IoT Microcontroller Market
As per Market Research Future (MRFR), The global IoT microcontroller market is estimated to reach USD 4 billion at a CAGR of approximately 12% from 2017 to 2023 (forecast period). The report discusses significant developments in the global IoT microcontroller market as a result of the latest COVID-19 pandemic. The report provides a precise review of the major aspects of the sector that are likely to be affected by the pandemic.
The Internet of Things (IoT) microcontroller is a mixture of IoT technology and a microcontroller. The IoT needs sensors and actuators to connect the physical and digital worlds together. The sensor converts the physical state to an analog or digital signal, while the actuator converts the digital signal to some physical effect. The next step in the IoT architecture is a computing system that processes or generates digital signals that can be performed by a microcontroller.
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IoT Microcontroller Market Dynamics
Major factors boosting the market include advances in the application of the Internet of Things to reach the demands of technologically advanced products of a broad consumer base. The deployment of smart meters across a range of residential and commercial sectors to closely monitor total energy usage is leading to market growth. Furthermore, IoT MCU growth in the industrial sector will rapidly address and resolve issues such as lack of security, meagre consumer demand, technology barriers, and lack of standards.
IoT Microcontroller Market Key Players
The industry leaders in the global IoT microcontroller market are Atmel (U.S), Fujitsu Ltd (Japan), Freescale (U.S.), ST Microelectronics (Switzerland), Infineon (Germany), Microchip Technology (U.S.), Samsung Group (South Korea), Texas Instruments (U.S), Intel Corporation (U.S.) are among others.
Atmel, a significant player in the IoT microcontroller market, has teamed up with Microchip Technology Inc. to create an Internet of Things (IoT) powerhouse. The tie between the two companies is to build a full-stack silicon house with all IoT hardware ingredients extending from microcontroller units (MCUs) to analog to flash.
IoT Microcontroller Market Segmentation
The global IoT microcontroller market has been segmented on the basis of product type and application.
By product type, the global IoT microcontroller market has been segmented into 8 bit, 16 bit, and 32 bit IoT microcontrollers.
Based on application, the global IoT microcontroller market has been segmented into consumer electronics, automotive, industries, healthcare, and others.
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IoT Microcontroller Market Regional Analysis
By region, the global IoT microcontroller market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World.
North America has the largest share in the global market for IoT microcontrollers due to growing IT requirements and growing demand from the smart home segment. Rapid technological advances in the smart devices segment are accelerating market growth in the North American region. The Asia Pacific market is expanding with the highest CAGR due to increasing developments in the automotive industry linked with vehicle connectivity and interactive safety systems, which are expected to leverage the demand of the IoT microcontroller market. In addition, growing demand for various consumer electronic devices such as smartphones, tablets, smart TVs, and smartwatches, among others, is also expected to fuel demand for microcontrollers in the region. In addition, the involvement of major smart device manufacturers is boosting the growth of the market in the region.