers a platform that mainly includes use-cases for novel, and emerging applications. This expanding ecosystem of IoT or connected devices, which includes smartphones, Smart TVs, tablets, home appliances, smart metres, and security systems, is expected to have a positive impact on the demand for IoT MCUs. Due to the miniaturisation of sensors and power sources as well as the ongoing development of dependable, seamless connectivity, wearable technology is projected to witness new business opportunities in the coming years.

One of the world's main centres for the production of automobiles is in North America. The expansion of the local economy positively affected both the sales of passenger cars and commercial vehicles. The American Automotive Policy Council 2022 states that American automakers heavily invest in research and development, and automotive microcontrollers are influencing the automotive industry by increasing the demand for 8-bit microcontrollers as vehicle production rises. 8-bit microcontrollers are motivated by hybrid and autonomous vehicles. ​The strong demand for high-end applications across key end-user industries has made the North American market one of the top consumers of microcontrollers.

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Global Internet of Things (IoT) Microcontroller Market

Report ID: SQMIG45N2015

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