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Global IoT Microcontroller Market Outlook 2034: Global Opportunity and Demand Analysis, Market Forecast To 2034
- Published :
Report ID: ICT0025
Pages: 158
Base Year: 2025
Format: PDF
Historical Date: 2020-2024
Market Research Report
Summary At A Glance
Description
Table of Contents
List Of Tables
List Of Figures
Research Methodology
Description
MARKET SCOPE:
The global IoT microcontroller market is projected to grow significantly, registering a CAGR of 16.1% during the forecast period (2025 – 2034).
The growth of the market for IoT microcontrollers is driven mainly by the rapid adoption of connected devices in different areas, including smart homes, industrial factors, an enhanced healthcare system, and the automotive sector. The increasing demand for energy efficient, low-power microcontrollers with real-time processing and wireless connectivity will fuel development and innovation in the market as suppliers introduce more product options and develop better products. Developments in sensor technologies, integrated connectivity options such as Wi-Fi, Bluetooth, and LoRa, and better security options are encouraging manufacturers to use IoT microcontrollers, as well as make products smarter and more responsive in where there is the potential to gather additional data.
The other large growth factor is the move on edge computing, as more devices may need on-device processing in a number of factors where latency and dependency on connected cloud infrastructure take too long to process and a faster response for devices having on-device processing capacity that is programmable will make for faster responses. Governments and larger enterprises are investing in smart infrastructure and Industry 4.0 initiatives that rely on connected devices equipped with microcontroller devices that support machine monitoring, control, and predictive maintenance. The increased emphasis on automation and data driven decisions using real-time analytics represent a strong, needed demand factor for IoT microcontrollers that are powerful, scalable, and cost-wise manufacturers may derive profit from. Lastly, continues growth factors will drive expansion in the overall IoT microcontroller market.
MARKET OVERVIEW:
Driver – Increasing Adoption of Smart Devices:
The rise of smart devices in multiple industries is a significant contributor to the IoT microcontroller market. We are seeing an expanded use of smart home appliances like thermostats, lighting systems, and security devices, all of which incorporate microcontrollers for connectivity and data. Likewise, within industries global manufacturing, we’re beginning to see the adoption of IoT capable sensors and devices that take advantage of IoT technology to create increased efficiency and predictive maintenance. IoT microcontrollers provide low-power, high performance solutions than can manage sensor data, facilitate wireless communication, and support edge computing. This rapid deployment of connected devices has spurred demand for new types of innovative, energy employed microcontrollers that can reliably perform complex tasks.
Restraint – Security and Privacy Concerns:
Security and privacy issues are still a major barrier for the IoT microcontroller market. IoT devices will often collect sensitive data, such as health metrics, personally identifiable information, or details of industrial operation. If compromises or vulnerabilities are found in the microcontroller, an attacker could obtain unauthorized access, as well as data breaches or device modification. Additionally, developing a microcontroller with security measures requires hardware implementation for more complex development and possible price increase, which is a consideration for many industries when adopting new technology. If a business is cost-conscious, this elevation of price can inhibit adoption. In addition, there is no common standard for ensuring security in IoT devices making it extremely difficult for manufacturers to reassure data is not compromised as well as device reliability, further limiting growth in market.
Opportunity – Growth of Edge Computing:
The increasing availability of edge computing presents a great opportunity for the IoT microcontroller market. Edge computing allows customers to process data at the device level instead of relying exclusively on the cloud, which decreases latency, increases bandwidth usage, and enhances improvements in real-time decision-making efficiency. The IoT control microcontrollers with greater processing capabilities, as well as integrated connectivity and AI inference support microcontrollers will become pivotal for different endpoint and edge devices in multiple applications such as autonomous vehicles, smart factories, and health care monitoring systems. This trend is allowing manufacturers to develop more intelligent and autonomous systems, which is providing opportunities for microcontroller suppliers, to deliver high-performance energy-efficient application specific solutions, for edge computing applications.
SEGMENTATION ANALYSIS:
The industrial automation segment is anticipated to grow significantly during the forecast period
The industrial automation segment is likely to grow substantially as more industries transition towards smart manufacturing and Industry 4.0. Industries are incorporating IoT-enabled sensors, controllers, and robotics into their operations to enhance efficiency, minimise downtime, and facilitate predictive maintenance. IoT-enabled microcontrollers are essential to IoT applications, allowing real-time processing of data from machines, managing wireless connectivity, and supporting edge computing to enable fast decision making. With a continuing focus on reducing operational costs, improving production quality, and automating repetitive work, many manufacturers are adding sophisticated microcontrollers to their automation systems, and thus, this segment of the IoT microcontrollers market is likely to be one of the growth areas moving forward.
REGIONAL ANALYSIS:
The North America region is set to witness significant growth during the forecast period
North America is the leader in the IoT microcontroller market due to its advanced technology infrastructure, early adoption of IoT solutions, and strong industrial and consumer electronics sectors. There is substantial investment in connected healthcare devices, smart manufacturing, and automotive IoT applications. Additionally, leading microcontroller manufacturers, and technology companies are headquartered in North America, which continues to drive IoT solution innovations that are low-power, high-performance, and secure. Government initiatives in North America also support smart cities and expansion of Industry 4.0, which helps keep the footprint of IoT research areas growing.
On the other hand, Asia Pacific is projected to be the fastest-growing region for the IoT microcontroller market due to rapid industrialization, urbanization, and adoption of smart devices. Several countries such as China, India, Japan, and South Korea are investing heavily in industrial automation, consumer electronics, and smart infrastructure, thereby creating demand for IoT microcontrollers. The availability of low-cost manufacturing, a large and well-trained base of engineers, and government policies to support digital transformation initiatives will push the IoT microcontroller market growth regionally. Additionally, the increasing awareness, acceleration and implementation of connected devices in the healthcare, automotive, and agriculture sectors will also add to the growth of Asia Pacific.
COMPETITIVE ANALYSIS:
The global IoT microcontroller market is characterized by strategic mergers, acquisitions, and product launches. Leading companies in the market include:
- Microchip Technology Inc.
- Espressif Systems (Shanghai) Co., Ltd
- Broadcom
- Holtek Semiconductor Inc.
- NXP Semiconductors
- Infineon Technologies
- STMicroelectronics
- Nuvoton Technology Corporation
- Renesas Electronics Corporation
- Silicon Laboratories
- Texas Instruments Incorporated
Recent Development:
- In June 2025, Espressif Systems announced the mass production of the ESP32-C61 microcontroller. This RISC-V-based System-on-Chip integrates both Wi-Fi 6 and Bluetooth 5.2 LE connectivity, and is intended for smart homes, wearables, and industrial IoT applications. The ESP32-C61 delivers superior performance while still being energy efficient.
- In April 2025, Microchip Technology Inc. introduced the EV70N78A development board that hosts the SAM R34/R35 microcontroller. The introduction of this board is aimed at enabling the development of low-power, long-range IoT applications, supporting LoRaWAN and Sigfox connectivity. EV70N78A is designed to enhance the deployment of smart city and industrial IoT solutions.
- In March 2025, Holtek Semiconductor launched the HT32L62141 ultra-low-power 32-bit microcontroller aimed at smoke detector applications. This MCU offers integrated analog peripherals and a low-power profile making it ideal for battery-operated IoT devices.
SCOPE OF THE REPORT:
- By Product:
- 8 Bit
- 16 Bit
- 32 Bit
- By Application:
- Smart Homes
- Industrial Automation
- Consumer Electronics
- Wearables
- Smartphones
- Others
- Others
- By Region
- North America (United States & Canada)
- Europe (Germany, UK, France, Spain, Italy and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia and Rest of Asia-Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa and Rest of Middle East and Africa)
KEY REASONS TO PURCHASE THIS REPORT:
- It provides a technological development map over time to understand the industry’s growth rate and indicates how the IoT Microcontroller market is evolving.
- The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which IoT Microcontroller submarket will be the main driver of the overall market from 2025 to 2034.
- It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.
- It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2034 and which country will lead the market in 2034.
Table of Contents
- Executive Summary
- Market Snapshot
- Global IoT Microcontroller Market – Regional Analysis
- Global IoT Microcontroller Market – Segment Analysis
- Global IoT Microcontroller Market, By Product
- Global IoT Microcontroller Market, By Application
- Overview And Scope
- Market Vision
- Market Definition
- Market Segmentation
- Market Vision
- Global IoT Microcontroller Market Overview, By Region: 2020 Vs 2025 Vs 2034
- Global IoT Microcontroller Market, By Region (2020 VS 2025 VS 2034)
- North IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034)
- Europe IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034)
- Asia-Pacific IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034)
- Latin America IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034)
- Middle East & Africa IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034)
- Global IoT Microcontroller Market Dynamics
- Market Overview
- Market Drivers
- Market Driver 1
- Market Drivers 2
- Market Restraints/ Challenges Analysis
- Market Restraints/ Challenges Analysis 1
- Market Restraints/ Challenges Analysis 2
- Market Opportunities
- Market Opportunities 1
- Market Opportunities 2
- PESTLE Analysis
- Political Factors
- Economic Factors
- Social Factors
- Technological Factors
- Legal Factors
- Environmental Factors
- Value Chain Analysis/Supply Chain Analysis
- Porter’s Five Forces Model
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Covid-19 Impact Analysis on Global IoT Microcontroller Market
- Market Drivers
- Market Overview
** In – depth qualitative analysis will be provided in the final report subject to market
- Global IoT Microcontroller Market, By Product
- Overview
- Global IoT Microcontroller Market By Product (2020 – 2034) (USD Million)
- Key Findings for IoT Microcontroller Market – By Product
- 8 Bit
- 16 Bit
- 32 Bit
- Global IoT Microcontroller Market, By Application
- Overview
- Global IoT Microcontroller Market By Application (2020 – 2034) (USD Million)
- Key Findings for IoT Microcontroller Market – By Application
- Smart Homes
- Industrial Automation
- Consumer Electronics
- Wearables
- Smartphones
- Others
- Others
- Global IoT Microcontroller Market, By Region
- Overview
- Global IoT Microcontroller Market, By Region (2020 – 2034) (USD Million)
- Key Findings For IoT Microcontroller Market- By Region
- Global IoT Microcontroller Market, By Product
- Global IoT Microcontroller Market, By Application
- Global IoT Microcontroller Market- North America
- Overview
- North America IoT Microcontroller Market (2020 – 2034) (USD Million)
- North America IoT Microcontroller Market, By Product
- North America IoT Microcontroller Market, By Application
- North America IoT Microcontroller Market by Country
- United States
- Canada
- Global IoT Microcontroller Market- Europe
- Overview
- Europe IoT Microcontroller Market (2020 – 2034) (USD Million)
- Europe IoT Microcontroller Market, By Product
- Europe IoT Microcontroller Market, By Application
- Europe IoT Microcontroller Market by Country
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Global IoT Microcontroller Market – Asia-Pacific
- Overview
- Asia-Pacific IoT Microcontroller Market (2020 – 2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Product
- Asia-Pacific IoT Microcontroller Market, By Application
- Asia-Pacific IoT Microcontroller Market by Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Global IoT Microcontroller Market- Latin America
- Overview
- Latin America IoT Microcontroller Market (2020 – 2034) (USD Million)
- Latin America IoT Microcontroller Market, By Product
- Latin America IoT Microcontroller Market, By Application
- Latin America IoT Microcontroller Market by Country
- Brazil
- Mexico
- Argentina
- Rest Of Latin America
- Global IoT Microcontroller Market- Middle East & Africa
- Overview
- Middle East & Africa IoT Microcontroller Market Size (2020 – 2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Product
- Middle East & Africa IoT Microcontroller Market, By Application
- Middle East & Africa IoT Microcontroller Market, By Country
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Global IoT Microcontroller Market- Competitive Landscape
- Key Competitive Analysis
- Key Strategies Adopted by the Leading Players
- Global IoT Microcontroller Market Competitive Positioning
- Important Performers
- Emerging Innovators
- Market Players with Moderate Innovation
- Global IoT Microcontroller Market- Company Profiles
- Microchip Technology Inc.
- Corporate Summary
- Corporate Financial Review
- Product Portfolio
- Key Development
- Espressif Systems (Shanghai) Co., Ltd
- Broadcom
- Holtek Semiconductor Inc.
- NXP Semiconductors
- Infineon Technologies
- STMicroelectronics
- Nuvoton Technology Corporation
- Renesas Electronics Corporation
- Silicon Laboratories
- Texas Instruments Incorporated
- Microchip Technology Inc.
- Our Research Methodology
- Our Research Practice
- Data Source
- Secondary Source
- Primary Source
- Data Assumption
- Analytical Framework for Market Assessment and Forecasting
- Our Research Process
- Data Validation and Publishing (Secondary Source)
- Appendix
- Disclaimer
- Contact Us
List Of Tables
- Global IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By 8 Bit (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By 8 Bit (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By 16 Bit (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By 16 Bit (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By 32 Bit (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By 32 Bit (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Smart Homes (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Smart Homes (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Industrial Automation (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Industrial Automation (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Consumer Electronics (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Consumer Electronics (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Others (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Others (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- Global IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- Global IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- North America IoT Microcontroller Market (2020-2034) (USD Million)
- North America IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- North America IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- North America IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- North America IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- Europe IoT Microcontroller Market (2020-2034) (USD Million)
- Europe IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- Europe IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- Europe IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- Europe IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market (2020-2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- Latin America IoT Microcontroller Market (2020-2034) (USD Million)
- Latin America IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- Latin America IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- Latin America IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- Latin America IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market (2020-2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Product (2020-2027) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Product (2028-2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Application (2020-2027) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Application (2028-2034) (USD Million)
- Data Validation and Publishing (Secondary Source)
List Of Figures
- IoT Microcontroller Market Revenue (USD Million) 2020-2034
- Market Snapshot, By Region
- Global IoT Microcontroller Market, By Product
- Global IoT Microcontroller Market, By Application
- Market Highlights
- Global IoT Microcontroller Market, By Region (2020 VS 2025 VS 2034) (USD Million)
- North America IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034) (USD Million)
- Europe IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034) (USD Million)
- Latin America IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Country (2020 VS 2025 VS 2034) (USD Million)
- Pestle Analysis
- Value Chain Analysis/Supply Chain Analysis
- Porter’s Five Forces Model
- Global IoT Microcontroller Market, Key Company Share Analysis (2024)
- Global IoT Microcontroller Market, By Product (2025 VS 2034)
- Global IoT Microcontroller Market, By Product (2020-2034) (USD Million)
- Global IoT Microcontroller Market, By 8 Bit (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By 16 Bit (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By 32 Bit (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By Application (2025 VS 2034)
- Global IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- Global IoT Microcontroller Market, By Smart Homes (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By Industrial Automation (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By Consumer Electronics (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By Others (USD Million) (2020 – 2034)
- Global IoT Microcontroller Market, By Region
- Global IoT Microcontroller Market, By Product (2020-2034) (USD Million)
- Global IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- North America IoT Microcontroller Market (2020 – 2034) (USD Million)
- North America IoT Microcontroller Market, By Product (2020-2034) (USD Million)
- North America IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- United States IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Canada IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Europe IoT Microcontroller Market (2020 – 2034) (USD Million)
- Europe IoT Microcontroller Market, By Product (2020-2034) (USD Million)
- Europe IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- United Kingdom IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Germany IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- France IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Italy IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Spain IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Rest of Europe IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Asia-Pacific IoT Microcontroller Market (2020-2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Product (2020 – 2034) (USD Million)
- Asia-Pacific IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- China IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Japan IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- India IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- South Korea IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Australia IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Rest of Asia-Pacific IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Latin America IoT Microcontroller Market (2020-2034) (USD Million)
- Latin America IoT Microcontroller Market, By Product (2020 – 2034) (USD Million)
- Latin America IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- Brazil IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Mexico IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Argentina IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Rest of Latin America IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Middle East & Africa IoT Microcontroller Market (2020-2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Product (2020 – 2034) (USD Million)
- Middle East & Africa IoT Microcontroller Market, By Application (2020 – 2034) (USD Million)
- Saudi Arabia IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- UAE IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Israel IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- South Africa IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Rest of Middle East & Africa IoT Microcontroller Market Revenue (USD Million) (2020 – 2034)
- Our Research Practice
- Secondary Source
- Primary Source
- Data Triangulation
- Our Research Process
Research Methodology
Primary and Secondary Research
In order to understand the market in detail we conduct primary and secondary research. We collect as much information as we can from the market experts through primary research. We contact the experts from both demand and supply side and conduct interviews to understand the actual market scenario. In secondary research, we study and gather the data from various secondary sources such as company annual reports, press releases, whitepapers, paid databases, journals, and many other online sources. With the help of the primary interviews, we validate the data collected from secondary sources and get a deep understanding on the subject matter. Post this our team uses statistical tools to analyses the data to arrive at a conclusion and draft it in presentable manner.
Market Size Estimations
Understanding and presenting the data collected is a crucial task. Market sizing is a critical part of the data analysis and this task is performed by using Top-down and bottom-up approaches. In this process, we place different data points, market information and industry trends at a suitable space. This placement helps us presume the estimated & forecast values for coming few years. We use several mathematical and statistical models to estimate the market sizes of different countries and segments. Each of this is further added up to outline the total market. These approaches are individually done on regional/country and segment level.
Data Triangulation
As we arrive at the total market sizes, the market is again broken down into segments and subsegments. This process is called as data triangulation and is implementable wherever applicable. This step not only helps us conclude the overall market engineering process, but also gives an assurance on accuracy of the data generated. The data is triangulated based on studying the market trends, various growth factors, and aspects of both demand and supply side.
