by The IoT microcontroller market describes microcontrollers that can connect various devices through embedded network capabilities. IoT microcontrollers have inbuilt Wi-Fi, Bluetooth, ZigBee or other wireless capabilities that enable connection with smartphones, tablets and other devices. They are an integral part of consumer and industrial devices to allow remote monitoring and control. The small size of IoT microcontrollers allows their deployment in various applications ranging from consumer electronics to industrial equipment. The growing availability of affordable IoT connectivity solutions is driving demand for IoT microcontrollers across sectors.
Global IoT microcontroller market is estimated to be valued at US$ 6.04 Bn in 2024 and is expected to reach US$ 14.85 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.
Key Takeaways
Key players: Analog Devices Inc., Broadcom Inc., Espressif Systems (Shanghai) Co., Ltd., Holtek Semiconductor Inc., Infineon Technologies AG, Integrated Device Technology, Inc., and Microchip Technology Inc. are some of the prominent players in the IoT microcontroller market.
Growing demand: Rapid proliferation of IoT devices across industries is driving the need for low-cost microcontrollers with embedded connectivity. Increasing digitization of industrial assets is also fueling demand for IoT microcontrollers.
Global expansion: Leading players are expanding their IoT Microcontroller Market Growth portfolios and geographical presence to capitalize on the growth opportunities in developing markets like Asia Pacific and Middle East & Africa. Partnerships with technology companies are helping improve global distribution.
Market key trends
The integration of artificial intelligence capabilities in IoT microcontrollers is a key trend. IoT devices can perform analytics at the edge with onboard AI to enable real-time decision making. Growing seamless interoperability through technology advancements is also allowing diverse IoT solutions development. Standardization efforts for IoT protocols and architectures will further accelerate adoption of IoT microcontrollers across industries.
Porter’s Analysis
Threat of new entrants: Microcontroller market requires huge investment which poses entry barriers. New players find it difficult due to established players holding major market share.
Bargaining power of buyers: Buyers have medium bargaining power due to availability of substitutes and differentiated products offered by various vendors.
Bargaining power of suppliers: Suppliers have low to medium bargaining power due to presence of many players manufacturing semiconductors.
Threat of new substitutes: Threat is low as microcontrollers have applications across various industries and no direct substitute is available.
Competitive rivalry: Market has few global players holding major share and intense competition to gain market share.
Geographical Concentration
Asia Pacific region holds around 50% of the IoT Microcontroller Market Regional Analysis value majorly due to presence of manufacturing industries in countries like China, Japan, South Korea.
Fastest Growing Region
North America region is expected to witness highest CAGR during the forecast period owing to increasing adoption of IoT technologies across various sectors in United States and Canada. Rapid industrialization and growing automation is influencing growth.
Geographical Regions
The IoT microcontroller market in North America region is currently valued at around US$ 2.3 Bn majorly concentrated in United States due to presence of various Automotive manufacturers. The region is expected to grow at fastest pace during forecast period driven by increasing adoption across industries.
Asia Pacific holds around 35% of global market value for IoT microcontroller concentrated majorly in China, Japan, South Korea due to large presence of consumer electronics and automotive manufacturing industries. Countries like China and India are expected to drive growth in coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
