The IoT microcontroller market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.
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North America is witnessing a tremendous growth in the IoT microcontroller market owing to the rapid adoption of IoT in the region. Increasing implementation of automation systems in smart cities has led to a high demand for the components. Furthermore, the Asia Pacific region is expected to witness a substantial growth due to the high production & consumption of electronic devices in the region. In addition, the presence of leading manufacturers of electronic devices including Fujitsu Ltd. and Hitachi is significantly driving the regional market demand.
IoT Microcontroller Market size is set to register significant growth during the forecast period led by increasing utilization of IoT technology across various industry verticals globally. Microcontroller Units (MCUs) act as minicomputers embedded in automated products & devices to enhance their performance. The growing need for industrial automation, smart appliances, home automation, and smart cities has led to a rise in the demand for MCU integrated devices. With a rapid development in technology, the integration of IoT into medical devices, automobile engine control systems, power tools, and other portable devices has increased, propelling the IoT microcontroller industry growth. The low cost of microcontrollers makes these components a more feasible option for adding computing capabilities to a device.
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Consumer electronics is a rapidly growing application in the IoT microcontroller market. There has been a tremendous rise in the penetration of advanced electronics devices such as computers, laptops, tablets, wearable devices, television, washing machines, cameras, home appliances, smartphones, etc. The constant demand for advancements in equipment and devices including compact design is compelling the demand for microcontrollers. Assessing the market demand, more companies such as Apple, Amazon, etc. are investing in IoT, which will further boost the IoT microcontroller industry.
The integration of IoT into home automation and smart city development is contributing to the IoT microcontroller market growth. The need for building automation has enabled developers to adopt fully-integrated modular and scalable framework to provide smart city services. For instance, Nokia launched IoT for smart cities, which include framework to enhance operational efficiency, faster responsiveness, and improved decision making to improve performance and efficiency. With the increasing standard of living, more such developments in IoT will foster and continue to create a substantial demand in the market.
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Key players operating in the IoT microcontroller market are Texas Instruments, Fujitsu Ltd., Infineon Technologies, Atmel, NXP Semiconductors, Broadcom Limited, Microchip Technology, etc., among others. Mergers and acquisitions are among major strategies adopted by the companies to gain a competitive advantage. For instance, in June 2018, Microchip technology acquired Microsemi and Atmel in January 2016 to expand its product line and strengthen the customer base. The companies are continuously developing new technologies & components to support the demand from various application industries. Furthermore, heavy R&D investments by major industry participants to develop technically advanced products will foster the IoT microcontroller industry growth.