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Global Embedded Systems Market Will Reach USD 114 Billion By 2024: Zion Market Research(July 10, 2018)
According to the report, global embedded systems market was valued at around USD 86 billion in 2017 and is expected to reach approximately USD 114 billion in 2024, growing at a CAGR of slightly above 4.0% between 2018 and 2024.
New York, NY, July 10, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Embedded Systems Market by Type (Hardware and Software), by Functions (Real-time, Standalone, Networked, and Mobile), by Microcontroller Performance (Small-scale, Medium scale, and Sophisticated), by Application (Automobiles, Telecommunication, Smart cards, Missiles, Satellites, Computer networking, and Digital consumer electronics) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, global embedded systems market was valued at around USD 86 billion in 2017 and is expected to reach approximately USD 114 billion in 2024, growing at a CAGR of slightly above 4.0% between 2018 and 2024.
Embedded system is a device that consists of computer software and hardware. These systems require a hardware platform that is built with a microcontroller or microprocessor. Hardware parts of the system include elements such as display and memory, input and output interfaces, user interface, etc. Generally, the system comprises serial communication ports, timers, memory, processor, power supply, and specific circuits. The software of these systems is written in a high-level language. It is then compiled to achieve any specific function in a non-volatile memory of the hardware.
Browse through 88 Tables & 34 Figures spread over 130 Pages and in-depth TOC on "Global Embedded Systems Market Size, Share, Trends, Industry Segments, and Forecast, 2017 – 2024”.
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Embedded systems have prominent applications in the consumer electronics industry such as DVDs, high definition TVs, set-top boxes, and digital cameras. Large screen size televisions demand along with advanced technologies such as OLED and 4K will propel global embedded systems market. Numerous television manufacturers in the market are Samsung Electronics, Sony Corporation, and LG Electronics, leading to boosting competition. Additionally, the rising popularity of 4K and OLED televisions coupled with their declining prices is fueling consumer electronics products demand. Moreover, increasing replacement rate of conventional televisions with advanced ones will boost embedded systems market during the forecast period.
Prominent uses of embedded systems include communication, aerospace and defense, telephone and banking, and security systems. Aerospace & defense sector comprises of military and civil aerospace and defense procurements. In 2016, the U.S. aerospace & defense industry projected to generate an overall revenue of USD 345.7 billion, registering a CAGR of 5.7% from 2012 to 2016. The growth of the defense sector of any nation is highly dependent on its government budget and spending. In 2016, Lockheed Martin the largest defense contractor worldwide generated 70% of its revenue share from the U.S. government. Further, FY 2018 budget of the U.S. is predicted to witness an increase of USD 33 billion as compared to FY 2017. The budget would constitute of purchasing 218 aircraft, whose contracts are being filled by defense contractors from now only.
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The global embedded systems market is bifurcated on the basis of the type as hardware and software. Hardware segment is anticipated to dominate the revenue share of the global embedded systems market owing to high cost of microcontrollers, digital signal processors, and microprocessors. Embedded systems are used for a variety of critical safety purposes, leading to the requirement of efficient tailored software for specific target applications.
Europe will contribute substantially to the global embedded systems market during the forecast period owing to its ever increasing and well-established automobile industry. Embedded systems are installed for engine control, infotainment and safety in a vehicle. In 2017, the industry accounted for 4% of the regional GDP along with employing 12 million people in the sector. The region is world’s largest producer of motor vehicles along with largest private investment in research and development of the industry. In order to preserve Europe’s global technological leadership and strengthen its competitiveness, the European Commission provides funding for automobile R&D along with supporting its technological harmonization. The automotive industry has a crucial multiplier effect in the regional economy. It is vital for upstream industries such as textiles, chemicals, and steel along with downstream industries such as mobility services, repair, and ICT. Out of 12 million workforces in the automotive sector, 4.8 million are deployed in transport, 4.3 million in sales and maintenance, and 3 million in manufacturing.
Browse the full "Embedded Systems Market by Type (Hardware and Software), by Functions (Real-time, Standalone, Networked, and Mobile), by Microcontroller Performance (Small-scale, Medium scale, and Sophisticated), by Application (Automobiles, Telecommunication, Smart cards, Missiles, Satellites, Computer networking, and Digital consumer electronics) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/embedded-systems-market
In March 2016, overall new car registrations in Europe increased by 6% as that of March 2015, reaching above 1.7 million units. While comparing the countries growth rate, Italy registered a growth of 17.4%, France 7.5%, and the UK at 5.3%. Germany and Spain registered a slight drop in its car registrations as compared to last year.
Escalating consumer electronics industry in the Asia Pacific will offer a promising growth to the region in the global embedded systems market over the forecast period. Embedded systems are installed in consumer electronics products such as set-top boxes, high definition televisions, digital cameras, and DVDs. The region accounts for the largest consumer electronics share in the global market with China being the biggest country; whereas, India is projected to grow at nearly 16.8% annually from 2017 to 2020. Customer demand for technologically advanced products coupled with emerging economies in the region will provide a steady growth to the Asia Pacific. Consumer electronics market has always been an attractive industry owing to customer’s adoption of newer gadgets. The rise in income of consumer’s and preference for best available technology product has boosted sales of these goods in India and China. Leading suppliers of electronic gadgets are increasing their research and development budgets to come up with innovative solutions, avoiding stagnation in popular product segments of the industry.
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North America will register substantial gains in the global embedded systems market during the forecast timeframe because of its space exploration activities from private and government agencies. Embedded systems are extensively used in making satellites and other space-related components. The U.S. and Russia were competing in the field of space exploration nearly 60 years ago and had undergone a collaboration just after 18 years. The association resulted in the international collaboration for many decades in space. However, in the past decade, there has been a tremendous change in space activities. Apart from the government agencies, space environment is being explored by private companies also. Private players are fueling the sector forward more swiftly and vigorously than the government agencies. A new space race has begun, where private players are competing against government organizations and each other. Several private companies namely Space Exploration Technologies, Orbital Sciences, Blue Origin, Bigelow Aerospace, Sierra Nevada Corp, and Virgin Galactic are carrying the passengers to space.
Key players in the global embedded systems market are Toshiba Corporation, NXP Semiconductors N.V., Fujitsu Limited, Broadcom Limited, Analog Devices Inc., Cypress Semiconductor Corporation, Qualcomm Technologies Incorporated, STMicroelectronics N.V., Microchip Technology Incorporated, Texas Instruments Incorporated, Renesas Electronics Corporation, Infineon Technologies AG, and Intel Corporation.
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The report segments the global embedded systems market as follows:
Embedded Systems Market: Type Segment Analysis
Embedded Systems Market: Function Segment Analysis
Embedded Systems Market: Microcontroller Performance Segment Analysis
- Medium scale
Embedded Systems Market: Application Segment Analysis
- Smart cards
- Computer networking
- Digital consumer electronics
Embedded Systems Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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