BANGALORE, India, Sept. 8, 2020
BANGALORE, India, Sept. 8, 2020 /PRNewswire/ -- Major factors driving the Embedded Systems Market size include increasing the number of research and development activities related to embedded systems, growing demand for advanced driver assistance systems ( ADAS) and electromobility solutions for electric vehicles and hybrid vehicles, rising demand for portable devices such as wearables and growing the usage of multicore processors in military applications.
The Global Embedded Systems Market is expected to grow from USD 86,898.31 Million in 2019 to USD 118,902.70 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 5.36%.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness for various segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
TRENDS INFLUENCING THE EMBEDDED SYSTEMS MARKET SIZE
The growing demand for smart meters is expected to increase the growth of embedded system market size. Demand for smart meters is expected to continue to grow over the forecast period due to global energy efficiency initiatives, thus providing impetus to embedded systems' demand.
Technological innovation and declining microcontroller unit prices are also expected to have a favorable effect on the market over the forecast period.
Furthermore, the increase in demand for ADAS in electric and hybrid vehicles is, in turn, expected to drive the embedded system market size. Embedded devices play a significant role in the automotive industry redesign. These systems are used in the electric and hybrid vehicles implemented in ADAS technology. The increase in demand for electric and hybrid vehicles due to raising awareness among the masses has led to the embedded system market size growth.
The Advent of 5G is expected to further propel the growth of embedded system market size. Embedded devices used in smart vehicle camera surveillance systems offer quick response rates since 5G is built into their architecture. Furthermore, 5 G technology is expected to help solve the problems faced during industrial automation and smart farming, as it allows for quick image processing. Thus, the embedded devices supporting 5 G networks would drive market growth.
COVID-19 IMPACT ON EMBEDDED SYSTEM MARKET
COVID-19 not only affected industry operations providing various embedded components and solutions but also affected companies using these products and solutions. The low demand for consumer electronic products had a global impact on the semiconductor industry because of the lockdown. It is also predicted that the ongoing downturn in global demand and export shipments for automotive vehicles would negatively affect the semiconductor industry and gradually slow down demand for embedded systems.
However, the healthcare sector is expected to benefit from the COVID-19 pandemic as the need for a ventilator and other specialized medical equipment is growing across the world. As various embedded hardware components are used in the production of advanced ventilators and other medical equipment, including medical robots, this is expected to positively affect the embedded system market.
EMBEDDED SYSTEMS MARKET SHARE ANALYSIS
North America is expected to hold the largest embedded system market share during the forecast period. This dominance of North America is attributed to the large deployments of smart meters and smart grids.
Asia-Pacific is expected to witness the highest growth during the forecast period. This rapid growth is due to the ongoing large-scale industrialization and urbanization. Furthermore, the availability of low-cost electronic goods at APAC is expected to contribute to the region's increased demand for microprocessors and microcontrollers.
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TOP COMPANIES IN THE EMBEDDED SYSTEMS MARKET
The top companies in the embedded system market are increasingly innovating new products to meet industrial automation demand, thereby gaining a competitive advantage.
Some of the top companies analyzed in this report include,
MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Embedded Systems to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Microcontroller, the Embedded Systems Market studied across
Based on Functionality, the Embedded Systems Market studied across
Based on Component, the Embedded Systems Market studied across
Based on Application, the Embedded Systems Market studied across
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The global Embedded Software market size is projected to reach USD 11180 Million by 2026, from USD 10620 Million in 2020, at a CAGR of 4.9% during 2021-2026.
The embedded computing market size is expected to reach USD 236.5 Billion by 2022, registering a CAGR of 6.2% during the forecast period 2016 to 2022.
The global Embedded Systems in Automobile market size is projected to reach USD 4991.2 million by 2026, from USD 4770.1 Million in 2020.
The Global Embedded Security Market is expected to grow from USD 4,312.76 Million in 2019 to USD 5,699.21 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 4.75%.
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