Gurugram, India, June 28, 2023 (GLOBE NEWSWIRE) -- Driven by rising demand for IoT connections among consumer and enterprise sectors due to the rising consumer electronic devices and the need for low-power, high-performance, and energy-efficient connected products, the market is forecasted to Reach ~ US$ 6 Bn by 2028 says Ken Research Study.
A microcontroller unit (MCU) is a small, self-contained computer that comprises a single integrated circuit, or microchip. IoT Microcontrollers are designed to perform specific functions, and they can be integrated into almost anything ranging from industrial equipment, warehouse inventory items, and wearables devices, to home appliances, and much more. The 32-bit MCU is widely preferred and compatible MCU for IoT applications. It processes multiple peripherals efficiently and is extensively used in factory automation and building automation.
According to Ken Research estimates, the Global IoT Microcontroller Market – estimated at ~US$ 3 Bn by 2022 is expected to grow further into a ~US$ 6 Bn opportunity by 2028 – “Ken Research shares 3 key insights on this market from its latest research study”.
1. Major Developments and Innovations in the IoT Ecosystem
In 2021, Intelinvested ~US$ 89 billion in R&D, semiconductor packaging technologies, and manufacturing in the IoT industry. Moreover, the European Union is investing billions to reach the goal of “having 20% of global chips market share by 2030”.
Rising prices for energy and raw materials have started to hit businesses. The shortage of cellular IoT chips continues to be the most significant factor in the decline of the semiconductor industry. At MWC 2022, it was observed that the chip lead 40–50 times of week has become the new industry average and that redesigning and pre-ordering chips with an upfront payment has become a standard business practice for the industry.
Despite the disruptions in the semiconductor and electronics industry, the global IoT Microcontroller Market is expected to showcase steady growth particularly owing to the major developments and innovations in the IoT ecosystem, and connected space across the globe. The demand for microcontrollers is also expected to rise due to developments in autonomous vehicles.
2. Improvements in IoT Technology Contributes to IoT Microcontroller Market Growth
Growing improvements in IoT technology are the major factors driving the global IoT Microcontroller Market. IoT technology has transformed a variety of industries by storing and processing data in a distributed manner while also improving output. Artificial Intelligence, 5G, blockchain, and edge computing are major drivers of emerging IoT trends.
The business value of IoT applications such as smart homes and buildings, smart wearables, autonomous vehicles, smart cities, smart factories, wireless sensors, location trackers, and others are found inside this interconnected web of technological breakthroughs.
The rising number of connected devices such as wearables and other consumer electronics is also one of the vital aspects driving up the market demand. The market demand is being supported by the expanding popularity of connected devices and the rising need for smart devices in the healthcare sector.
The growing demand for low-cost smart wireless sensor networks, as well as the expansion of internet connectivity in technologically growing countries, is anticipated to drive the market in the coming years.
3. Cybersecurity, Device Monitoring and Connectivity is Restraining the Market Growth
Unauthorized users can exploit connected IoT devices to gain access to an organization’s network. Provisioning the device by enrolling with credentials prevents unauthorized people from reaching corporate data stored in the device. Authentication is verified if the device belongs in the network and it ensures that no unapproved individuals enter the IoT network using any special keys or passwords. To avoid these concerns, companies need to enroll and authenticate these devices to keep them securely on their network.
In May 2022, tech giant Microsoft inked a collaborative effort with STMicroelectronics, a leading semiconductor company, to strengthen the security of emerging IoT applications. The deal entailed the integration of STMicroelectronics’s ultra-low-power STM32U5 microcontrollers (MCUs) with Microsoft Azure IoT Middleware and RTOS.
Market Taxonomy By Products
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By Application Industrial Automation Smart Homes Consumer Electronics
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