Burlingame, Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global embedded computing market size is estimated to be valued at USD 112.45 billion in 2024 and is expected to surpass USD 174.38 billion by 2031, growing at a CAGR of 6.5% from 2024 to 2031.
The growing adoption of IoT across various industrial verticals is a major factor driving the growth of the embedded computing market. IoT enables numerous devices to connect and share data with each other over the internet. Embedded systems play a crucial role in powering IoT devices and enabling connectivity and data sharing capabilities. Moreover, the miniaturization of electronic components is allowing embedded systems to be integrated into smaller devices. The declining prices of embedded chips is another factor fueling the adoption of embedded systems. However, the lack of common connectivity standards for IoT may hamper the market growth.
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Market Trends
The growing need to process IoT data in real-time is propelling the adoption of edge computing in IoT applications. Edge computing utilizes embedded systems installed at the edge nodes to process IoT data locally before transmitting it to the cloud. This reduces latency issues and ensures business continuity.
The integration of vision systems into embedded devices is growing across industries. Embedded vision systems leverage image sensors, processors, and software to provide visual capabilities. Their usage is increasing for surveillance, inspection, and automation in various sectors such as automotive, manufacturing, and healthcare.
Embedded Computing Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $112.45 billion |
| Estimated Value by 2031 | $174.38 billion |
| Growth Rate | Poised to grow at a CAGR of 6.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Processor Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Connected devices driving growth • Developments in AI and edge computing |
| Restraints & Challenges | • High initial investment and complex design requirements • Security concerns and data privacy issues |
Market Opportunities
The hardware segment within embedded computing market is expected to remain dominant over the forecast period. Rapid industrialization and automation has increased the demand for processors, microcontrollers, sensors and other hardware components for embedded applications.
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The software segment is anticipated to witness significant growth going ahead. Growing emphasis on developing advanced software for functions such as data processing, remote monitoring and security will drive revenues in this segment. Development of customized software solutions as per the specific needs of end users offers opportunities to players.
Key Market Takeaways
The global embedded computing market is anticipated to witness a CAGR of 6.5% during the forecast period 2024-2031, owing to rapid industrialization and growing automation trends across industries.
On the basis of component, hardware segment is expected to hold a dominant position, owing to large scale usage of microcontrollers, sensors and other embedded devices in various industrial applications.
On the basis of processor type, 8-bit segment is expected to hold a dominant position over the forecast period, due to low cost and power efficiency. On the basis of application, industrial automation is expected to hold a dominant position over the forecast period due to growing emphasis on industrial IoT solutions.
Regionally, North America is expected to hold a dominant position over the forecast period, due to early adoption of digitalization trends and presence of leading embedded computing players. Key players operating in the embedded computing market include Advanced Micro Devices, Inc., Advantech Co., Ltd., Avalue Technology Inc., Curtiss-Wright Corporation, dell technologies Inc. Emerson Electric Co, Fujitsu Limited, General Electric Company, Hewlett Packard Enterprise Company, Honeywell International Inc., Intel Corporation, Kontron S&T AG.
Recent Developments:
In March 2023, Qualcomm Technologies, introduced the world’s first integrated 5G IoT processors that can support four different operating systems.
In November 2022, Cybellum, announced a collaboration with Jingwei HiRain Technologies, a major China-based automotive electronics and software supplier, to address the growing cyber security challenges faced by the automotive supply chain.
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Detailed Segmentation:
By Component
- Hardware
- Software
- Services
By Processor Type
- 8-Bit
- 16-Bit
- 32-Bit
- 64-Bit
By Application
- Industrial Automation
- Automotive
- Healthcare
- Aerospace & Defense
- Consumer Electronics
- Others
By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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