A microcontroller is the brain of an IoT device that defines the roles and functions of the IoT end product. Microcontrollers are small, self-reliant computers that hold a single integrated circuit or microchip. IoT in microcontrollers allows connectivity and control in all the things which could be linked to the internet.

IoT microcontrollers are planned to perform special functions and can be combined with most other devices that range from warehouse inventory items, industrial equipment, and wearables devices, to home appliances, and others. IoT microcontrollers are used in a wide range of systems and devices. Devices often use multiple microcontrollers integrated within them to handle their tasks.

The global IoT microcontroller market is expected to grow from USD 4.82 billion in 2022 to USD 10.71 billion by 2029 at a CAGR of 12.1% during the forecast period.

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Key Players

The major players operating in the global IoT microcontroller market are:

STMicroelectronics, Broadcom, Holtek Semiconductor Inc., Infineon Technologies, Espressif Systems (Shanghai) Co., Ltd, Microchip Technology Inc., NXP Semiconductors, Nuvoton Technology Corporation, Silicon Laboratories, Texas Instruments Incorporated, Renesas Electronics Corporation

Regional Analysis

Asia Pacific was the largest market for IoT microcontrollers and is expected to grow at a CAGR above 14% during the forecast period. The region is led by China, India, and Japan, which accounted for over 50% of the total market share. 

Europe held a revenue share of over 21% in 2022. The region has invested heavily in grid modernization, resulting in more than 50% of electricity meters being replaced by smart meters. Favorable government investments have particularly driven the installation of smart meters across countries such as France, Spain, and the U.K., contributing to market growth during the forecast period.

Overall, the IoT microcontroller market is expected to continue to grow at a rapid pace in the years ahead, as more and more businesses and consumers embrace the benefits of connected devices and the IoT ecosystem. With new innovations and technologies emerging all the time, the IoT microcontroller market is likely to remain a key area of focus for companies across a wide range of industries.