According to Acumen Research & Consulting, the global IoT microcontroller market size is estimated to grow at a CAGR of above 13.1% during the projected years and reach a value of over US$ 13,037 Mn by 2030.
The development of smart cities is the foremost reason to create bulk opportunities for the IoT microcontroller market. Smart cities gather and evaluate data using IoT devices such as connected sensors, lighting, and meters. These data are then used by cities to improve public utilities, infrastructure, and services, among other things. According to the Ministry of Housing and Urban Affairs (India), the Indian government has planned to work on more than 5000 projects in 100 cities with an investment of INR 2,05,018 crore. Similarly, the rising implementation of IoT in smart homes is also likely to create numerous growth opportunities for the market in the coming years. Currently, there are more than 175 million smart homes in the world. Such a huge number of smart homes significantly propel the demand for the IoT microcontroller industry.
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Global IoT Microcontroller Market Growth Factors
Some of the aspects that are driving up the demand for the market are increasing advancements in the Internet of Things (IoT) technology, rapid growth in the number of connected devices, and increasingly connected infrastructure. The growing numbers of electric as well as autonomous vehicles that use connected infrastructure are also creating a buzz for the industry. The IoT is the Internet-based connectivity of many devices. For instance, self-driving cars make use of IoT when upgrading their algorithms based on user inputs
Increasing digitalization, increasing the number of smartphones, and growing 5G technology are also some of the major aspects that are supporting the growth of the industry. According to the Indian Brand Equity Foundation (IBEF), smartphone consignments in India reached more than 170 million in 2021, with around a 14% increase from 2020.
Despite the number of advantages that IoT technologies provide there are some constraints in the market such as lack of standardization and privacy and security issues associated with the technology. With enough time and effort, researchers have been able to hack into real, commercially available gadgets, implying that hackers would be able to reproduce their efforts. For example, a team of researchers from Microsoft and the University of Michigan discovered a slew of security flaws in Samsung's SmartThings smart home platform, using simple approaches. Thus, the growing number of connected devices is directly proportional to the growing number of privacy and security issues.
Global IoT Microcontroller Market Segments
The IoT microcontroller market is categorized into product, application, and geography. The product segment is further split into 32-bit, 8-bit, and 16-bit. Based on our analysis, the 32-bit microcontroller is expected to lead the market with a considerable market share in 2021. Factors such as greater speed, improved compatibility, extended memory, and many others have fueled the demand for 32-bit microcontrollers. However, the 8-bit microcontrollers are expected to attain the fastest growth rate during the forecast period 2022 – 2030.
On the basis of application, the market is categorized as consumer electronics (smartphones, wearable, and others), industrial automation, smart homes, and others (smart utility, smart transportation, smart retail, and others). Based on them, the consumer electronics segment gathered a significant amount of share due to the growing volume of smartphones and wearables in the world. Meanwhile, the smart homes application achieved the fastest growth rate throughout the forecast timeframe from 2022 to 2030. The widespread use of IoT in smart homes applications such as HVAC, smart lighting, infotainment, etc. is propelling the demand for the segment.
IoT Microcontroller Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. The North American region is expected to hold a substantial market share during the projected period. This could be credited to the presence of high-tech infrastructure, the presence of key players, growing connected infrastructure, and a rising trend of electric and self-driving vehicles. Furthermore, the US is expected to have 63 million connected homes by 2022, which is likely to create tremendous growth opportunities for the market in the coming years. On the other hand, the Asia-Pacific region is anticipated to lead the market with a sizeable share in 2021 and is growing with the fastest growth rate in the coming years. The growing number of planned smart cities and an increasing number of smartphones and connected devices are some of the primary aspects of the impressive growth in the Asia-Pacific IoT microcontroller market.
The IoT microcontroller market involves many key players. The top players presented in the report include Broadcom, Microchip Technology Inc., Espressif Systems (Shanghai) Co., Ltd, Infineon Technologies, Holtek Semiconductor Inc., Nuvoton Technology Corporation, STMicroelectronics, NXP Semiconductors, Renesas Electronics Corporation, Texas Instruments Incorporated, and Silicon Laboratories.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting