Embedded Systems Market Statistics
Increasing adoption rate of smart meters is expected to drive embedded system market
Global Market Insights Inc. announces the release of a comprehensive research report on Embedded Systems. The report projects the market to witness burgeoning growth and surpass US$258.72 billion by 2023. Smart grid initiatives, rising investments in automation technologies and persistent growth in consumer electronic devices segment is likely to drive the demand.
View a summary of the “Embedded System Market Size, Industry Analysis Report” @ https://www.gminsights.com/industry-analysis/embedded-system-market
Following are the projected key trends:
- Designing Secure Systems on Focus
- Emergence of M2M Communication drives Demand for Embedded M2M Solutions
- Smart devices and vehicles open up the application avenues
- Growing Role of Electronic Control and Signaling in Railway Networks creates prospects
- Advancement in Medical and Healthcare Boosts Market Opportunities
Embedded system is a combination of computer software and hardware specifically designed or programmed to execute a particular function. It plays an important role in almost every electronic device. An MP3 player, cell phone, control menu on TV systems, are a few examples of day to day applications of this system. It is found wide acceptance in every sector including automobiles, Industrial machines, cameras, medical equipment, airplanes, household appliances, toys, vending machines, and many more. It is a key enabler of a smart device. The advent of semiconductor technology has led to declining costs of microprocessors together with reduced manufacturing costs have contributed to widen the horizon of advanced microcontrollers’ applications.
Consumer electronics is one of the key end-use sectors for this market. Proliferation of smart devices like smart phones, LED TVs, electronic and home appliances is likely to open new avenues for the market. At present, the consumer electronics sector is witnessing significant growth owing to technology trends like mobility, miniaturization and digitalization. Furthermore, growing demand for smart living with smart devices like advanced gaming consoles, portable devices like video players, sophisticated digital cameras, and home appliances including dishwashers, refrigerators, dryers, washing machines, air conditioners, and electric cookers is anticipated to fuel the market growth.
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North America embedded system market size is projected to be worth 84 billion at a growing CAGR of 5.7% in the near future. Europe is anticipated to pick up the pace during the projected period and surpass USD 62 billion over the predicted time frame. Asia Pacific market is likely to register USD 81 billion by 2023 owing to the largely available skillful professionals in software development.
Key participants of the moderately competitive market include Renesas Electronics, Freescale Semiconductor, Microchip, Infineon Technologies, Atmel Corporation, Samsung, STMicroelectronics and Texas Instruments.
Author Name : Dhananjay Punekar
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