The IoT microcontroller market garners USD 4,836.9 million in revenue in 2021, and it is projected to rise at the rate of 12.4% from 2021 to 2030, to hit USD 13,898.0 million in revenue in 2030, according to a research report by market research company P&S Intelligence.
The growth is mainly driven by the snowballing usage of IoT in several sectors. Additionally, the need for connected items, including household appliances, smartphones, televisions, tablets, gaming consoles, and security systems is likely to raise, thereby boosting the industry.
Another reason projected to lift the growth of the industry in the future is the increasing shift toward automation across several sectors. Technological developments in IoT applications, which will offer customers better and more modern smart items, are expected to drive the demand for microcontrollers in the coming few years.
Moreover, IoT technologies are renovating medical research by enabling the examination of large amounts of extremely complex medical data, such as metagenomics, genomic data, and bioinformatics. The acceptance of Wi-Fi and IoT, also spending on healthcare devices, will probably offer fascinating opportunities in the industry, therefore boosting the IoT microcontroller market's growth in the future as well.
The 32-bit microcontroller category is projected to grow at the highest CAGR of above 12.5%, in the coming few years, on the basis of product. This can be credited to the better functional abilities of such variants, which are supportive of cutting-edge IoT applications, small implanted medical devices, and Industrial 4.0 processes.
The industry is mainly boosted by the smart home category, which is projected to witness the highest CAGR, of above 12.5%, in the coming few years, based on the application. The advances in app-controlled smart devices have formed huge demand for secure, safe, and energy-efficient processes, such as lighting, HVAC, and energy management, which is projected to boost the smart home industry development in the coming few years.
In the coming few years, the APAC industry is projected to develop at a CAGR of around 12.5%. The quick developments in the automobile sector in this APAC, mainly in terms of interactive vehicle care systems, are predicted to fuel the requirement for IoT microcontrollers in the coming few years.
Furthermore, the increasing demand for smart houses and consumer electronic items, including tablets, smartphones, smartwatches, and smart televisions, is projected to boost the demand for the microcontroller in the region.
Hence, the snowballing usage of IoT in several sectors. Additionally, the need for connected items, including household appliances, smartphones, televisions, tablets, gaming consoles, and security systems will drive the IoT microcontroller industry.
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