Embedded Systems Market is expected to reach US$ 159.44 billion by 2030 | The Insight Partners

According to the new research report on "Embedded Systems Market Outlook to 2030 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 159.44 billion by 2030 and register a CAGR of 5.4% from 2022 to 2030.

The demand for embedded systems in the country is due to the growing number of tech-savvy enterprises that are willing to invest in artificial intelligence (AI) technology. For instance, according to Goldman Sachs data, in 2022, the US invested US$ 47.4 billion in AI technology. This investment encourages manufacturers to develop AI-based embedded systems. The AI supports the embedded system to make real-time decisions, which provide faster and more accurate responses to changing conditions. For example, an AI-powered traffic management system can adjust real-time traffic based on traffic patterns, which reduces congestion by improving traffic flow.

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Artificial intelligence (AI) is transforming the way embedded systems operate, especially in the development of autonomous vehicles. AI has become vital in the development of embedded systems. AI allows systems to handle complex tasks such as image processing, speech recognition, and identification and response to specific situations. Incorporating AI into embedded systems helps businesses to streamline operations and automate tasks, which fueling the embedded systems market. AI-based systems can recognize, think, and make decisions autonomously. For instance, companies such as Nanoprecise and PTC are working to implement AI-predictive maintenance to prevent asset failures and unplanned downtime in manufacturing and production sectors. AI is used to develop predictive maintenance models for industrial equipment. It analyzes data from sensors in the equipment to support the model to predict maintenance requirements, which allows businesses to schedule maintenance before a breakdown occurs. This saves time and money for businesses by preventing costly downtime, which increases the adoption by fueling the embedded systems market growth.

The global embedded systems market size is segmented into component, functionality, and application. Based on component, the embedded systems market is segmented into hardware and software. The hardware segment is further sub-segmented into sensor, microcontroller, processors & ASICS, memory, and others. Based on functionality, the embedded systems market is segregated into real-time embedded systems, standalone embedded systems, networked embedded systems, and mobile embedded systems. Based on application, the embedded systems market is bifurcated into automotive, telecommunication, healthcare, industrial, consumer electronics, and others.

Key Findings of Study:

In the global embedded systems market size, APAC is expected to register the highest CAGR in the market from 2022 to 2030. Rapid industrialization has improved Asia Pacific's economic conditions. Certain developing economies in the region, such as India and South Korea, have experienced a significant transition in their economies and overall GDP growth. This has resulted in a surge in spending on high-end items and technology. The proliferation of low-cost smartphone devices and falling service plan costs are the primary factors driving consumer electronics market growth, particularly in terms of smartphone adoption across Asia Pacific. Thus, strict regulations by government bodies are expected to fuel the growth of the embedded systems market in APAC.

Many key players in the country are launching AI-based embedded systems to explore healthcare and life sciences applications. For instance, in May 2023, Cognex Corporation launched an Embedded AI-Based Vision System with applications for OEMs in life sciences. Embedded AI-Based Vision System is an all-in-one vision system that includes advanced machine vision, edge learning technology, and barcode reading to automate the measuring of the phases of centrifuged blood, test tube detection and classification, and identifying pathology samples. However, due to its scalability, accuracy, and user ease, the AI-based embedded system is expected to be a game-changer in the life sciences industry. Thus, surge the demand in the embedded systems market.

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The expansion of the automotive industry and growing demand for electric vehicles (EVs) across the globe is driving the embedded systems market. In the case of electric and hybrid vehicles, embedded systems are utilized to regulate the electric motor, manage battery charging and discharging, monitor vehicle performance, and provide information to the driver. As the demand for electric and hybrid vehicles grows, so does the demand for embedded systems that can manage these functions. Furthermore, as these cars become more modern and sophisticated, so does the complexity of the embedded systems necessary to power them.

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