Embedded System Market in Hardware Product Segment Will Grow At A CAGR of Over 5.5% by 2023 | Leading Players are Altera, Arm, Atmel, Infineon Technologies, Intel, Microchip Technology Inc., Microsoft, NXP Semiconductors, Renesas Electronics, STMicroelect
Internet of Things (IoT) is an emerging technology which consists of various devices such as sensors, connectivity, software, and electronics for effective communication within the network. IoT devices adoption will grow exponentially over the years. Compliance of data communication standards improves interoperability of the unit. Electronic setups and data management tools are employed to enable IoT further empowering the embedded system market growth.
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The need for high performance of electronic units has resulted in development of multicore processors wherein the advanced technology increases the speed of equipment functionality. It consumes more power, thereby dissipating thermal energy. Wireless connectivity enhances the functioning of electronic and mechanical units. Innovations in electronic units providing robust solutions will steadily boost the embedded system industry.
The major manufacturers covered in this report: -
3. Atmel Corporation
4. NXP acquires Freescale Semiconductor
5. Infineon Technologies
6. Intel Corporation
7. Microchip Technology Inc.
9. NXP Semiconductors
10. Renesas Electronics
11. Samsung Electronics
13. Texas Instruments
Healthcare is likely to be the second largest application area for the embedded system market. The growing population and increasing number of diseases have imposed a burden on the global healthcare expenditure. Healthcare sector, over the past few years, has witnessed rapid technology adoption, and the trend is likely to continue, driven by the escalating demand for affordable and advanced medical devices along with the rising healthcare costs. Embedded system industry share in the healthcare sector is projected to witness a CAGR of 6% over the period of 2016-2023.
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Hardware holds major industry share and is predicted to grow at a CAGR of over 5.5% over the forecast timeline. Software segment is anticipated to be valued at over USD 15 billion by 2023. Software includes middleware, tool and operating system. Adoption of Java in smart devices controls proximity communication and image recognition technology will spur the embedded system market.
North America embedded system market is projected to be worth 84 billion at a growing CAGR of 5.7% in the near future. Europe is anticipated to pick up the pace during the projected period and surpass USD 62 billion over the predicted time frame. Asia Pacific market is likely to register USD 81 billion by 2023 owing to the largely available skillful professionals in software development.
Key participants of the moderately competitive market include Renesas Electronics, Freescale Semiconductor, Microchip, Infineon Technologies, Atmel Corporation, Samsung, STMicroelectronics and Texas Instruments.
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