The term "IoT" relates to the capability to connect controllers, sensors, or any tool to the Internet. The growing interconnectedness of machines and personalized intelligent devices, the increase in cloud services and analytics, and the profusion of software integrating partners, distribution networks, and customers contribute to the widespread use of the Internet of things. As the IoT, there is a growing issue about protecting the massive quantity of data collected and communicated by IoT devices.
Microcontroller units (MCUs) enable authentication protocols, encryption, and decryption, reducing data security threats. MCUs have fraud detection, code encryption, and stringent security features that keep IoT devices from becoming corrupted. MCUs for IoT applications provide a variety of hardware and system characteristics like low-energy independent peripherals, ultra-low power modes with speedy wake time, and resource profiling and power estimating apps.
Wearables are embedded systems that can be worn as accouterments, embedded in the user's body, or integrated with clothing. Sensor downsizing and advancements in cutting-edge technologies such as Ai, Deep Learning, and Big Data Analytics enable wearables to be coupled with IoT systems.
Obesity and other lifestyle problems motivate people to engage in various personal fitness exercises and track their progress with wearables. Given that magnitude, weight, energy consumption, longevity, sturdiness, reliability, and convenience of use are among the key factors end-users consider when purchasing wearables, wearable technology is constantly evolving in aspects of ergonomic design, merchandise material, power consumption, memory space, performance characteristics, effectiveness, and user experience. The increased popularity of fitness wearables, especially among youngsters, is projected to promote wearable adoption.
Several corporations, including Apple Inc. and Google LLC, are spending heavily on the development of wearable devices and the introduction of novel wearables. Wearables will evolve and offer different features as technology advances, adding to end users' convenience. Some of the primary drivers projected to boost wearable device implementation are in-store merchandising, the adoption of tiny sensors, the simplicity of paying with wearables, and the capacity of smartwatches to engage with end-users.
MCU miniaturization offers a framework for system designers, mainly for new emergent uses. This expanding web of IoT or linked devices includes smartphones, Smart Plasma TVs (Smart TVs), pads, domestic appliances, smart meters, and security devices, which is expected to improve IoT Microcontroller Market demand dramatically.
As a result, the miniaturization of detectors and power sources and the ongoing spread of dependable, seamless connections are creating new commercial prospects in wearable technology.
The COVID-19 outbreak had a remarkable impact on the semiconductor industrial sector. The pervasiveness of the coronavirus spurred governments in various countries, including China, Germany, the United States, Japan, and South Korea, to adopt extreme measures involving strict lockdowns and the shutting of global trade borders.
However, because manufacturing at multiple production facilities was abruptly suspended and foreign trade borders shuttered, the worldwide market faced an impending scarcity of semiconductors and numerous components, notably microcontrollers and microprocessors. Although limitations were gradually lifted in multiple parts of the world and trade activity began, the semiconductor scarcity is likely to last until 2023.
The market based on region is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA). The Asia-Pacific region was valued at USD 2,267 million in 2021 and is expected to reach USD 6,695 million by 2030, growing with a CAGR of 14 % over the forecast period. The Asia-Pacific had the most significant market share, accounting for more than 40%. China, India, Japan, and Southeast Asian economies dominate the market. Increased government endeavors to build innovative, connected architecture augur well for market growth. Furthermore, a growing preference for internet technology increased urbanization, and easy implementation of public Wi-Fi hotspots will fuel market expansion over the projection period.
The Europe region was valued at USD 1,036 million in 2021 and is expected to reach USD 2,826 million by 2030, growing with a CAGR of 13% over the forecast period. Over the predicted period, the increased deployment of smart meters in Europe is anticipated to enhance the IoT Microcontroller Market growth. Increased government investment in grid modernization and digitalization by utility firms are projected to stimulate intelligent meter demand in Europe. Western and Northern European regions are projected to substitute traditional meters with smart meters over the next eight years.