The global IoT MCU Market is forecasted to reach USD 5.93 Billion by 2028, according to a new report by Reports and Data. The major factors attributed to the growth of the market are the rising demand for automation across end-users industries, growth in demand for wearable healthcare devices and other consumer electronics and advancement of IoT.
APAC is expected to hold the largest market and is forecasted to reach USD 1.61 Billion in 2028, at the highest CAGR of 15.28% during the forecast period followed by North America. This is mainly accredited to advancement in technology innovation and increasing adoption of the automation technologies in various industry verticals. Major application for industrial control and factory automation in Asia Pacific are oil & gas, semiconductor, electronics, automotive, chemicals, water and food. China is one of the primary players of this region for automation market. China has been working on developing more innovative industrial practice by implementing automated technologies in manufacturing sector.
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Some of the application sectors where the demand for IoT is on the rise include:
- Industrial automation: IoT enables connectivity and automation in industrial settings, leading to improved efficiency, reduced costs, and enhanced safety.
- Smart appliances: IoT allows appliances such as refrigerators, washing machines, and thermostats to connect to the internet, enabling remote monitoring, control, and automation features.
- Smart grids: IoT technology helps in creating smart grids that optimize energy distribution, improve power management, and enable better integration of renewable energy sources.
- Home automation: IoT enables the creation of smart homes, where various devices and systems, such as lighting, security, entertainment, and heating, can be interconnected and controlled remotely.
- Smart cities: IoT plays a crucial role in building smart cities by facilitating efficient management of resources, enhancing infrastructure, improving public services, and promoting sustainability.
Regarding your mention of smart watches, they are indeed a popular example of IoT devices. Smartwatches offer a wide range of monitoring capabilities, including tracking activities such as running, cycling, workouts, and swimming. They provide real-time data, personalized insights, and connectivity features, contributing to their increasing popularity among fitness enthusiasts and athletes.
the widespread adoption of IoT is evident in various sectors, including industrial automation, smart appliances, smart grids, home automation, smart cities, and the growing use of IoT-enabled devices like smartwatches.
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Further key findings from the report suggest
- The development of IoT microcontroller unit is powered by the rising demand for smart houses, smart wearable, mobile phones, tablets and computers among others.
- Swift deployment of smart meters across both commercial and residential sectors for the feedback of energy consumption are expected to aid market growth.
- Increase in Internet applications in microcontrollers is the major reason for the growth of the market. The market for IoT MCUs are growing exponentially with advancement in technology.
- The use of MCU with IoT to handle various operations like automobiles, processing needs and applications has increased rapidly and acts as an integral part of the smart grid systems.
- The market segment for automotive is the major contributor in the market share for 8-bit IoT microcontrollers, with a market size of USD 2.25 billion in 2020, and will continue to dominate the market throughout the forecast period with a projected growth rate of 5.77%
- IoT MCU is used for the security purposes of the home as a smart meter. With the growing adoption of smart devices and smart homes, the demand for IoT MCUs which can handle advanced tasks is expected to enhance the need for IoT MCU to build a smart home.
- The market for smart home applications for 4-Bit type IoT MCUs is forecasted to reach USD 4.2 million in 2028, at the highest CAGR of 8.41% during the forecast period.
- The market segment for consumer electronics is the major contributor in the market share for 8-bit IoT microcontrollers, with a market size of USD 140.1 Million in 2020, and will continue to dominate the market throughout the forecast period with a projected growth rate of 0.81% in 2028 followed by the automotive segment.
- APAC is expected to hold the largest market in Industrial Automation for the IoT MCUs market and is forecasted to reach USD 259.8 million in 2028, at the highest CAGR of 16.42% during the forecast period.
Global IoT MCU market segmentation:
IoT MCU Type Outlook (Revenue, USD Million; 2020-2028)
IoT MCU Application Outlook (Revenue, USD Million; 2020-2028)
- Industrial Automation
- Smart Home
- Consumer Electronics
- Others (Security, Surveillance and Medical Devices)
- North America
- Rest of EU
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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