Global IoT Microcontroller Market Analysis 2020 Forecasts to 2023

The global IoT microcontroller market is expected to grow at a CAGR of 12% during the assessment period from 2017 to 2023. IoT microcontrollers combined IoT technology with microcontrollers to increase the efficiency of IoT architecture. Successful implementation of IoT requires sensors to create a proper link between physical and digital interactions. Market Research Future has studied the global IoT microcontroller market and made a number of observations and predictions regarding the growth of the market.

IoT is modern technology with a lot of scope and a wide number of applications. As more and more devices become smarter and grow connected using the internet, the applications for IoT are likely to increase exponentially. High-quality use of IoT in various applications requires good connectivity which places high importance on integrating microcontrollers. with the advancement of technology, the consistent demand for innovative technology has driven the demand for new solutions on a constant basis, thus driving the market. The emergence of smart homes, smart meters and other smart devices with useful and beneficial applications in improving day to day life for consumers are also driving the growth of the global IoT microcontroller market. Microcontrollers are increasingly miniaturized and they are advancing to allow accommodation for capabilities of new applications. Televisions, security systems, gaming consoles, and home appliances are some of the connected devices that are encouraging market growth.

The market while highly promising is not without challenges. IoT devices require the extensive use of sensors which often require a high battery or other sources of power to run efficiently. In a global environment where environmental consciousness is taking center stage, the market is challenged by the lack of proper power efficiency. Moreover, IoT microcontrollers need to set up appropriate security measures which can be tricky. However, consistent demand for efficiency in IoT is expected to drive the development and advancement of the technology over the forecast period.

Market Segmentation

Segments in the global IoT microcontroller market have been determined on the basis of product type, application, and region. Product type has been segmented to include 8 bit, 16 bit and 32 bit IoT microcontrollers. 32 bit IoT microcontrollers will likely lead the market as they have the high processing power needed to perform all necessary functions. Moreover, with marginal cost differences between the segment, more consumers are likely to adopt 32bit devices.

Applications have been segmented into automotive, industries, healthcare, consumer electronics, and others. Consumer electronics are among the most popular applications for IoT microcontrollers. Healthcare and automotive will likely witness significant growth over the assessment period.

Regional Analysis

Regions covered in the report include the Asia Pacific, North America, Europe and the Rest of the World. Among these, North America dominates the global IoT microcontroller market due to the increased IT requirements as well as the high demand for IoT microcontrollers in smart home applications. The region has a strong affinity for the adoption of advanced network-based technologies, particularly in developed countries. However, the Asia Pacific market is set to make the greatest impact in terms of regional growth with a high CAGR during the forecast period. The advancement of automotive technology has resulted in the increasing use of IoT microcontrollers in automotive applications. The automotive industry in the APAC is expected to grow rapidly as personal disposable income rises among consumers in the region. The APAC is a manufacturing up for electronics and automotive vehicles, which is further supporting the regions rapid growth in the global market.

Key Players

Competitors that have some of the most prominent shares of the global IoT microcontroller market include Samsung Group (South Korea), Fujitsu Ltd (Japan), Microchip Technology (U.S.), ST Microelectronics (Switzerland), Infineon (Germany), Atmel (U.S), Freescale (U.S.), Intel Corporation (U.S.), and Texas Instruments (U.S). MRFR has analyzed these competitors to reveal leading market strategies employed in the global market.