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.
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.
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.
Embedded System Market to Benefit from Increasing Adoption of Smart Home Automation Technology
The rapid advancement in consumer electronics has influenced the global embedded system market positively. Enabled developments in technology such as smart home automation concepts, advanced personal control for mobile users, and Personal Area Network are likely to aid in expansion of the market in the coming years. Smart home automation offering multiple advantages such as HVAC system, security, AI personal assistants, entertainment systems, lighting, gardening or lawn management, and others are likely to bode well for the market for embedded system in the coming years.
The home computerization is required to get a significant lift soon, as significant conveys like Verizon have turned out 5G innovation effectively in key business sectors like the US. Besides, the innovation has just been broadly embraced in China, wherein the public authority has driven key foundation improvements like IoV on the rear of cutting edge organizing capacities. One of the greatest factor creating new growth opportunity for the market is the effectiveness, and improved IoT capacities of these gadgets. The ascent in home mechanization can give new driving force to feeble areas like developments with a lift to home costs, and is progressively turning into a need because of green enactments for energy productivity, and feasible energy. For instance, nations like India, and UK have spread out designs to supplant ordinary meters with keen meters in each home. The development of 5G likewise appears to be encouraging as key organizations like Apple in the US district has gained the telecom division of Intel's 5G services, which may boost the adoption of this innovation around the world.
Some of the key players in the global embedded system market include names such as Microchip Technologies, Texas Instrument, Infineon Technologies, Samsung Electronics Corporation, Renesas Electronics Corporation, Atmel Corporation, Fujitsu, ST Microelectronics, Freescale Semiconductor, and Qualcomm among others.
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