The global IoT microcontroller market size was evaluated at USD 5.98 billion in 2022 and is projected to surpass around USD 15.8 billion by 2030 with a noteworthy CAGR of 12.9% from 2022 to 2030.
An embedded system's microcontroller is a small integrated circuit that controls a single process. On a single chip, a typical microcontroller has a CPU, memory, and input/output (I/O) peripherals. The IoT microcontroller market is estimated to reach $13.03 Bn by 2030.
Because of advances in communications, microelectronics, and information technology, the idea of the Internet of Things (IoT) has been widely applied in a variety of industries, including smart homes, smart cities, automation, consumer electronics, and more. In order to provide the computational capability, microcontrollers or MCUs are frequently utilized on the Internet of Things (IoT) and smart devices.
Wide-ranging IoT applications, including industrial automation, smart appliances, smart grids, and smart cities, are expected to considerably drive the market throughout the projection period. Additionally, the growing acceptance of wearable technology is anticipated to increase market size during the forecast period due to the rising popularity of fitness apps and growing awareness of physical fitness in emerging nations like India, China, and Japan.
IoT Microcontroller Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 6.76 Billion |
| Projected Forecast Value in 2030 | USD 15.8 Billion |
| Growth Rate | 12.9% from 2022 to 2030 |
| 32-Bit Segment Revenue Share In 2021 | 41.00% |
| Asia Pacific Region Revenue Share In 2021 | 40% |
| Largest Market | Asia Pacific |
| Second Largest Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Segments Covered | By Product and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Report Highlights
Regional Snapshots
Asia-Pacific held dominant position and predicted to be in the dominating state during forecast 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 rising demand for smart wearables and favorable government investment to support efforts for smart cities.
Consumers should be able to purchase smart home devices at reasonable prices as a result of the 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 market growth over the forecast period.
Market Dynamics.
Drivers
The market's main growth drivers are projected to be the rising demand for affordable smart wireless sensor networks and the expansion of internet connectivity in developed nations. Other significant drivers driving the business include the rising IoT connection count and need for low-power, energy-efficient linked items. Additionally, the industry is anticipated to benefit significantly in the future from the growing popularity of the Internet of Things (IoT).
Wide-ranging IoT applications, including industrial automation, smart appliances, smart grids, and smart cities, are expected to considerably drive the market throughout the projection period. Additionally, the growing acceptance of wearable technology is anticipated to increase market size during the forecast period due to the rising popularity of fitness apps and growing awareness of physical fitness in emerging nations like India, China, and Japan.
The Internet of Things (IoT) appears ready to enter the commercial mainstream. The development of IoT technologies has been aided by advanced primary technologies and an abundance of devices. New sensors, increased computer power, and dependable mobile communication will make further development in the upcoming years conceivable. Sensor technology, which is included into IoT devices, will continue to get increasingly affordable, sophisticated, and accessible.
New sensor applications, such as extensive monitoring and detection, will be made available by this accessibility and affordability. In contrast, over the previous 15 years, processing power has increased by nearly 100 times. Thus, activities can be shifted away from local devices and toward cloud and edge computing solutions using applications like real-time analytics and artificial intelligence.
Additionally, the introduction of 5G enhance mobile connectivity and open up new applications for experiences like augmented and virtual reality. These benefits of IoT will boost the market.
Restraints
A significant issue expected to limit market growth throughout the projection period is the microcontroller's high power consumption. Another significant factor that can limit industry expansion is security worries related to IoT devices. The internet of things (IoT) concept has quickly transitioned from marketing gimmick to market reality, appearing in anything from fitness trackers to remote weather monitoring stations.
As the idea has developed, attempts have been made to support broad standards for IoT devices in the hope that robust standardization will facilitate the technology's adoption and increase the network effects at its core. There are no well-established overarching standards for IoT and IIoT that specify how the various components of the technology stack should cooperate.
For instance, although other industries, like the automobile or smart buildings, have at least basic standards, some industrials still rely on a narrow collection of proprietary, incompatible technical standards released by the key players. IoT and IIoT adoption may be slowed by the absence of standards and a standards architecture, or it may deter manufacturers from creating cutting-edge technical advancements.
Opportunities
The development of computer-embedded technologies, wireless devices, and data analytics methods like big data have led to considerable changes in the healthcare sector in recent years. IoT technologies are also revolutionizing clinical research by making it possible to analyze vast volumes of intricate medical data such as genetic data, bioinformatics, and metagenomics.
The adoption of IoT and Wi-Fi as well as investments in healthcare technology are projected to present lucrative prospects in the industry, hastening the growth of the IoT microcontroller market.
Challenges
During the anticipated year, the microcontroller market is poised for astounding growth. The market, however, may be hampered by design difficulties in high-speed and power-critical applications. Because of their low price and small size, cutting-edge microcontrollers are being developed by manufacturers through R&D investments.
Recent Developments
Major Key Players
Market Segmentation
By Product
By Application
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