IoT Microcontroller Market (By Product: 8 Bit, 16 Bit, 32 Bit; By Application: Industrial Automation, Smart Homes, Consumer Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030

The global IoT Microcontroller market size is expected to be worth around USD 12.90 billion by 2030 from at USD 4.60 billion in 2021, expanding growth at a CAGR of 12.6% during the forecast period 2022 to 2030.

Growth Factors:

Increase in adoption of smart home devices integrated with mobile applications and advancements in low power Microcontroller (MCU) are expected to drive the market growth. The surge in the number of enterprise IoT connections across industries such as manufacturing, healthcare, and energy and power is also expected to drive the growth of the market over the forecast period.

Advancements in short-range wireless connectivity such as Zigbee, Bluetooth, and KNX technologies, notably in Europe and North America also expected to drive IoT adoption over the next few years. Advancements in disruptive technologies such as big data analytics, Artificial Intelligence (AI), and industrial IoT are further expected to propel the adoption of IoT-connected devices. Increasing investments through funding in start-ups such as Hypervolt, HIXAA, SmartRent, and other SMEs that help to gain new IoT-based projects in industries likely to create the need for a high-performance, low-power IoT MCUs market over the forecast period.

The increasing number of IoT connections among consumer and enterprise sectors and the need for low-power, high-performance, and energy-efficient connected products are some of the primary factors to drive the market growth. Also, a growing preference for embedded Non-Volatile Memory (eNVM) solutions over System-in-Package (SiP) in high-end applications such as industrial automation, smart utilities, and smart transportation is expected to bode well for the IoT microcontroller market growth over the next coming years. However, the lack of industry standards, optimization, and data security of IoT-connected devices are expected to hamper the market growth over the forecast period.

Report Coverage

By Product Analysis

Based on product, the IoT microcontroller market has been categorized into 8 bit, 16 bit, and 32 bit. The 32 Bit MCU segment dominated the market in 2021 and is anticipated to register the highest CAGR of 13.6% from 2022 to 2030. 

The 32 bit is the most compatible MCU for IoT applications. It processes multiple peripherals efficiently and is extensively used in industrial applications such as factory automation and building automation and is also available at affordable prices.

The 8 Bit MCUs segment is anticipated to expand at a CAGR exceeding 12% over the forecast period. The 8-bit segment is extensively used for low-power applications such as smart wearables and connected devices

The growing preference for fitness wearables, particularly among millennials, is expected to drive the adoption of wearables. Lifestyle disorders, such as obesity, prompt individuals to pursue various fitness-related activities and monitor their performance using wearables, which is expected to bode well for the market growth over the next few years.

By Application Analysis

Based on application, the market is categorized into industrial automation, smart homes, consumer electronics, and others. The smart homes segment was valued at USD 1.04 billion in 2021, registering a CAGR exceeding 14% over the forecast period. 

The smart home segment is inclusive of home appliances. Advancements in app-controlled (notably mobile app) smart devices create the need for safe, secured, and energy-efficient applications such as HVAC and energy management, lighting, and infotainment applications, a trend which is expected to support the market growth for the smart home segment over the next few years.

The consumer electronics segment encompasses smartphones, wearables, and others. The COVID-19 outbreak compelled the employees to work remotely. This has further triggered the demand for smart wearables such as smartwatches and fitness trackers.

By Regional Analysis

Asia Pacific dominated the market and is anticipated to expand at a CAGR exceeding 13.0% over the forecast period. The growth is primarily driven by China, India, and Japan which accounted for more than 50% of the overall market share. 

The Europe regional market accounted for a revenue share of over 20% in 2021. In Europe, more than 50% of the electricity meters have been replaced by smart meters as part of the aggressive investments in grid modernization.

The recent Regional Comprehensive Economic Partnership (RCEP) trade agreement with China and ASEAN countries coupled with the increase in disposable income among emerging economies such as Vietnam, Malaysia, and Indonesia are expected to create affordable smart home devices among the consumers, which will eventually drive the market growth over the forecast period.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Some of the prominent players in the IoT Microcontroller Market include:

• Broadcom
• Espressif Systems (Shanghai) Co., Ltd
• Holtek Semiconductor Inc.
• Infineon Technologies
• Microchip Technology Inc.
• Nuvoton Technology Corporation
• NXP Semiconductors
• Silicon Laboratories
• STMicroelectronics
• Texas Instruments Incorporated
• Renesas Electronics Corporation 

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

Market Segmentation

• By Product
• 8 Bit
• 16 Bit
• 32 Bit
• By Application
• Industrial Automation
• Smart Homes
• Consumer Electronics
• Smartphones
• Wearables
• Others
• Others (others include smart utility, smart transportation& logistics, smart retail, and other enterprise application)

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Highlights of the Report:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the IoT Microcontroller market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the IoT Microcontroller market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the IoT Microcontroller markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

• Governmental bodies, and organizations creating economic policies
• National and international social welfare institutions
• Company websites, financial reports and SEC filings, broker and investor reports
• Related patent and regulatory databases
• Statistical databases and market reports
• Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

• Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
• In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

• CEOs, VPs, market intelligence managers
• Procuring and national sales managers technical personnel, distributors and resellers
• Research analysts and key opinion leaders from various domains

Key Points Covered in IoT Microcontroller Market Study:

• Growth of IoT Microcontroller in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for IoT Microcontroller and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  IoT Microcontroller Consumption Analysis
•  IoT Microcontroller Production Analysis
•  IoT Microcontroller and Management