The global market for embedded system has been exhibiting a lucrative growth pace over the years owing to the vast rise in uptake of devices with embedded systems in commercial as well as domestic uses. The market has also witnessed vast developments owing to advancements in areas such as material sciences, manufacturing techniques, and R&D activities. The rising level of competition in the market has compelled companies to focus on expansion of product portfolios and geographical outreach. The market is likely to benefit from increased demand for advanced electrical and electronics devices in areas such as automotive and home automation systems.
According to the report, the global market for embedded systems will rise to US$338.34 bn by 2027, exhibiting a promising 6.4% CAGR from 2019 to 2027.
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Auto Industry to Present Impressive Growth Opportunities Sector before Embedded Systems Market
Of the key application areas of embedded systems, the automotive industry is likely to account for a promising share of 18.3% of the overall market by 2021. The industry will continue to hold the largest slice in the revenue pie of the global market over the report’s forecast period. This can be chiefly attributed to the increased uptake of a variety small-sized electrical and electronic components in vehicles. The rising demand for a variety of sensing devices and technologically advanced infotainment systems will also continue to make the automotive industry a lucrative application segment for the global embedded systems market in the near future.
Other key application areas of embedded systems include consumer electronics and defense and aerospace. The consumer electronics industry, especially, has been gaining massive traction over the years as consumers spend increased funds on devices such as smartphones, laptops, and tablets for their personal use. Adoption of smart electronics devices as a part of smart home setups also help make the electronics industry a leading application segment for the embedded systems market.
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North America and Asia Pacific to Remain Bigwigs in Overall Market
From a geographical standpoint, the North America market is expected to account for the dominant slice in the revenue pie of the global market over the report’s forecast period. The region has been at the forefront of several developments in the field of electrical and electronics. The region is also home to some of the leading technology companies across the globe, including Freescale Semiconductor, Intel Corporation, and Texas Instruments. The highly encouraging R&D sector is also a leading factor strengthening the embedded systems market in the region.
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Asia Pacific also holds a significant share in the global embedded systems market and is likely to continue being one of the most lucrative regional markets over the report’s forecast period. The automotive and consumer electronics industries in countries such as South Korea, China, and Taiwan are undertaking the large-scale implementation of advanced embedded systems. As a result, the demand for embedded systems in the region is likely to continue to rise in the region in the near future as well.
Some of the leading companies operating in the global embedded systems market are
- Samsung Electronics Corporation,
- Renesas Electronics Corporation,
- Infineon Technologies,
- Freescale Semiconductor,
- Atmel Corporation,
- Microchip Technologies,
- STMicroelectronics, and
- Texas Instruments.
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