The Latin America, Middle East and Africa IoT Microcontroller Market would witness market growth of 15.6% CAGR during the forecast period (2022-2028).
The growth of the IoT microcontroller market is fueled by the increasing penetration of smartphones. The increasing trend of bring-your-own-device, or BYOD, and cloud computing is propelling the market growth. The growing popularity of big data, cloud, and virtualization is also accelerating the adoption of IoT microcontrollers. During the forecast period, factors such as the increasing ubiquity of mobile devices and the rise in demand for mobility services are predicted to promote the growth of the IoT microcontroller market. Technological developments and increased automation across various industries are all factors boosting the market.
Recent evolution in the automotive industry is due to factors such as rapid innovations and developments across the automotive sector as a result of widespread use of the internet of things (IoT). In addition, the need for new goods and solutions is driven by an increase in the trend of working with automated equipment and machinery, the growth in the range of electronic products, along with technological advancements.
The high demand for electric and hybrid vehicles is anticipated to deliver various significant growth prospects for the market players operating in the microcontroller market in the future. Some other major drivers for regional market growth of MCUs are increasing demand for flexibility and agility in the industrial ecosystem. The rising integration of the internet of things (IoT) is also the factor that is driving the employment of IoT microcontrollers. The consumer electronics sector would majorly complement the expansion of the market. Growing popularity to figure through automated machines and equipment is another key trend that is encouraging regional market players to bring more developments and advancements across these microcontrollers.
The Brazil market dominated the LAMEA IoT Microcontroller Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $171.9 million by 2028. The Argentina market is poised to grow at a CAGR of 16.2% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 15.3% during (2022 - 2028).
Based on Type, the market is segmented into 32-bit, 16-bit, and 8-bit. Based on Application, the market is segmented into Consumer Electronics (Smartphones, Wearables, and Others), Industrial Automation, Smart Homes, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global IoT Microcontroller Market is Predict to reach $9.9 Billion by 2028, at a CAGR of 13%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Silicon Laboratories, Inc., Espressif Systems Shanghai Co Ltd., Holtek Semiconductor, Inc., Renesas Electronics Corporation, STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Nuvoton Technology Corporation, and Microchip Technology, Inc.
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