NEW YORK, April 27, 2022 /PRNewswire/ -- The size of the IoT microcontroller market was estimated at $4,836.9 million in 2021, and it is expected to grow at a CAGR of 12.4% during 2021-2030 and reach $13,898.0 million by 2030, according to the market research firm P&S Intelligence. The growing usage of IoT across various sectors is projected to drive the global market forward. Besides, the demand for connected products, including tablets, household appliances, TVs, smartphones, security systems, and gaming consoles, is forecast to intensify.
The rising predisposition for automation across several sectors will also boost the growth of the market. For instance, the swift installation of smart meters in commercial and residential spaces is expected to increase the demand for microcontrollers, so as to monitor the energy consumption and communicate the information to the utilities, for automated billing.
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Key Findings of IoT Microcontroller Market Report
- During the pandemic, employees were working from home, which resulted in a rise in the demand for IoT-enabled smart gadgets, wearables, PCs, and mobile phones. COVID-19 has also raised the public awareness about health, fitness, and general wellbeing, thus propelling the demand for connected medical devices.
- 32-bit variants are set to dominate the IoT microcontroller market in the coming years. This will be owing to their improved functional capabilities, which are helpful for advanced IoT applications, Industrial 4.0 processes, and small implanted medical devices.
- Moreover, the smart home application category will exhibit the highest CAGR, of more than 12.5%, over this decade. The advances in app-controlled smart devices have created a high demand for safe, secure, and energy-efficient processes, such as HVAC, lighting, and energy management.
- The APAC IoT microcontroller market is predicted to grow the fastest in the years to come. The rapid improvements in the automobile industry in this region, chiefly in terms of interactive vehicle safety systems, are likely to propel the demand for IoT microcontrollers in the coming years.
- The healthcare industry has also endured substantial transformations in recent years owing to the improvements in computer-embedded technology, wireless devices, and data analytics techniques, for instance, big data.
- Furthermore, IoT technologies are transforming clinical research by allowing for the analysis of large amounts of highly complex medical information contained in genomic data, bioinformatics, and metagenomics.
Holtek Semiconductor Inc. has publicized the launch of the 5V wide-voltage Arm Cortex -M0+ Touch microcontroller, for use in air fryers, rice cookers, smart door locks, and washing machine panels. Other notable companies in the IoT microcontroller market are Broadcom, Espressif Systems (Shanghai) Co. Ltd., Infineon Technologies, Microchip Technology Inc., Texas Instruments Incorporated, NXP Semiconductors, Nuvoton Technology Corporation, Silicon Laboratories, STMicroelectronics, and Renesas Electronics Corporation.
Browse detailed report onIoT microcontroller market Size and Growth Forecast Report, 2030
The adoption of IoT and Wi-Fi, as well as investments in smart healthcare devices, can provide attractive opportunities in the sector. For instance, the global population of people aged 60 and above will increase by 16% by 2030 and 22% by 2050. This will result in an increase in the burden of chronic diseases, which already affect 6 in 10 Americans each year, thus driving the demand for patient monitoring devices in the country.
IoT Controller Market Segmentation Analysis
By Product
- 8 Bit
- 16 Bit
- 32 Bit
By Application
- Industrial Automation
- Smart Homes
- Consumer Electronics
By Region
- North America
- Canada
- U.S.
- Europe
- Germany
- U.K.
- Asia-Pacific
- Japan
- China
- India
- Taiwan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
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