Embedded Systems Market Worth $163.2 Billion by 2031 | Renesas Electronics, STMicroelectronics and Texas Instruments
PORTLAND, OR, UNITED STATES, September 5, 2023/EINPresswire.com/ — An embedded system is a physical computer system with integrated software that uses a semiconductor microprocessor to carry out a particular task as a stand-alone or large-scale system. The central component of embedded systems is an integrated circuit designed to advance compute activities and processes in real-time. Embedded systems can be simple to use through simply linked peripherals to complicated connected microcontrollers, from no UI to realistic graphical UI. They can be constructed at any level of deep collaboration, depending on their duties. Currently, embedded systems have been increasingly used in consumer electronics and electric vehicles.
According to a new report published by Allied Market Research, titled, “Embedded Systems Market by Component (Hardware, Software), by Application (Automotive, Consumer Electronics, Industrial, Aerospace and Defense, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031,” the embedded systems market size was valued at $89.1 billion in 2021, and is estimated to reach $163.2 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031. The global embedded systems market share is expected to witness considerable growth in coming years, owing to increase in investment by government agencies in next-generation electric vehicles (EV) & military solution, especially in automotive & defense sector. Further, rise in investment by prime players in emerging economies will propel the market positively during the forecast.
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The following variables significantly influence the growth of the global embedded systems industry which is, rise in the number of embedded systems-related research and development initiatives, as well as the demand for ADAS in EV and hybrid vehicles. Additionally, the market opportunity is anticipated to be driven by the demand for multicore CPUs in military applications. The market’s expansion is, however, hampered by the rising vulnerability of embedded systems to security flaws and cyberattacks. The advent of 5G, the development of embedded devices based on 5G, and the widespread use of embedded systems in smart homes, on the other hand, are anticipated to present prospective growth opportunities for the global embedded systems market during the forecast period.
On the basis of embedded systems market analysis the hardware segment was the highest contributor to the market in 2021, whereas the automotive and industrial segments collectively accounted for highest market share in 2021. Surge in demand for embedded systems solution in consumer electronics sector globally has led to the increase in manufacturing of microcontrollers (MCU) in hardware segment, thereby enhancing the market growth.
The key players profiled in the report include Advantech, Analog Devices, Cypress semiconductors, Infineon Technologies, Intel Corporation, Microchip Technology , NXP Semiconductors, Qualcomm Incorporated, Renesas Electronics, STMicroelectronics and Texas Instruments, Inc. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the global embedded systems market.
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Key Benefits For Stakeholders
• This report provides a quantitative analysis of the embedded systems market size segments, current trends, estimations, and dynamics of the embedded systems market analysis from 2021 to 2031 to identify the prevailing embedded systems market opportunities.
• The embedded systems market outlook is offered along with information related to embedded systems market share key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the embedded systems market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global embedded systems market trends, key players, market segments, application areas, and market growth strategies.
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