The APAC IoT microcontroller market is predicted to grow the fastest in the years to come. The rapid improvements in the automobile industry in this region, chiefly in terms of interactive vehicle safety systems, are likely to propel the demand for IoT microcontrollers in the coming years
Estimated at $4,836.9 million in 2021, the IoT microcontroller market it is expected to grow at a CAGR of 12.4% during 2021–2030 and reach $13,898 million by 2030, according to the market research firm P&S Intelligence. The global market is projected to be driven forward by the growing usage of IoT across various sectors. Besides, the demand for connected products, including tablets, household appliances, TVs, smartphones, security systems, and gaming consoles, is forecast to intensify.
The growth of the market is also expected to be boosted by the rising predisposition for automation across several sectors. For instance, the swift installation of smart meters in commercial and residential spaces is expected to increase the demand for microcontrollers, so as to monitor the energy consumption and communicate the information to the utilities, for automated billing.
Key Findings of IoT Microcontroller Market Report:
- During the pandemic, employees were working from home, which resulted in a rise in the demand for IoT-enabled smart gadgets, wearables, PCs, and mobile phones. COVID-19 has also raised the public awareness about health, fitness, and general wellbeing, thus propelling the demand for connected medical devices
- 32-bit variants are set to dominate the IoT microcontroller market in the coming years. This will be owing to their improved functional capabilities, which are helpful for advanced IoT applications, Industrial 4.0 processes, and small implanted medical devices
- Moreover, the smart home application category will exhibit the highest CAGR, of more than 12.5%, over this decade. The advances in app-controlled smart devices have created a high demand for safe, secure, and energy-efficient processes, such as HVAC, lighting, and energy management
- The APAC IoT microcontroller market is predicted to grow the fastest in the years to come. The rapid improvements in the automobile industry in this region, chiefly in terms of interactive vehicle safety systems, are likely to propel the demand for IoT microcontrollers in the coming years
- The healthcare industry has also endured substantial transformations in recent years owing to the improvements in computer-embedded technology, wireless devices, and data analytics techniques, for instance, big data
- Furthermore, IoT technologies are transforming clinical research by allowing for the analysis of large amounts of highly complex medical information contained in genomic data, bioinformatics, and metagenomics
For use in air fryers, rice cookers, smart door locks, and washing machine panels, Holtek Semiconductor Inc. has publicized the launch of the 5V wide-voltage Arm Cortex -M0+ Touch microcontroller. Broadcom, Espressif Systems (Shanghai) Co. Ltd., Infineon Technologies, Microchip Technology Inc., Texas Instruments Incorporated, NXP Semiconductors, Nuvoton Technology Corporation, Silicon Laboratories, STMicroelectronics, and Renesas Electronics Corporation are other notable companies in the IoT microcontroller market.
Attractive opportunities in the sector can be provided by the adoption of IoT and Wi-Fi, as well as investments in smart healthcare devices. For instance, the global population of people aged 60 and above will increase by 16% by 2030 and 22% by 2050. This will result in an increase in the burden of chronic diseases, which already affect 6 in 10 Americans each year, thus driving the demand for patient monitoring devices in the country.
IoT Microcontroller Market Segmentation Analysis:
- 8 Bit
- 16 Bit
- 32 Bit
- Industrial Automation
- Smart Homes
- Consumer Electronics
- North America
- South Korea
- Latin America
- Middle East and Africa
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