Over the course of the projected period, it is predicted that the market for embedded systems will grow at a CAGR of 5.8%. By 2022 and 2032, it is projected that the market will be worth US$ 86,450.3 million and US$ 1,52,544.6 million, respectively.
The embedded system is quickly gaining popularity on a global scale because it is widely utilised in manufacturing for a range of functions, including temperature control, driving, networking machinery, managing the speed of assembly lines, and other activities.
The fact that an embedded system is often used for managing, monitoring, and assisting machinery, plant, and equipment operations may be the reason for this.
The term “embedded system market” describes the market for computer systems that are created to carry out certain tasks within bigger systems, such as machinery or electronic gadgets. Embedded systems are designed for low power consumption, small size, and real-time operation and often include a microprocessor or microcontroller along with other hardware and software components.
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The growing demand for smart and connected devices across numerous industries, including automotive, healthcare, industrial automation, and consumer electronics, is what propels the market for embedded systems. These sectors make use of embedded systems to increase productivity and performance while enabling features like communication, control, and monitoring.
Based on the hardware components employed, such as microcontrollers, digital signal processors (DSPs), field programmable gate arrays (FPGAs), and application-specific integrated circuits (ASICs), the embedded system market can be divided into many groups. The most often utilized embedded system components are microcontrollers because they provide an affordable and adaptable solution for a variety of applications.
Competitive Landscape
Key Players Revolutionizing the Embedded Systems Market
The market is consolidated by key players present all around the region. These players play a vital role in the growth of the market by applying various marketing strategies to acquire maximum revenue. Some of the common methodologies are product launches, mergers, and collaborations.
Recent Developments in the Embedded System Market
- In December 2019, a company named NXP Semiconductors acquired Marvell Company’s Wi-Fi and Bluetooth connectivity for US$ 1.8 Billion. The deal was taken place to improve the connectivity and scalable processing to their consumers.
- In November 2019, STMicroelectronics launches its new product STM32WB, which is a wireless microcontroller that can support 5.0 technology Bluetooth. It provides high security and is affordable.
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Key Segments in the Embedded Systems Market
By Type:
- Embedded Hardware
- Embedded Software
By End Use Industry:
- Automotive
- Industrial
- Healthcare
- Consumer Electronics
- Energy
- Communication
- Aerospace & Defence
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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