Global IoT microcontroller market is predicted to surpass $5,170 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the 32-bit microcontroller segment procured maximum revenue in the global IoT microcontroller market in 2017. The same year, North America emerged as the leading regional contributor to the worldwide market revenue in 2017.
According to the report, the factors primarily driving growth in the IoT microcontroller market include the growing use of mobile devices and high adoption of IoT technology. The surging adoption of solutions like cloud, virtualization, and big data analytics has also favored market growth over the years. Additionally, rising vendor investments into technological advancements paired with growing automation throughout diverse industries would further accelerate the growth of the IoT microcontroller market over the forecast period.
However, increasing power consumption, concerns pertaining to security and privacy as well as lack of standardization could impede market growth to some extent in the future. On the other hand, increasing demand from developing nations, and technological advancements are anticipated to provide industry players with several growth opportunities in the coming years.
In terms of regional growth, the North America IoT microcontroller market accumulated the highest revenue share in the global market in 2017. Rising industrial automation and an upsurge in the number of mobile devices have fueled market growth in the region. The increasing trend of Bring Your Own Device (BYOD), big data analytics, IoT and virtualization would also boost the demand for IoT microcontroller in the region.
The high penetration of mobile devices and technological developments will further support IoT microcontroller market growth in the region. Furthermore, the increasing expenditure on smart cities and smart devices in the region will proliferate regional market growth.
The findings of the report suggest that Asia-Pacific is also anticipated to grow at the highest CAGR over the forecast period between 2018-2026 due to the automation of industrial processes throughout numerous industries within the emerging economies of the region, cites the report.
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The eminent players operating in the competitive landscape of the global IoT microcontroller market are Broadcom Corporation, Infineon Technologies, Microchip Technology, Holtek Semiconductor, Fujitsu Ltd, Silicon Laboratories, Inc, NXP Semiconductors N.V, Texas Instruments, Espressif Systems Pte. Ltd., and Atmel Corporation. The growth strategies employed by these companies include new product launch and collaborations with other market leaders in order to innovate and introduce new products to suffice the evolving consumer demand.
The report also delivers a comprehensive analysis of the IoT microcontroller market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, application spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.