Albany, NY -- (SBWIRE) -- 04/11/2017 -- Transparency Market Research (TMR) presents a new research report, titled "Internet of Thing (IOT) Microcontroller Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024." The report is a high-level analysis of growth drivers, challenges, and trends that will influence the progression of the IoT microcontroller market between 2016 and 2024. The report is compiled after collecting data from primary and secondary sources and receiving insightful inputs from industry experts.

Microcontrollers are used in automatically controlled devices such as toys, appliances, implantable medical devices, engine control systems, power tools, office machines, remote controls and other type of embedded systems.

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Rapid advancements in Internet of Things for the increasing demand for technologically advanced smart devices is the primary factor driving the demand for microcontroller at an exponential rate. Moreover, the increasing demand for automation across various applications is also expected to accelerate the demand for smart devices in the coming years. This, in turn, will have a positive impact on the growth of the microcontroller market. Moreover, an increasing number of installation of smart meters across commercial and residential buildings for real-time monitoring of energy consumption and for transmitting information to utilities for billing purposes is expected to propel the demand for microcontroller over the forecast period.

On the flip side, the demand for microcontrollers is impeded due to certain factors. The high power consumption of these devices is affecting the demand for microcontrollers negatively. This is because microcontrollers embedded in smart devices depend on batteries for the required power. This not only decreases the battery lifecycle but also increases the overall operating cost of the device. Last but not the least, security concerns of IoT enabled devices will also limit the use of microcontrollers in the coming years.

On the basis of product type, in 2015, the 32-bit product segment held the largest share in the global market. 32-bit IoT microcontroller are extensively used across various IoT applications due to high RAM and better performance. Moreover, due to the low price difference between 32-bit, 8-bit, and 16-bit microcontroller variants, consumers are inclined towards 32-bit ones, thereby affecting the market positively.

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In terms of application, consumer electronics is majorly driving the global IoT microcontroller market. Across the globe, the increasing demand for technologically advanced consumer electronics such as mobile phones, smart wearables, tablets, and computers among others is expected to have a positive impact on this market over the forecast period.

Some of the leading companies in the IoT microcontroller market include Atmel, Infineon, Texas Instruments, Freescale, and ST Microelectronics.