Embedded Systems Market to Reach $163.2 Billion by 2031, Globally, by 2031 at 6.5% CAGR: Allied Market Research
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.
PORTLAND, Ore., Nov. 23, 2022 /PRNewswire/ -- 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.
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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. The redesign of the automotive sector is largely being drivn by embedded technology. These systems are utilized by the ADAS technology found in hybrid and electric automobiles. The embedded system industry has expanded because of the rise in demand for electric and hybrid vehicles brought on by public awareness of the environment's declining condition. Thus it is anticipated to witness automotive segment as a fastest growing segment during the forecast period.
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. The report also includes segments such as software. Increase in an embedded system in cloud connectivity, improved security tools, real-time visualizations, lower power consumption, and deep learning solutions are some of the key market trends observed during the forecast period. In addition, the embedded system is expected to continue growing rapidly, driven in large part by the internet of things. Expanding IoT applications, such as wearables, drones, smart homes, smart buildings, video surveillance, 3D printers and smart transportation, are expected to fuel the embedded market. Thus, it is anticipated to witness a fastest growing and largest segment during the forecast period.
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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. Embedded Systems is anticipated to see a surge in applications such as Internet of Things (IoT), drone deliveries, smart factories, and others, in Europe. Furthermore, smart wearables, embedded OS in automotives and other applications continuously require highly advanced and compact embedded systems which further boosts the demand for embedded systems in the market, Therefore, it is anticipated to be the fastest growing segment during the forecast period. The report also analyses other regions such as LAMEA.
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