According to the latest report from Global Market Insights, the market valuation of embedded systems will reach $160 billion by 2026. The market growth is owing to the implementation of embedded systems on a wide range of applications such as telecommunication, automotive, industrial, healthcare, consumer electronics, aerospace & defense, and industrial, among others. The real-time functioning of embedded systems has increased its adoption for safety applications.
The report is called: ‘Embedded System Market Size By Component (Hardware, [ASIC & ASSP, Microcontroller, Microprocessor, PMIC, FPGA, DSP, Memory], Software (OS, Middleware), Function (Standalone System, Real-Time System, Network System, Mobile System), Application (Automotive, Consumer Electronics, Manufacturing, Retail, Media & Entertainment, Military & Defense, Telecom), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’.
The FPGA hardware component is the fastest-growing segment. The growth is attributed to rising transformation in industrial infrastructures. Several initiatives by the government to enhance the utilization of automated machinery in industries will propel the demand for FPGAs, in turn, boosting the embedded system market. Industries are switching to automation in the supply chain, manufacturing, and assembly processes with the incorporation of robotics, driving demand for embedded systems.
The healthcare application segment will register significant gains through 2026 due to the rising adoption of embedded systems in rugged operating conditions with high-temperature fluctuations and exposure to vibrations & shocks. In healthcare applications, embedded systems are used to amplify sound in electronic stethoscopes, to monitor vital signs, and in various imaging systems such as CT scan & MRI.
Europe’s embedded system market is predicted to witness a growth of around 5% during the forecast period impelled by growing demand for advanced technologies in vehicles across the region. Another factor propelling the market growth is increasing telemedicine demand in Germany owing to rising number of intensive care residents.
The network embedded systems held over five percent market share in 2019 and are set to exhibit modest growth till 2026. These systems are connected to various networks, such as LAN, WAN, and the internet, to access resources. These connections can be wired or wireless. An embedded system connected to a web server allows control and accede by the web browser.
Major findings of the embedded system market report include:
- The growing adoption of in-vehicle electronics and the increasing demand for car-to-road communication systems are creating lucrative growth opportunities for the embedded system market.
- The proliferation of electric & hybrid vehicles in developing nations to control emission rates will boost the implementation of embedded systems in the automotive sector.
- In industrial applications, the rising demand for acquisition control systems and data feedback for automation will positively impact the growth of the market.
- The increasing requirement for computing functionality in compact military systems to enhance functionality will drive the demand for embedded systems. The multicore processors used in embedded systems help to increase the system performance and runs at a low temperature.
- Some of the key players operating in the embedded system market include Atmel Corporation, Texas Instrument, NXP Semiconductors, and Microsoft Corporation.
- Embedded system providers are focusing on the development of innovative products and enhancement of their existing product range to gain a competitive edge in the market.