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According to a new report, published by KBV research, The Global IoT Microcontroller Market size is expected to reach $9.9 billion by rising at a market growth of 13.0% CAGR during the forecast period.
The 32-bit segment acquired maximum revenue share in the Global IoT Microcontroller Market by Type in 2021, and would achieve a market value of $4.5 billion by 2028. 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. Due to this, the demand for 32-bit microcontrollers is estimated to significantly grow throughout the coming years and hence, the growth of the segment would accelerate.
The Smart Homes segment is showcasing a CAGR of 14.1% during (2022 - 2028). The smart home segment is inclusive of home appliances. Advancements in app-controlled smart devices create the demand 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 in the coming years.
Asia Pacific is the fastest growing region in the Global IoT Microcontroller Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.7 billion by 2028. The Europe market is estimated to witness a CAGR of 12.5% during (2022 - 2028). Additionally, The North America market would exhibit a CAGR of 12.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Silicon Laboratories, Inc., Espressif Systems Shanghai Co Ltd., Holtek Semiconductor, Inc., Renesas Electronics Corporation, STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Nuvoton Technology Corporation, and Microchip Technology, Inc.