Allied Market Research published a report, titled, “Embedded Systems Market by Component (Hardware, Software), by Application (Automotive, Consumer Electronics, Industrial, Aerospace and Defense, and Others) : Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global embedded systems industry generated $89.1 billion in 2021, and is estimated to reach $163.2 billion by 2031, witnessing a CAGR of 6.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in investment made by government agencies in next-generation electric vehicles (EV) and automotive & defense sectors to drive the growth of embedded systems market. Surge in investment made by prime players in emerging economies to boost the global market trends. Rise in penetration of 5G network across various sectors and increase in use of 5G devices in embedded systems will open new growth avenues for the global market. Growing security concerns related to embedded devices will put brakes on the global market growth.
The Consumer Electronics Segment to Dominate the Global Market Share in Terms of Revenue
Based on application, the consumer electronics segment held the major market share in 2021, holding nearly two-fifths of the global embedded systems market share, and is expected to maintain its leadership status during the forecast period. The increased demand for consumer electronics devices such smartphones, laptops, handheld gaming consoles, smart TVs, and others running on Android, Linux, and other operating systems is expected to boost the expansion of the embedded system industry during the forecast period. The development of the Internet of Things (IoT), artificial intelligence (AI), and the potential development of emerging economies are further factors contributing to the market expansion making it as a largest segment in embedded systems market. However, the automotive segment, is expected to cite the fastest CAGR of 10.0% during the forecast timeline.
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The Hardware Segment to maintain its Dominance During the Forecast Period
On the basis of component, the hardware segment held the largest market share in 2021, accounting for more than two-third of the global embedded systems market share, and is expected to maintain its leadership status during the forecast period. However, the hardware segment, is expected to cite the highest CAGR of 7.3% during the forecast period.
Asia-Pacific to Dominate the global Market Growth in 2031
Region-wise, the North American region held the major market share in 2021, grabbing more than two-fifths of the global embedded systems market share. However the Asia-Pacific market is slated to dominate the global market share during the forecast period.
The embedded systems market in Asia-Pacific is expected to be largest segment in sectors like automotive, industrial, and others. A developing trend in the area is the “Internet of Cars,” which promotes more connectivity using technologically advanced cars which use sophisticated embedded systems.
The rising demand for eco-friendly technologies and vehicle security in nations like India, China, and Japan is attributable to the rising desire for advanced embedded systems Nevertheless, the European region is expected to cite the fastest CAGR of 8.7% during the forecast period.
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