The latest market report published by Credence Research, Inc. “Global Internet Of Things (IOT) Microcontrollers Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Internet of Things (IOT) Microcontrollers market is anticipated to grow at a substantial CAGR of 13.20% in the upcoming years. The global Internet of Things (IOT) Microcontrollers industry was estimated to be worth USD 4.8 billion in 2022 and was expected to be worth USD 11.43 billion by 2028.
Internet of Things (IoT) has revolutionized the way we live and work. One of its key components is microcontrollers, which are used to control various devices and sensors. However, the IoT microcontrollers market faces major challenges that must be addressed in order for it to reach its full potential. One challenge is security – as more devices become connected to the internet, there is a greater risk of hacking and data breaches. Another challenge is interoperability – with so many different manufacturers producing microcontrollers, it can be difficult to ensure that they all work seamlessly together. In addition, there is still a lack of standardization within the industry, making it difficult for developers to create software that works across multiple platforms.
In 2022, the 32-Bit microcontrollers segment accounted for the largest share of the market, as it is the most compatible MCU for IoT applications.
The Smart Homes segment held a prominent share, driven by the increasing demand for safe, secure, and energy-efficient app-controlled smart devices such as HVAC and energy management systems, lighting, and infotainment systems.
The Asia Pacific region dominated the global Internet of Things (IoT) Microcontrollers market in 2022.
The region experienced rising demand for smart wearables and government support for smart city initiatives through funding.
The recently signed RCEP trade agreement between China and ASEAN nations and increasing disposable incomes in developing countries like Vietnam, Malaysia, and Indonesia are expected to drive market growth.
The UK held a prominent share in the global Internet of Things (IoT) Microcontrollers market in 2022.
The aggressive investments in grid modernization and favorable government initiatives have led to the replacement of over 50% of electricity meters with smart meters, supporting market growth across European countries like France, Spain, and the UK.
The United States held a significant share, benefiting from advancements in microcontroller technology, which offer more powerful and energy-efficient devices capable of handling complex IoT applications.
The Russia-Ukraine War and the ongoing COVID wave in China can disrupt global supply chains, including the manufacturing hubs for electronic components like microcontrollers.
Disruptions in the supply chain may lead to shortages, production delays, and increased costs for IoT microcontrollers, impacting industry growth.
The competitive landscape of the Internet of Things (IoT) Microcontrollers industry provides insights into economic profit, sales, revenues, market share, business organization summaries, product introductions, and opportunities for the industry.
Key players in the market include Broadcom, Espressif Systems (Shanghai) Co., Ltd, Holtek Semiconductor Inc., Infineon Technologies, Microchip Technology Inc., Nuvoton Technology Corporation, NXP Semiconductors, Silicon Laboratories, STMicroelectronics, Texas Instruments Incorporated, and Ren.
IoT microcontrollers are incorporating various wireless connectivity options such as Wi-Fi, Bluetooth, Zigbee, and cellular technologies like LTE-M and NB-IoT.
Edge computing is gaining traction, allowing microcontrollers to process and analyze data locally at the edge of the network, reducing latency and reliance on cloud connectivity.
Collaboration with Stakeholders:
Internet providers collaborate with microcontroller manufacturers, IoT solution providers, and device manufacturers to develop and offer connectivity solutions tailored for IoT applications.
Partnerships with IoT platform providers simplify the deployment and management of IoT devices, enabling device management, data collection, analytics, and remote monitoring.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Internet Of Things (IOT) Microcontrollers Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Application Outlook and Product Outlook
- Major nations in each region with their import/export statistics
- The global Internet Of Things (IOT) Microcontrollers Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.