IoT Microcontroller Market to be Driven by Increased Demand of Smart Wearables
Internet Connectivity
Growth in technologically advanced countries is expected to drive the Global IoT
Microcontroller Market in the forecast period 2024-2028.
According
to TechSci Research report, “IoT Microcontroller Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F,” the Global
IoT Microcontroller market is anticipated to register a robust growth during
the forecast period 2024-2028. Global IoT Microcontroller market is growing
and is expected to be significantly impacted by the rising need for affordable,
smart wireless sensor networks and the rise of IT infrastructure in
technologically emerging nations. Other significant factors driving its demand
and growth include the rising IoT connection count and desire for low-power,
energy-efficient linked items., which is enabling growth in the global IoT
Microcontroller market.
Moreover,
the rise of IT infrastructure in technologically emerging nations are driving
the market growth. Additional significant factors promoting its demand and
growth are the rising number of IoT connections and the growing demand for
connected devices such as smart electronics appliances, cars that are energy
efficient.
Additionally,
the industrial sector is currently dealing with a potential scarcity of
semiconductors and numerous components, including microcontrollers and
microprocessors. The lack of semiconductors is anticipated to last until 2023, is
hindering the growth in the market. These effects are likewise projected to
last through Q4 2023 for Microcontroller average selling prices. Therefore, it
is anticipated that the market's expansion would be constrained by the
fluctuating selling prices of MCUs and the component shortages, which are
proving to be one of the primary bottlenecks for OEMs, device makers, and
automakers. The market for wearables that can track and monitor numerous health
indicators, including heart rate and oxygen saturation, has been expanding
rapidly.
Moreover,
the adoption of wearable technology is typically driven by rising concerns over
maintaining health and hygiene, the popularity of fitness apps, and the ensuing
increase in public awareness of physical fitness and wearable technology,
particularly in nations like Poland, China, the U.K., Germany, and India. This
trend is expected to continue over the course of the forecast period. All these
elements, which are positive for the expanding use of wearable technology, are
anticipated to fuel the market's expansion.
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"IoT Microcontroller Market"
Global IoT Microcontroller market is
segmented by Product, Application, End-User. On the basis of product the market
is further segmented into 8 bit, 16 bit, and 32 bit. On the basis of
application, the market is further divided into industrial automation, smart
homes, consumer electronics, and others. Moreover, on the basis of End-User
market is segmented into aerospace and defense, consumer electronics,
automotive, healthcare, other.
In 2022, the 32-bit
MCU segment dominated the market, and it is predicted that from 2023 to 2028,
it will see the highest CAGR. The most versatile MCU for Internet of Things
applications is 32 bit. As it is widely utilized in industrial applications
including factory automation and building automation, processes many peripherals
effectively, and is also affordable.
The market for 8
Bit MCUs is anticipated to expand significantly during the projection period.
The 8-bit sector is frequently used in low-power applications like connected
devices and smart wearables. The millennial generation's rising demand for
fitness wearables is expected to accelerate the adoption of wearables. Obesity
and other lifestyle diseases motivate people to participate in various
fitness-related activities and monitor their progress using wearables, which is
anticipated to positively impact market growth over the upcoming years.
Key market players in the IoT
Microcontroller market:
- Broadcom
Inc.
- Espressif
Systems (Shanghai) Co., Ltd,
- Holtek
Semiconductor Inc.
- Infineon
Technologies AG
- Microchip
Technology Inc.
- Nuvoton
Technology Corporation
- NXP
Semiconductors N.V.
- Silicon
Laboratories, Inc.
- STMicroelectronics
N.V.
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“The market is dominated
by Asia Pacific, which is also expected to grow at a CAGR that would be greater
than average over the projection period. China, India, and Japan, which
together accounted for more than 50% of the market share, are the main forces
behind the expansion. This can be attributed to the rising demand for smart
wearables and favorable government investments to support efforts for smart
cities. Consumers should be able to purchase smart home devices at reasonable
prices as a result of recent Regional Comprehensive Economic Partnership (RCEP)
trade agreement with China and ASEAN nations, as well as the rise in disposable
income in emerging economies like Vietnam, Malaysia, and Indonesia. This will
ultimately drive the market growth over the forecast period.” said, Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“IoT
Microcontroller Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, Segmented By Product (8 bit, 16 bit, and 32 bit), By
Application (industrial automation, smart homes, consumer electronics, and others),
By End-User (Aerospace and Defense, Consumer Electronics, Automotive,
Healthcare, Other), By Region, Competition has evaluated the future growth potential of IoT
Microcontroller Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global IoT
Microcontroller Market.
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