Microcontroller Market Size To Touch $77.5 Billion By 2032 By CIOTechOutlook Team

Microcontroller Market Size To Touch $77.5 Billion By 2032

CIOTechOutlook Team | Friday, 29 September 2023, 09:31 IST

The microcontroller market was valued at USD 28.8 billion in 2022 and is predicted to reach USD 77.5 billion by 2032, growing at a CAGR of 10.5%. In embedded systems, a microcontroller is a miniature computer on a single integrated circuit (IC) that controls certain devices and processes. It is a single chip that houses a CPU (central processing unit), memory, and input/output peripherals.

Microcontrollers are commonly employed in devices and appliances that require automation or control, such as household appliances, automotive systems, medical equipment, and industrial gear. They are configured to do certain activities and execute instructions that regulate the embedded system's functionality.

With the popularity of the Internet of Things (IoT), there is a growing need for microcontrollers that provide connectivity and processing power to IoT devices. The increased demand for microcontrollers with integrated wireless connectivity features such as Wi-Fi, Bluetooth, and ZigBee and advancements in IoT technology will create many lucrative opportunities in the following years, as per DataHorizzon.

Market expansion is being driven by rising demand for energy-efficient gadgets. Microcontrollers must consume less power while maintaining high-performance capabilities in order to meet the rising concern for energy efficiency. This has boosted the need for microcontrollers with low-power consumption capabilities like sleep mode and low-power peripherals. Furthermore, microcontrollers are being used in the healthcare industry for a variety of applications such as medical monitoring devices, implanted devices, and medication delivery systems.