IoT Microcontroller Market Expected Innovative Growth to Reach US$ 17 Billion by 2032

The IoT microcontrollers market was estimated to be worth US$ 4.6 billion in 2021 and is projected to grow at a compound annual growth rate of 8.7% to reach US$ 5 billion by 2022. In addition, the industry is predicted to grow at a rate of 3.4 times until 2032, when its worth is predicted to reach US$ 17 billion.

The market demand for IoT microcontrollers appears to be positively impacted by a heavy dependence on virtual space and increasing internet penetration across many industrial sectors. It is anticipated that the smart homes market would see the fastest growth in demand for IoT microcontrollers, with a CAGR of 13% during the assessment period.

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The market research and competitive intelligence company Fact.MR reports that from 2015 to 2021, sales of IoT microcontrollers increased at a compound annual growth rate (CAGR) of 10%, reaching a valuation of US$ 4.6 billion. Some of the main drivers propelling the market expansion include the growing number of Internet of Things (IoT) connections in the consumer and corporate sectors, as well as the need for connected items that are high-performing, low-power, and energy-efficient.

The COVID-19 pandemic improved development prospects even more by forcing severe lockdowns to stop the spread of illnesses, which increased the popularity of remote work arrangements. this increased dependence on Internet of Things-capable gadgets like computers, tablets, and smartphones. In the first few months, vendors of microcontroller units also had to deal with supply and demand shocks caused by abrupt border closures and logistical disruptions.

Key Manufacturers of IoT Microcontrollers

• Broadcom
• Espressif Systems (Shanghai) Co. Ltd.
• Holtek Semiconductor Inc.
• Infineon Technologies
• Microchip Technology Inc.
• Nuvoton Technology Corporation
• NXP Semiconductors
• Silicon Laboratories
• ST Microelectronics
• Texas Instruments Incorporated
• Renesas Electronics Corporation

The IoT microcontroller market is anticipated to increase in the next years due to a rising preference in high-end applications including industrial automation, smart utilities, and smart transportation for embedded Non-Volatile Memory (eNVM) solutions over System-in-Package (SiP). The market is expected to grow at a CAGR of 13% between 2022 and 2032.

Throughout the forecast period, the development of Internet connectivity in technologically advanced countries will drive the market

The market is expected to be driven primarily by the growing need for low-cost smart wireless sensor networks and the expansion of internet connection in technologically advanced nations. Other notable reasons driving the market are the rise in IoT connections and the growing need for linked items that are low-power and energy-efficient.

Furthermore, the market is anticipated to have a major rise in the near future due to the growing popularity of the Internet of Things (IoT). Numerous applications of IoT are being seen, including smart grids, smart cities, industrial automation, and smart appliances. These applications are expected to drive the market throughout the projected period. Furthermore, wearable technology adoption is anticipated to be driven by the growing popularity of fitness applications and increased awareness of physical fitness in developing nations like China, Japan, and India, which will increase the market size throughout the projected period.

Despite the fact that manufacturing has started up again, there will probably still be a semiconductor shortage in 2023. Furthermore, it is projected that the shortage of components and variations in MCU selling prices would significantly restrict the market's expansion. Due to the temporary closure of international borders and the suspension of multiple manufacturing facilities, manufacturers faced a variety of difficulties in meeting supply and demand requirements.

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Competitive Landscape

In order to increase their worldwide reach, players in the global IoT microcontroller market employ a variety of tactics, including partnerships, collaborations, and partnerships. In order to improve their goods' innovations and solidify their positions in the international market, the businesses are also investing a large amount in research and development. Among the important actors, some recent developments are as follows:

•NXP Semiconductor and OKdo announced in May 2020 that they will be working together to build the E1 single-board computer (SBC). The high-performance LPC55S69 Microcontroller from NXP, which helps the businesses grow their customer base, is a component of the SBC.

•German chipmaker Infineon Technologies said in February 2022 that it will be investing over two billion euros on a new frontend fabrication facility in Kulim, Malaysia. It is anticipated that the investment would result in an extra 2 billion euros in silicon carbide and gallium nitride sales per year.

Key Segments Covered in the IoT Microcontroller Market Study

By Product :
8 Bit IoT Microcontroller
16 Bit IoT Microcontroller
32 Bit IoT Microcontroller
By Application :
IoT Microcontroller for Industrial Automation
IoT Microcontroller for Smart Homes
IoT Microcontroller for Consumer Electronics
Smartphones
Wearables
Others

In conclusion, the IoT microcontroller market is on a trajectory of significant expansion, driven by the rapid adoption of IoT technologies and continuous technological advancements. Companies operating in this space must prioritize innovation, security, and scalability to capitalize on the growing opportunities. As the demand for connected devices continues to surge, the IoT microcontroller market is set to play a pivotal role in shaping the future of smart technologies.

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