Allied Market Research published a report on Embedded Systems Market by Component, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031. According to a report, the embedded systems market was valued at $89.1 billion in 2021, and is estimated to reach $163.2 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
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The following variables significantly influence the growth of the global embedded systems industry which is, rise in the number of embedded systems-related research and development initiatives, as well as the demand for ADAS in EV and hybrid vehicles. Additionally, the market opportunity is anticipated to be driven by the demand for multicore CPUs in military applications.
The market’s expansion is, however, hampered by the rising vulnerability of embedded systems to security flaws and cyberattacks. The advent of 5G, the development of embedded devices based on 5G, and the widespread use of embedded systems in smart homes, on the other hand, are anticipated to present prospective growth opportunities for the global embedded systems industry during the forecast period.
On the basis of embedded systems market analysis the hardware segment was the highest contributor to the market in 2021, whereas the automotive and industrial segments collectively accounted for highest market share in 2021. Surge in demand for embedded systems solution in consumer electronics sector globally has led to the increase in manufacturing of microcontrollers (MCU) in hardware segment, thereby enhancing the market growth.
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Competitive Analysis:
The company profile section of the Embedded Systems Market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global Embedded Systems Market include,
- Advantech
- Analog Devices
- Cypress semiconductors
- Infineon Technologies
- Intel Corporation
- Microchip Technology
- NXP Semiconductors
- Qualcomm Incorporated
- Renesas Electronics
- STMicroelectronics
- Texas Instruments, Inc
Embedded systems are renovating the chip design process and changing the way the data centers are maintained. These chips enable the transfer of critical tasks from software onto hardware to save power, which is crucial for the power-sensitive applications. Embedded systems offer flexibility of hardware and security for custom hardwired circuits.
Embedded systems are increasingly prospering into networking/data centers as well as wireless base stations, memories such as solid-state drive (SSD), Hard Drives (HDD) and other applications. For instance, in March 2021, Intel Corporation launched Solid State Drive (SSD) 670p, a 144-layer quad-level cell (QLC)-based client SSD which has its application in storage and gaming.
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Key Benefits for Stakeholders
- The embedded systems market to reach $163.2 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
- The consumer electronics segment acquired the largest share in 2021 and is expected to grow at a significant CAGR from 2022 to 2031 for embedded systems market forecast.
- The hardware segment dominated the market, in terms of revenue, and is expected to follow the same trend during the forecast period.
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