The rapidly increasing Internet of Things market is turning fortunes for Microcontroller market globally. According to a recently published report by IHS, the rise of microcontroller market is tied to the growth of IoT field as microcontroller units are used in various IoT applications. The market of microcontroller units used in various IoT applications such as wearable electronics, smart cars, building automation, etc. was worth $1.7 billion in 2014. It is expected to increase at 11% compound annual growth rate between 2014 and 2019. However, the overall market is likely to rise at 4% through 2019.
According to Tom Hackenberg, Senior Analyst, IHS Technology, IoT is going to work as a driving force for the microcontroller market over the next 4-5 years. “Without IoT, microcontroller market can hardly survive this decade,” he says. IHS divides Internet of Things market into three categories –infrastructure, controllers and nodes. Each of these categories offers vital opportunities to suppliers of software, hardware and services. The application of microcontrollers in IoT is expected to rise with the passage of time; hence, experts claim that new opportunities will continue to reveal themselves in the future.
The insights on this issue were shared by IHS MCU Market Tracker, which offers quarterly guidance including five-year forecast, revenue data, bit-class division, top-market divisions and top suppliers in MCU market globally.