IoT Microcontroller Market was valued at US$ 2 bn in 2017.

The IoT Microcontroller Market was valued at US$ 2 bn in 2017. It is estimated to reach a market size of ~US$ 3 bn by 2022 and is projected to reach ~US$ 6 bn by 2028.

It is expected to record a CAGR of ~12% during the forecast period, due to the increasing number of IoT connections among consumer and enterprise sectors and the need for low-power, high-performance, and energy-efficient connected products.

Development of internet connectivity and IT infrastructure in technologically developing economies and microcontroller unit miniaturization is expected to lead to the growth of the IoT Microcontroller Market during the forecast period.

The increasing demand for low-cost, smart wireless sensor networks and the development of IT infrastructure in technologically developing countries are anticipated to have a major impact on market growth. Further, the growing number of IoT connections and increasing demand for low-power, energy-efficient connected products are other salient factors boosting its demand and growth.

Moreover, the growing popularity of IoT is expected to provide a significant boost to the market in the near future. In the current scenario, IoT has witnessed a wide range of applications including industrial automation, smart appliances, smart grids, and smart cities, which is anticipated to fuel the market growth significantly during the forecast period.

In addition, the rising popularity of fitness apps and increasing awareness about physical fitness in emerging countries such as; India, China, and Indonesia are likely to drive the adoption of wearable technology, thereby expanding the IoT market size during the forecast period.

Manufacturers' failure in establishing advanced IoT microcontrollers and the high-power consumption and energy efficiency of IoT devices creates challenges for the growth of the IoT Microcontroller Market.

The manufacturers of IoT microcontrollers engage in extensive research and innovation to develop advanced systems. However, the substantial research and innovation costs associated with the IoT microcontroller development include its integration with the changing structural landscape of IoT devices.