Selbyville, Delaware, July 27, 2021 (GLOBE NEWSWIRE) --
The embedded software market revenue is anticipated to record a valuation of USD 21.5 billion by 2027, according to the most recent study by Global Market Insights Inc. Robust adoption of IIoT to optimize and automate industrial operations is likely to boost the industry growth. In recent years there has also been an escalating usage of RTOS-based embedded software solutions in industrial manufacturing sectors worldwide.
Major companies are taking note of this and striking strategic deals to develop more advanced IoT solutions for industrial applications. In 2021, Orange entered a partnership with STMicroelectronics, LACROIX, and Sierra Wireless to create an IoT continuum and in turn, accelerate IoT deployment across several industry verticals in the European region.
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There has also been a surging demand for IoT-enabled devices and advanced technological solutions across the manufacturing industry to boost connectivity and data processing. Likewise, rapid technological innovation in handling converged networks in the defense and military sectors will further push the demand for embedded software architecture over the upcoming years.
Enlisted below are 4 trends expediting global embedded software industry share:
- Rising initiatives to support development of autonomous and electric vehicles
Strong demand for autonomous cars, alongside the implementation of varied initiatives to promote the use of electric vehicles, will assert a positive influence on embedded software industry expansion in years ahead. The rise of connected cars has encouraged automotive companies to strengthen their expertise in embedded software design, as it enables them to provide connectivity throughout every touchpoint, allowing for the expansion of their product offerings.
In the wake of the COVID-19 outbreak, the need for ventilators and other advanced medical equipment has been rapidly increasing globally. The pandemic has led to a significant surge in the adoption of embedded software components for the development of such modern medical equipment and will, in turn, bolster the overall market outlook over the forecast spell.
- Robust focus on preemptive scheduling in modern operating systems
With respect to operating system, the embedded software market demand from the RTOS (real-time operating system) segment is likely to exhibit a high growth rate through 2027, on account of its capability to support preemptive scheduling. This software can effectively schedule tasks based on priority and ensure multi-tasking to facilitate prompt response to various events, while simplifying the software development.
On the other hand, the GPOS (general-purpose operating system) will hold a considerable embedded software industry share over the forecast spell. This is attributable to the growing number of market participants that offer GPOS-integrated hardware.
- Escalating deployment of special-purpose hardware like MCUs
On the basis of function, the standalone system segment is anticipated to register remarkable revenue by 2027, which can be credited to the strong demand for special-purpose hardware like FPGAs (field-programmable gate arrays) and MCUs (microcontroller units).
The mobile system segment accounted for over 15% of the embedded software market share in 2020 and is projected to exhibit a CAGR of 8% through 2027. This is a result of the accelerating adoption of mobile devices across several manufacturing industries and enterprises, to remotely and effectively handle operations.
With regards to the application spectrum, the consumer electronics segment held a market share of over 20% in 2020 and is poised to depict an 8% CAGR through 2027, given the rising consumption of electronic devices. These include smartphones, laptops, smart TVs, and smartwatches based on Android, Linux, and other OS. The segmental expansion will further be bolstered by the evolution of AI and IoT technologies, along with the potential growth of the industry in emerging countries.
- Strong focus on industrial automation and digitalization in Europe
From a regional perspective, the Europe embedded software industry is expected to record a CAGR of 6% through 2027, given the steady transition to Industry 4.0 to support digital transformation and automation in the industrial sectors. Furthermore, the consistent rise in software applications will boost the delivery of efficient, improved, and competitive products in the region.
Also, North America is set to emerge as a lucrative revenue pocket for the embedded software market by 2027, owing to the escalating number of startups that provide multiple software solutions, alongside the widespread deployment of special purpose hardware equipment.
Key embedded software industry players include Microsoft Corporation, VIA Technologies, Inc., IBM, Intel Corporation, HCL Technologies, National Instruments, Qualcomm, NXP Semiconductors, Renesas, and Embeddetech, Inc., among others. Strategic M&A and innovative product launches are among the initiatives being employed by these companies to expand their geographical footprint and product offerings for global customers. For instance, in June 2021, Renesas Electronics Corporation extended support for Microsoft Azure RTOS embedded development suite to the customers designing with its 32-bit MCU families to boost secure embedded IoT development.
In essence, increasing embedded software deployment in automotive and electronic devices to control and access data, as well as the significant role of RTOS in embedded systems are among the major trends that are likely to amplify the need for embedded software architecture over the foreseeable future.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.