Rising industrialization and increasing demand for smart devices will drive embedded systems market growth where increasing urbanization in countries such as India and China will support the growth of the market.
Dallas, Feb. 03, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global embedded system market is projected to grow from USD 88.35 billion in 2020 to USD 138.45 billion by 2028, at a CAGR of 5.73% during the forecast period 2021-2028.
With the advancement in computer technologies, the technologies are becoming more and more embedded for electronics systems. The embedded system offers verity of application for the electronics systems. Some of the applications of embedded systems are home appliances, smart homes, office automation, and automobiles. In addition to this, the embedded systems are now being used in the variety of other sectors such as healthcare and military and defence sector.
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Embedded system is an electronic system which combines hardware and computer software for providing project solution, which is either fixed capability or programmable. With the help of the embedded system, the complexity of circuits can be reduced and simultaneously reduces the overall cost and size. It is basically the microcontroller or microprocessor-based system which is designed to perform the dedicated function within the large systems.
Global embedded system market is witnessing a rapid growth from the past few years. Increasing demand for smart devices is driving the growth of the embedded system market. In addition to this, the advancement of technologies such as artificial intelligence, machine learning, internet of things, virtual reality, and augmented reality, further drives the growth of the market. Furthermore, increasing application of embedded systems in the automobile industry is contributing to the growth of the market. However, lack of skilled professionals and security concerns may limit the growth of the market over the forecast period.
Some of the key players in the global embedded system market are Intel, Renesas, STMicroelectronics, NXP Semiconductors, Texas Instruments, Microchip, Cypress Semiconductors, Qualcomm Analog Devices, and Infineon Technologies, among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global customer data platform industry.
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• In October 2019, Renesas Electronics Corporation announced the launch of Renesas Advanced (RA) Family of 32-bit Arm Cortex-M microcontrollers (MCUs) to accelerate the development of IoT applications with core technologies such as security, safety, and connectivity.
• In February 2018, STMicroelectronics announced the launch of IoT-enabled embedded systems to enhance the product portfolio of embedded systems.
The software segment is projected to grow at the highest CAGR of 6.4% over the forecast period
The component segment is divided into software and hardware. The software segment is projected to grow at the highest CAGR of 6.4% over the forecast period. Increasing development of software applications for embedded systems by the various vendors is likely to drive the growth of the market.
The standalone embedded systems accounted for the major market share of 62.36% in the year 2020
The functionality segment includes real-time embedded systems and standalone embedded systems. The standalone embedded systems accounted for the major market share of 62.36% in the year 2020. The standalone system does not require the computer systems, and they work on their own. Therefore, the adoption of standalone embedded systems driving the growth of the market.
Medium-scale embedded systems segment dominated the global embedded system market and held the largest market share and valued at USD 63.93 billion in the year 2020
The system size segment includes small-scale embedded systems, medium-scale embedded systems, and large-scale embedded systems. Medium-scale embedded systems segment dominated the global embedded system market and held the largest market share and valued at USD 63.93 billion in the year 2020. Embedded systems which used 16-bit to 32-bit microcontrollers are the medium-size embedded systems. Increasing demand for medium-size embedded systems in the home appliances and telecommunications driving the growth of the market.
The healthcare segment is projected to grow at the highest CAGR of 7.6% over the forecast period
The industry vertical segment is classified into automotive, healthcare, industrial, aerospace and defence, consumer electronics, communication, energy, and others. The healthcare segment is projected to grow at the highest CAGR of 7.6% over the forecast period. Increasing application of embedded systems in the healthcare devices such as vital sign monitoring, CT scan, MRI, and imaging devices is boosting the growth of the market.
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Regional Segment Analysis of the Embedded System Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region dominated the global embedded systems market and held the largest market share and valued at USD 38.60 billion in the year 2020. The growth is mainly due to early adoption of embedded systems in the various industry verticals such as automobiles, communication, and healthcare industry. In addition to this, many companies are developing the software solution for the embedded systems. Furthermore, presence of key market players in the North America further drives the growth of market. The Asia Pacific region is projected to grow at the highest CAGR of 7.65% over the forecast period. Increasing urbanization in the countries such as India and China is boosting the growth of market. In addition to this, rising industrialization and industry 4.0, further driving the demand for embedded systems in the Asia Pacific region.
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About the report:
The global embedded system market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.