IoT Microcontroller Market to Grow to $6.5 Billion by 2024 Propelled by Smartphones, Tablets

According to a new market research report published by Inkwood Research, the global IoT Microcontroller (MCU) market is anticipated to develop from $1978 million in 2016 to $6470 million by 2024, at a CAGR of 16.01% between 2017 and 2024.

Boston, MA, March 02, 2017 --( IoT finds a lot of application in everyday life especially in the consumer and home appliances segments, from easy connectivity of appliances to enhance interoperability to develop communication between devices, so that their lifecycles can be wholesomely managed. This has been attributed to be the major reason of growth in the microcontroller market. Other markets that primarily use IoT are automotive and industrial sectors, again with the major aim of augmenting inter-applicability.

32-bit MCU’s lead the market, due to better performance among counterparts
Cross-vendor compatibility is a primary feature of the IoT Microcontrollers. With this respect, the 32-bit MCU is expected to retain its massive market share, and to increase it to almost 70% by 2024, attributed to its better CPU performance, better static power consumption and easy application. Studies show that while 32-bit microcontrollers run between 80-100 MIPS, their 8-bit and 16-bit counterparts run at about one-third the processing power.

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Asia-Pacific largest market for IoT Microcontrollers by far
Rising awareness and increased embracing of new and novel technologies have placed APAC as the largest market for this segment, followed by North America and Europe respectively. Within the market, smart home and consumer electronics segments of major economies of China and India lead the way to boosted adoption of such devices.

Factors such as demand for automation in downstream industries and the disruptive use of cloud have also indicated that in the future Asia-Pacific region will be the one with the highest growth rate.

Major players in the IoT MCU Market include Atmel, Fujitsu, Holtek, Infineon, Ixys Corporation, Microchip, Nuvoton, Nxp 187, Renesas, Samsung, SHHIC, Spansion, St Microelectronics and Texas Instruments. The biggest challenge companies face in the contemporary scenario are exorbitant R&D costs, which have not only increased competition among the existing players but also raised the barriers for new entrants into the segment.

The Global IoT Microcontroller Market Report anticipates high growth for the market, and offers insightful discussions on the future of the market globally, its fundamental drivers in the form of the advent of smartphones and rise in demand for automation- as well as discusses the challenges that the competitors face in developing a scale of production and operations.

About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services.

Market intelligence studies with relevant fact-based research are customized across industry verticals including technology, automotive, chemicals, materials, healthcare, and energy with objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.
Inkwood Research
Clive Cooper