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Internet of Thing (IOT) Microcontroller Market - Global Industry Analysis,Trends and Forecast 2024
Internet of Thing (IOT) Microcontroller Market, Internet of Thing (IOT) Microcontroller Size
In many cases, small amount of random access memory (RAM) is embedded in a MCU for better performance. Currently, microcontroller is used extensively across various automatically controlled Internet of Thing (IoT) devices and products such as medical devices, automobile engine control systems, office machines, remote controls, power tools and other portable devices.
In order to provide detailed analysis of the global microcontroller market, the market has been segmented on the basis of product type, application and geography. By product type, the global microcontroller market can be bifurcated into 8-bit MCU, 16-bit MCU and 32-bit MCU. IoT microcontroller also finds its application across various consumer electronic devices, automotive, medical devices, smart home products and smart grid among others. On the other hand, geographically the market can be classified into North America, Europe, Asia Pacific, Middle East and Africa and Latin America among others.
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Rapid advancements in Internet of Thing (IoT) application in order to provide technologically advanced smart devices to various consumers, is the primary factor predicted to boost the demand of microcontroller at an exponential rate in the coming years. In addition, rising demand for automation across various application segment is also anticipated to accelerate the demand of smart devices during the forecast period from 2016 to 2024.
This in turn is also predicted to affect the market of microcontroller positively. Moreover, rapid installation of smart meter across different commercial and residential sectors in order to monitor overall electric energy consumption and to report the information back to the utilities for automatic billing purposes is anticipated to trigger the demand of microcontroller during the forecast period.
However, high power consumption of microcontroller is one of the primary factor anticipated to affect the demand of microcontroller negatively. Microcontroller embedded in smart devices rely on batteries to consume required power for its efficient operation. This in turn decreases the lifecycle of batteries and is expected to increase the overall operating cost. In addition, security related issues of IoT devices is another important factor predicted to limit the demand of microcontroller in the coming years.
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Across various regions, North America is anticipated to dominate the market of IoT microcontroller in the coming years owing to the presence of large number of manufacturers and rapid technological advancements taking place in the field of smart devices. However, Asia Pacific region is predicted to experience the fastest growing market during the forecast period. Rapid advancement taking place in the automotive industry in this region in terms of vehicle connectivity and interactive safety system is anticipated to leverage the demand of IoT microcontroller extensively in the coming years. In addition, increasing demand for various consumer electronic devices such as smart phones, tablets, smart television and smart watches among others is also predicted to propel the demand of microcontroller in this region.
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