Wilmington, Delaware, United States, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Extensive usage of embedded systems in consumer electronics has augmented the embedded system market value. Increasing trend of embedded system adoption is propelled by surge in demand for low-power, high-performance microprocessors and microcontrollers in emerging consumer electronic devices. The embedded system market is projected to expand at a CAGR of 7.7% during the forecast period 2022–2031, and reach value of US$ 159.12 Bn by 2031.
Rapid increase in demand for next-gen industrial automation has boosted the applications of embedded systems in several industries. Recent market trends underscore the fact that companies are focusing on smart multicore embedded systems to meet the emerging requirements of industrial automation. An example is the substantial usage of networked embedded systems in industrial automation. Semiconductor companies are tapping into product demand by increasing R&D activities in embedded multicore technology. An instance is the introduction of new designs in multicore systems on chip (SoC) using the technology.
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Key Findings of Study
- Rise in Usage of Smart Multicore Embedded Systems in Several Industries: Use of virtualization technology has enabled the development of multicore embedded systems. Deployment of smart multicore embedded systems in multiple industries, such as automotive and consumer electronics, can be ascribed to the benefits of virtualization and hypervisors in the IT sector. This has led to the development of embedded hypervisors for a wide range of computing applications. Designers are unveiling multicore SoCs with hypervisors in order to reduce power consumption and improve processing capabilities significantly.
- Extensive Utilization of Embedded Systems in Automation Applications to Propel Revenue Growth: Surge in adoption of embedded software in a wide spectrum of automation applications has fueled market expansion. Extensive usage of real-time embedded systems in industrial automation has generated significant revenue growth for companies. Deployment of embedded systems in the manufacturing sector has led to high operator safety and enables manufacturing facilities to fulfil the stringent requirements (GMP standards) under which the equipment operate.
Key Drivers
- Rise in demand for multicore processors in complex systems, in particular, automation applications, is a key driver of the global embedded system industry. For instance, virtualization in embedded systems enables development of low-power, high-performance single systems on a chip (SoC) for autonomous vehicles.
- Innovations in embedded systems, notably the usage of machine learning in embedded devices (embedded machine learning applications), and computer vision systems in next-generation IoT embedded devices are trends expected to accelerate the embedded system market development.
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Regional Growth Dynamics
- Asia Pacific held the leading share of the global embedded system industry. Companies in the region are offering embedded engineering services to gain revenue. Furthermore, significant adoption of robotics and embedded vision systems in industrial automation has augmented the market size in Asia Pacific. Extensive demand for microcontrollers and microprocessors in the automotive industry is expected to boost embedded system market growth in the region.
- North America is also a lucrative region in the global market. Significant usage of embedded systems programming in numerous industrial applications has propelled the market in North America in the past few decades.
Competition Landscape
The ecosystem of players in the embedded system industry is vast, including manufacturers, designers, software developers, and service providers, which renders the landscape fragmented. Prominent players operating in the market are Toshiba, Texas Instruments, STmicroelectronics, NXP Semiconductors, Samsung Electronics, Microchip, Intel, Marvell, Cypress Semiconductor, Analog Devices, Renesas, and Broadcom.
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Embedded System Market Segmentation
- Component
- Hardware
- Microcontrollers
- Microprocessors
- Field-Programmable Gate Arrays (FPGA)
- Digital Signal Processors (DSP)
- Memories
- ASIC
- PMIC
- Others (Timers, DAC/ADC, I/O Ports etc.)
- Software
- Operating Systems (OS)
- Middleware
- Services
- Hardware
- Function
- Real Time
- Standalone
- Mobile
- Networked
- System Size
- Small size
- Medium Size
- Large Size
- End-use Industry
- Automotive
- Consumer Electronics
- Aerospace and Defense
- Healthcare
- Telecommunication
- Industrial
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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