Embedded System Market Size worth $ 159.12 Billion by 2031| CAGR: 7.7% - TMR Study

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Oct 19, 2022, 10:30 ET

Growing trend of virtualization for embedded systems presents an incredible avenue for commercialization of products; advancements in multicore embedded systems offer incremental opportunities for companies to capture revenues in embedded system market
Increasing application of network embedded systems in automation fueled by applications of computer vision in embedded systems notably for robotics; Asia Pacific replete with opportunities

WILMINGTON, Del., Oct. 19, 2022 /PRNewswire/ -- Embedded systems applications are thriving on the back of the need for enormous microprocessor or microcontroller capabilities for computing systems used in IoT. An in-depth study by TMR has found that embedded systems in IoT have witnessed incredible progress, driven by advancements in computer vision technologies. The study has projected the embedded system market to advance at a CAGR of 7.7% from 2022 to 2031.

Furthermore, rise in adoption of machine learning and artificial learning technologies and cutting-edge graphics processing units (GPUs) is constantly enriching the scope for embedded system market. Emerging trends of the embedded system market has found that strides in consumer electronics is a key factor accelerating the growth prospects. In addition to this, rapid industrial automation has also opened up new vistas of growth for market players in recent years.

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Key Findings of Embedded System Market Study

Rising Trend of Embedded Virtualization to Underpins Steady Revenue Growth: Growing trend of virtualization for embedded systems in the IT sector is a major force for the expansion of avenues in the embedded system market. Demand for high-end or high-performance single system on a chip (SoC) is generating profitable avenues for market players, observed the study.
Growing Use of Network Embedded Systems in Automation Creates Vast Growth Opportunities: Rise in use of embedded virtualization solutions in industrial automation application has propelled the revenue streams in the market. Furthermore, strides made in Industry 4.0 and robotics-led automation in various industries around the world have created vast revenue potential. Of note, automation companies are rapidly adopting such solutions. The demand for multicore embedded systems offers lucrative avenues for firms in the embedded system market. Advances made in programming models for multicore embedded systems will enrich the market outlook.

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Embedded System Market: Key Drivers

IoT is steadily being adopted in several computing applications. Rising penetration of IoT has vastly augmented the scope of automation technologies in wide spectrum of industrial, commercial, and other applications. This is a key driver for applications of embedded systems in computing.
Strides being made in Industry 4.0 and robotics are key pivots for the rising demand for embedded systems with advanced computer vision technologies. The growing use cases of these technologies is thus a key driver of the embedded system market.

Embedded System Market: Regional Growth Dynamics

Asia Pacific held the major market share in 2021. Enormous demand for embedded engineering services from multiple industries presented tremendous growth opportunities for players in the regional market. A remarkable pace of industrialization, fueled in large part by adoption of automation technologies, has opened up new revenue streams in the Asia Pacific embedded system market.
Europe and North America are lucrative regions in the global embedded system market. The growth has been invigorated by expanding expertise of embedded systems programming, found the TMR study.

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Embedded System Market: Competition Landscape

The embedded system market is markedly fragmented, attributed mainly to presence of several players in the vast ecosystem vying for significant stakes. Of the various strategies, product innovations are likely to remain a popular one during the forecast period of 2022-2031.

Some of the key players in the market are Toshiba, Texas Instruments, STmicroelectronics, Samsung Electronics, Renesas, NXP Semiconductors, Microchip, Marvell, Intel, Cypress Semiconductor, Broadcom, and Analog Devices.

Embedded System Market Segmentation

Component

Hardware

Microcontrollers
Microprocessors
Field-Programmable Gate Arrays (FPGA)
Digital Signal Processors (DSP)
Memories
ASIC
PMIC
Others (Timers, DAC/ADC, I/O Ports etc.)

Software

Operating Systems (OS)
Middleware

Services

Function

Real Time
Standalone
Mobile
Networked

System Size

Small size
Medium Size
Large Size

End-use Industry

Automotive
Consumer Electronics
Aerospace and Defense
Healthcare
Telecommunication
Industrial
Others

Regions Covered

North America
Europe
Asia Pacific
Middle East & Africa
South America

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