IoT Microcontroller Market Research Report by Type (8-bit, 16 bit and 32 bit.), End-User (Consumer Electronics, Automotive, Industries, Healthcare) – Global Forecast till 2023
The global IoT microcontroller market is growing rapidly, witnessing continually rising sales. The market growth attributes to the rapid technological advances in vehicle connectivity and interactive safety system and the burgeoning automotive industry worldwide. Besides, increasing demand for smart consumer electronic devices such as smartphones, tablets, televisions, and smartwatches create substantial market value.
Moreover, the strong presence of major smart device manufacturers escalates the market growth. According to Market Research Future (MRFR), the global IoT microcontroller market is projected to grow at 12% CAGR throughout the assessment period (2017-2023). IoT microcontroller comparisons include a hypervisor software components embedded in the microcontroller’s protected area, handling boot processes both for air upgrades and cloud communications.
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Additionally, the rising sales of electronics goods and the proliferation of IoT devices, sensors, and actuators drive the growth of the market. Also, spurring growth in the MCU market with the increasing miniaturization of IC positively impacts the growth of the market. Moreover, diverse application areas of IoT microcontroller in industrial automation, consumer electronics, automotive, and telecom sectors boost the market growth.
Additionally, the increasing demand for IoT microcontroller from the burgeoning end-use industries such as medical devices, telecom, and automotive influences the market growth. Increasing uptake of the device in consumer electronics products offers ample scope of growth for the market. Over recent years, the demand for MCUs to improve operations of electronic devices has been growing continually. High automation in the automotive sector substantiates the market demand.
Conversely, the lack of technical expertise is the major factor forecasted to impede the growth of the market. Nevertheless, the consumer electronics sector would support market growth throughout the assessment period, demonstrating the largest adoption of the IoT microcontroller. Also, increasing deployments of the smart meter in residential and commercial sectors for close monitoring of the total energy consumption fosters the growth of the market.
Global IoT Microcontroller Market – Segments
The report is segmented into three dynamics:
By Type : 8-bit, 16 bit, and 32 bit.
By End-User: Consumer Electronics, Automotive, Industries, Healthcare, and others.
By Regions : Americas, Asia Pacific, Europe, and the Rest-of-the-World.
Global IoT Microcontroller (MCU) Market – Regional Analysis
North America dominates the global IoT microcontroller market. The largest market share attributes to the increasing IT requirements and rising demand from the smart home segment. Rapid technological advancements in smart devices drive the growth of the regional market. Moreover, the strong presence of major IoT microcontroller manufacturers and semiconductor research and development centers boost regional market growth.
Besides, enormous technological advances in consumer electronics push the growth of the regional market. Due to the high spending on personal devices and the technology environment, the US and Canada markets account for a significant share in the regional market. The North American IoT microcontroller market is estimated to retain its dominance throughout the forecast period.
Europe stands second in the global IoT microcontroller market. Increasing investments in consumer electronics, automotive, industrial manufacturing, and communication & IT sectors influence the market growth in the region. Additionally, the presence of notable automakers and manufacturers of advanced semiconductors fosters the growth of the regional market. The European IoT microcontroller market is expected to witness rapid growth in the forthcoming period.
The Asia Pacific region has emerged as a promising market for IoT microcontroller. Factors such as the vast production and adoption of IoT technology in respective electronic products create huge market demand. Moreover, the high demand for consumer electronic devices, especially from the automotive and consumer electronics sectors, boosts the regional market growth.
Japan, China, and India are major contributors to the growth of the regional market. The APAC IoT MCU market is forecasted to create a substantial revenue pocket during the review period.
Global IoT Microcontroller Market – Competitive Analysis
Highly competitive, the IoT microcontroller market appears fragmented due to the presence of several well-established players. Key strategies traced from recent developments of industry players include agreement & partnership, acquisitions, expansion, and product or technology launch. Players compete with each other based upon pricing, technology, reputation, and services.
These players make substantial R&D investments to deliver reliable, leading-edge products and services. Film capacitor manufacturers are focused on enhancing their product portfolios with the latest technologies. They follow organic and inorganic growth approaches to commercialize and increase sales of their products. The market competition would intensify further due to new product launches and the new entrants in the market.
Players leading the global IoT MCU market include Freescale (US), Atmel (US), Infineon (Germany), Texas Instruments (US), ST Microelectronics (Switzerland), Fujitsu Ltd (Japan), Samsung Group (South Korea), Microchip Technology (US), and Intel Corporation (US), among others.
Industry/ Innovation/Related News:
July 16, 2020 —- STMicroelectronics (Switzerland), a global semiconductor company, announced the acquisitions of the entire share capital of Ultra Wide Band specialist BeSpoon and cellular IoT connectivity assets of Riot Micro to further strengthen the wireless connectivity capabilities of STM32 microcontrollers. After closing of the two transactions, ST would be able to strengthen its offer for wireless connectivity and the roadmap for its STM32 microcontrollers and secure MCUs.
ST serves customers across the spectrum of electronics applications. Further, the acquisitions extend ST connectivity solutions offer to Narrow Band Cellular and Ultra-Wide Band technologies.
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