Internet of Things (Iot) Microcontroller Market to Reach Us $ 4,195 Mn by 2023

Internet Of Things (IoT) Microcontroller Market To Reach US $ 4,195 Mn By 2023

According to a new market research report published by Credence Research “Internet of Things (IoT) Microcontroller (By Product – 8-bit, 16-bit & 32-bit) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023”, the global Internet of Things (IoT) microcontroller market was valued at US$ 1,765.3 Mn in 2015 and is estimated to expand with a CAGR of 11.7% from 2016 to 2023.

Browse the full report at http://www.credenceresearch.com/report/internet-of-things-iot-microcontrollers-market

Market Insights

Internet of Things (IoT) refers to a network of different physical objects including electronic devices, automobiles, buildings and other objects equipped with the IoT network component. The concept of IoT works on the principle of connecting various objects that can be assigned with an internet protocol (IP) address. Basic components of the IoT network such as sensing devices are based upon microcontroller platforms for connectivity and data collection. This makes IoT microcontrollers among the most important aspects of the overall IoT industry.

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The rising IoT trend worldwide is the most significant factor fueling the IoT microcontroller market growth. IoT is witnessing strong adoption across various applications such as industrial automation, smart appliances, smart grids, home automation and smart cities among others. With the rising number of connected devices globally, it becomes highly essential to develop high performance microcontrollers for different IoT applications. Considering the adoption rate of IoT services, various companies worldwide have already begun developing high performance IoT microcontrollers. Another major factor pushing the market growth is the growing miniaturization of electronic devices.

Competitive Insights:

The global IoT microcontroller market...