The global IoT microcontroller (MCU) market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing technological advancements in Internet of Things application in various industries are expected to drive growth of the global IoT microcontroller (MCU) market over the forecast period.
The global IoT microcontroller (MCU) market report has been segmented on the basis of product, technology, and region. On the basis of product, the target market is segmented into 8-bit, 16-bit, and 32-bit. The 32-bit microcontroller product segment is expected to account for highest share in the target market over the forecast period, owing to high data throughput and reading and sending real-time sensor data over an IP-based network.
On the basis of application, the target market is segmented into industrial automation, smart homes, consumer electronics (home appliances, wearables, and smartphones), and others (automotive, security id, solar PV and smart grid). The consumer electronics application segment is expected to account for highest share in the target market over the forecast period, owing to increasing adoption of smart wearables such as wrist wear, eyewear, ear wear, head wear, etc.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to increasing demand for Internet of Things devices in various industries and technological advancements in various countries in this region. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to increasing automotive industry and rising demand for connected vehicles and devices in developing countries such as India and China in the region.
Key players operating in the global IoT microcontroller (MCU) market include Solar PV and Smart Grid, ARM Holdings plc, NXP Semiconductors N.V., Microchip Technology Incorporated, Broadcom Corporation, Infineon Technologies AG, Texas Instruments Incorporated, STMicroelectronics NV, Silicon Laboratories Inc., and Holtek Semiconductor Inc.