ALBANY, New York, March 17, 2020 /PRNewswire/ -- With automation at its core Industry 4.0 is picking up major traction these days. The fourth industrial revolution is automating several business processes which is calling for various systems that work in the combination of analog and digital systems. Moreover, there are various complex systems that work as a collectively to deliver a common goal, such system a.k.a. embedded systems are in high demand over the duration of time. Owing to these demands, the global embedded system market is projected to witness a substantial 6.4% CAGR during the tenure of 2019 to 2027, says a latest report by Transparency Market Research. As per the report the market is also expected to reach to the value of US$ 338.34 Bn by the end of 2027.
Key Findings of Global Embedded System Market Study
Automotive Sector to Witness Highest Growth during the Tenure
Automotive industry is projected to witness a substantial growth during the estimated time frame. The segment is expected to hold whopping 18.3% of overall share of the market by the end of 2021 and further growth is also expected. Owing to this rate of growth, various players of global embedded system market are developing solutions that can easily fit into the ecosystem of the vehicle and/or organization. This as result is helping the system manufacturers to explore new opportunities and have a better future in the global embedded system market during the tenure of 2019 to 2027.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on Embedded System Market (Functionality- Standalone Embedded Systems, Real Time Embedded Systems, Networked Embedded Systems, and Mobile Embedded Systems; Microcontroller- Small Scale Embedded Systems, Medium Scale Embedded Systems, and Large Scale Embedded Systems; Type- Embedded Hardware and Embedded Software; Applications- Automotive, Telecom, Healthcare, Industrial, Consumer Electronics, and Aerospace and Defense) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/embedded-system.html
Consumer Electronics, Aerospace, & Defense Sector to Capture a Significant Share Collectively
Defense, consumer electronics, and aerospace industry thrive on the optimal functioning of the electronics, digital, and analog systems. It shall not be wrong to say that these industries are embodiment of the embedded systems. Since, the application of communication devices that uses ICs and other integrated systems in these industries, the demand for embedded system solutions is expected to witness a major hike in coming years. Owing to this hike, the above mentioned industries are expected to collectively dominate the global embedded system market during the tenure of 2019 to 2027.
Major Drivers Mentioned in Global Embedded System Market Report
Growing Penetration of IoT in Business Sector
With the advancement of technologies such as AI and IoT, Industry 4.0 is heavily impacting the business' operations. The technology is disrupting the brick and mortar trend of business and leveraging the benefits of automation such as better insights, optimization, and added value. The fourth industrial revolution is majorly driven by IoT and with conquest for optimized business processes, organizations are readily adopting it. Since, for seamless functioning of the technology, the ICs must be optimally designed and developed, manufacturers are investing a major amount in research and development. As a result of this R&D, the manufacturers are able to develop new chips which is helping the global embedded system market to grow substantially in the coming years.
Regional Analysis of Global Embedded System Market
North America is projected to have the largest share in the global embedded system market. The growth of the region in the market is attributed to the growth in the number of manufacturers that are developing solutions for automotive, defense, telecom, and consumer electronics sector. The developed products by the manufacturers are resulting in personal growth of the business in the region which in turn is reflecting in the revenue generation quotient of the region for embedded system market.
Asia Pacific on the other hand, is referred as the fastest growing region in the global embedded system market. This pacing growth of the region is determined be the growth of various electronic and automotive manufacturers in countries like India, China, Japan, and South Korea.
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Competitive Analysis of Global Embedded System Market
The global embedded system market is highly competitive and largely fragmented. This is because majority of the share of the market is held by emerging players and there only a handful of prominent players in the market. However, due to intense competition, the new players are finding it difficult to enter and establish themselves in the global embedded systems market.
To overcome this challenge, the new players are merging and collaborating with other businesses to avail access to the resources that can help them achieve sustainability in the global embedded system market during the tenure of 2019 to 2027.
Some of the major players listed in the global embedded system report are: Infineon Technologies, Microchip Technologies, Samsung Electronics Corporation, Texas Instruments, and Fujitsu.
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About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.