IoT Microcontroller Market

Global IoT Microcontroller Market Size (2023 to 2028)

The global IoT microcontroller market size is expected to be worth USD 5.42 Billion in 2023. It is expected to grow at a CAGR of 12.77% during the forecast period and reach a value of USD 9.88 Billion by 2028.

An IoT microcontroller is a type specifically designed for use in Internet of Things (IoT) devices. These microcontrollers are typically small, low-power, and relatively inexpensive and are used to control and monitor the various sensors, actuators, and other components in IoT devices. In addition, they are typically programmed using a variety of programming languages, such as C, C++, or Python. Finally, they can be connected to other devices and the internet to allow for remote monitoring and control.

The significant development of smart cities is expected to offer opportunities for the growth of the IoT microcontroller market. IoT microcontrollers are being used in the development of smart cities, which use technology and data to improve the quality of life for their residents. IoT microcontrollers are used in many applications in smart cities, including traffic management, environmental monitoring, public safety, and energy management. In addition, IoT microcontrollers can be used in public safety systems, such as surveillance cameras and emergency response systems, to monitor and respond to potential threats in real-time. They can also be used in energy management systems to monitor and control energy consumption and optimize renewable energy sources, such as solar and wind power. Overall, the use of IoT microcontrollers in smart cities is expected to continue to grow in the coming years as more and more cities adopt technology and data-driven approaches to improve the quality of life for their residents. Furthermore, the growing demand for smart homes is another major factor expected to provide growth possibilities to the IoT microcontroller market.

MARKET DRIVERS:

The growing penetration of IoT in various applications and the rising number of connected devices worldwide propel the IoT microcontroller market growth. IoT is applied in various industries such as smart homes, healthcare, connected cars, environmental monitoring, and others. Likewise, IoT microcontrollers are also used in a wide variety of applications. For example, IoT microcontrollers can control and monitor various aspects of a home, such as temperature, lighting, and security. IoT microcontrollers are used in vehicles to enable features such as remote diagnostics, location tracking, and real-time traffic information. IoT microcontrollers are used in manufacturing, agriculture, and other industries to improve efficiency, reduce waste, and increase productivity. IoT microcontrollers can monitor air and water quality and other environmental factors to help prevent pollution and protect natural resources. IoT microcontrollers are used in wearable fitness trackers and other devices to monitor patients' health and provide real-time data to healthcare providers. Overall, IoT microcontrollers play a critical role in enabling the various sensors, actuators, and other components found in IoT devices to function correctly and communicate with each other and the wider internet.

Increasing demand for smart wearables is another major factor promoting the market’s growth rate. IoT microcontrollers are commonly used in wearable devices, such as fitness trackers, smartwatches, and smart clothing. These microcontrollers are typically small, low-power, and inexpensive, making them well-suited for wearable devices. They control and monitor the various sensors and other components in these devices, such as accelerometers, heart rate monitors, and GPS receivers. In addition, the microcontrollers can also be used to process and analyze the data collected by these sensors and to transmit the data to other devices, such as smartphones or computers, for further analysis and visualization. Overall, the use of IoT microcontrollers in wearable devices is expected to continue to grow in the coming years as more and more wearable devices are developed and integrated into various applications.

MARKET RESTRAINTS:

Issues associated with data security are hampering the growth of the global IoT microcontroller market Share. One of the significant concerns with IoT microcontrollers is the issue of data security. Because these devices are connected to the internet and collect and transmit large amounts of data, they are vulnerable to cyber-attacks and other security threats. Hackers can gain access to sensitive information, such as personal and financial information, by exploiting vulnerabilities in the microcontrollers or the more comprehensive IoT network. In addition, standardization is missing for IoT microcontrollers in some developing countries, which further impacts the market growth.

Impact of COVID-19 on the global IoT microcontroller market:

The COVID-19 pandemic has significantly impacted the market for IoT microcontrollers. Due to the widespread lockdowns and other measures put in place to contain the spread of the virus, many industries, such as manufacturing, transportation, and retail, were disrupted, leading to a decrease in demand for IoT microcontrollers and other IoT devices. However, the pandemic has also increased demand for certain types of IoT microcontrollers and devices, such as those used in telemedicine, remote working, and online education. In addition, as more and more people have been forced to stay at home, there has been a growing need for technologies that enable remote communication and collaboration. This has increased demand for IoT microcontrollers and other components used in devices such as teleconferencing systems, virtual reality headsets, and smart home devices.

Overall, the impact of the COVID-19 pandemic on the market for IoT microcontrollers has been mixed, with some areas experiencing a decrease in demand while others have seen an increase. It is likely that the market will continue to evolve and adapt in response to the ongoing impact of the pandemic.

REPORT COVERAGE:

This research report on the IoT microcontroller market has been segmented and sub-segmented into the following categories.

IoT Microcontroller Market – By Product

• 8 Bit
• 16 Bit
• 32 Bit

The 32-bit segment had the largest share of the global IoT microcontroller market in 2021 and is anticipated to showcase domination in the market during the forecast period. This is because the 32-bit IoT microcontrollers can process data in 32-bit chunks. This makes it more powerful and efficient than 8-bit or 16-bit microcontrollers, which can only process data in smaller chunks. In addition, a 32-bit IoT microcontroller is designed for IoT devices and has a 32-bit processor. Therefore, it is likely more powerful and efficient than other microcontrollers, making it well-suited for IoT devices requiring a high-performance level.

IoT Microcontroller Market – By Application

• Industrial Automation
• Smart Homes
• Consumer Electronics
• Smartphones
• Wearables
• Smart Utility
• Smart Transportation& Logistics
• Smart Retail
• Others

Based on application, the smart home segment captured the leading share of the global IoT microcontroller market in 2021. The usage of IoT microcontrollers has been increasing at a healthy rate with each passing from the last few years. IoT microcontrollers control smart home devices such as lights, thermostats, and security cameras. They can also be used to collect data from sensors, such as temperature and humidity sensors, and use this data to control the smart home environment automatically. Additionally, IoT microcontrollers can connect different smart home devices to the internet, allowing for remote control and home monitoring.

IoT Microcontroller Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The Asia-Pacific accounted for the most significant share of the global IoT microcontroller market in 2021 and is anticipated to register a promising share in the global market during the forecast period. The growth of the IoT microcontrollers market in the Asia-Pacific region is likely to be driven by the growing demand for connected devices and the need for more efficient and powerful ways to control and monitor these devices. As the market for IoT devices continues to grow in the Asia-Pacific region, the demand for IoT microcontrollers is also likely to increase.

The European region held a substantial share of the global market in 2021. The presence of key market participants in the European region is one of the significant factors potentially favoring the European region. In Europe, many companies manufacture IoT microcontrollers, such as NXP, STMicroelectronics, and Microchip. These microcontrollers are used in many applications, including smart home devices, industrial automation systems, and wearable technology.

KEY MARKET PLAYERS:

NXP Semiconductors, Renesas Electronics Corporation, Texas Instruments Incorporated, Silicon Laboratories, Infineon Technologies, Holtek Semiconductor Inc., Nuvoton Technology Corporation, STMicroelectronics, Broadcom, Microchip Technology Inc. and Espressif Systems (Shanghai) Co., Ltd. are some of the promising players in the global IoT microcontroller market.

RECENT HAPPENINGS IN THE MARKET:

• In May 2020, NXP Semiconductors collaborated with OKdo, a business unit of Electrocomponents Group, to develop E1, a single-board computer. This collaboration likely involves combining NXP's expertise in semiconductor technology with OKdo's experience in developing single-board computers to create a new product.