Internet Of Things (IoT) Microcontroller Market To Reach US $ 4,195 Mn By 2023
According to a new market research report published by Credence Research “Internet of Things (IoT) Microcontroller (By Product – 8-bit, 16-bit & 32-bit) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global Internet of Things (IoT) microcontroller market was valued at US$ 1,765.3 Mn in 2015 and is estimated to expand with a CAGR of 11.7% from 2016 to 2023.
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Internet of Things (IoT) refers to a network of different physical objects including electronic devices, automobiles, buildings and other objects equipped with the IoT network component. The concept of IoT works on the principle of connecting various objects that can be assigned with an internet protocol (IP) address. Basic components of the IoT network such as sensing devices are based upon microcontroller platforms for connectivity and data collection. This makes IoT microcontrollers among the most important aspects of the overall IoT industry.
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The rising IoT trend worldwide is the most significant factor fueling the IoT microcontroller market growth. IoT is witnessing strong adoption across various applications such as industrial automation, smart appliances, smart grids, home automation and smart cities among others. With the rising number of connected devices globally, it becomes highly essential to develop high performance microcontrollers for different IoT applications. Considering the adoption rate of IoT services, various companies worldwide have already begun developing high performance IoT microcontrollers. Another major factor pushing the market growth is the growing miniaturization of electronic devices.
The global IoT microcontroller market is highly competitive in nature with numerous technology giants trying to increase their footprint in the market. The IoT microcontroller market is highly technology driven and is mainly pushed by the rising number of connected devices. Due to high potential in the overall IoT industry, microcontroller manufacturers are focusing towards supplying advanced microcontroller solutions specifically for IoT applications.
Mergers and acquisition are among the most prominent trends adopted by the companies in order to gain a competitive edge in the market. One of the most significant instance is the acquisition of Atmel Corporation, a U.S. based microcontroller manufacturer by Microchip Technology, Inc., another U.S. based microcontroller manufacturer. Another major instance is the acquisition of Itseez, Inc. by Intel Corporation. With headquarters in the U.S., Itseez, Inc. is software vendor engaged in developing applications and algorithms for embedded hardware used in IoT and automotive applications.
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Focus on development of advanced (low-power and ultra-low-power) IoT microcontrollers
Emphasis on specific IoT applications (especially automotive, healthcare, consumer electronics etc.)
Rising penetration of connected devices
Acquisition and partnerships for entering/strengthening the position in the market
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