IoT Microcontroller Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3351
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 market growth. The low cost of microcontrollers makes these components a more feasible option for adding computing capabilities to a device.
The rising demand for smaller electronic components is contributing to the IoT microcontroller market growth. Due to the compact design circuitry, these components are mostly used in miniaturized equipment. MCUs are prominent in wearable devices due to their smart functioning and small design capabilities. For instance, the rising utilization of MCUs in smart watches including sports & fitness activity track watches and smart glasses is adding up to the IoT microcontroller market growth.
Most of the IoT devices consist of embedded system-based applications, which rely on batteries for power supplies. These components when embedded in smart devices require high power consumption for their operation. These batteries are expensive and require high maintenance, compelling the manufacturers to introduce energy-saving solutions to eliminate the need for such power sources. Many MCUs are developed according to the custom-built machines, which again involves a lot of cost due to their complexity.
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 market.
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.
The incorporation of IoT into automobiles has accelerated a high demand in the IoT microcontroller market. The introduction of IoT in automobiles has enabled efficient transportation and management capabilities, leading to next-generation intelligent automobiles. MCUs have been used in many IoT-enabled automotive applications including security & surveillance. IoT microcontrollers also support in-vehicle infotainment features such as connectivity to smartphones, navigation system while driving, managing audio & video entertainment, etc., thereby propelling the IoT microcontroller market. IoT has enabled manufacturers to obtain real-time data from automobiles, helping manufacturers in improving maintenance and acting proactively in case of critical situations such as vehicle theft or accidents. As IoT technologies in automotive continue to evolve, they are opening a host of market opportunities in the automotive domain, consequently accelerating the market.
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.
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 market growth.
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