Microcontroller Market Evolution: Comprehensive Global Report 2024

"The Business Research Company recently released a comprehensive report on the Global Microcontroller Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The microcontroller market size has grown rapidly in recent years. It will grow from $22.33 billion in 2023 to $25.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in industrialization, growth in electronics manufacturing and increased automobile production.

The microcontroller market size is expected to see rapid growth in the next few years. It will grow to $40.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to an increasing demand for consumer electronics, a growing demand for electric vehicles and government initiatives to propel the semiconductor industry. Major trends in the forecast period include focus on new product launches, technological advancements, increasing use of microcontrollers in electric vehicles, new facility expansions, increasing investments, partnerships and collaborations and merger and acquisitions.

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Market Drivers and Trends:

The growing utilization of IoT technologies globally is contributing to the growth of the microcontroller market. The Internet of Things is a system of interconnected digital devices, machines, and objects provided with unique identifiers and the ability to transmit and share data without the need for human-to-human interaction. In the Internet of Things and smart objects, the computational ability is usually driven by microcontrollers. These are essentially scaled-down computers that operate smart devices. For instance, in May 2022, according to the article published by DataPort, a Germany-based public-sector IT services provider, Incorporating IoT technology has increased efficiency for 83% of businesses and more than 10 billion IoT devices were in use in 2021. Additionally, By 2030, it's predicted that there will be more than 25.4 billion active IoT devices.

Technological advancement is a key trend gaining popularity in the microcontroller market. The use of AI in vehicle manufacturing will help automakers reduce manufacturing costs and provide a safer factory floor. AI also helps in predicting malfunctions in automotive parts. For instance, according to Analytics India data 2021, Waymo announced its plan of launching fully driverless vehicles to the public which are AI-powered urban drivers.

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Major Key Players of the Market:

Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, ISRA Vision AG, Basler AG, Sick AG, Intel Corporation, Texas Instruments, Naver, IDS Imaging Development Systems GmbH, Tordivel AS, Samsung Electronics, LG Electronics, SK Hynix, Azure Photonics, OPT Machine Vision Tech, Hangzhou Contrastech Co. Ltd, Ningbo Hi-Tech S-View Technology Co. Ltd, Stemmer Imaging, Sking Intelligent Equipment, Panasonic, Changchun UpOptotech, Daheng New Epoch Technology, Hunan Chinasun Pharmaceutical Machinery, DALSA, BitFlow, Datalogic, Hikvision, Banner, Baumer, TKH Group, Allied Vision Technologies GmbH, Microscan Systems, Inc., Euclid Labs, Stermedia, Alphamoon, Sigmoidal, Neoteric, Miquido, Merixstudio, Intetics Inc., Google, Facebook, Microsoft, Huawei, WEG, Pix Force, Meerkat Computer Vision, MVisia, IntelliSite, Deep Vision, LMI Technologies Inc., Garmin Ltd., Autoliv Inc., and Magna International, Continental AG, Flir Systems, Inc., National Instruments Corporation, Optotune Ag, Perceptron, Inc., USS Vision, Inc, JAI A/S.

Microcontroller Market 2024 Key Insights:

• The microcontroller market size is expected to see rapid growth in the next few years. It will grow to $40.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Rising Adoption Of IOT Technologies Drives Growth In The Microcontroller Market
• Technological Advancements Drive Innovation In The Microcontroller Market
• North America was the largest region in the microcontroller market in 2023

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This release was published on openPR.