Press release
Embedded System Market in Asia Pacific to surpass $81 Billion by 2023
Global Market Insights, Inc.
North America embedded systems industry, which collected a revenue nearly USD 49 billion in 2015, is projected to reach USD 84 billion by 2023. It is expected to grow at a CAGR of 5.7% over the coming timeline. The U.S. industry, which contributed over 30% toward the regional embedded system market share revenue in 2015, is certain to drive the regional growth.
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Embedded system market is expected to witness a huge surge over the coming years, subject to escalating use of the system across the healthcare, automotive, telecommunication, military & aerospace, and industrial sectors.
Technological breakthroughs in wireless communications and online processing are predicted to favorably influence the business trends. A report by Global Market Insights, Inc., states that embedded systems industry is forecast to hit a targeted revenue margin of over USD 258.72 billion by 2023, growing at a rate of 5.6% over 2016-2023.
Embedded system market encompasses hardware and software products. Embedded software system industry size, worth USD 10.46 billion in 2015, is predicted to record a CAGR of more than 7.3% over the coming timeframe. The rising global popularity of IoT will influence the product demand notably.
Embedded hardware system industry revenue is slated to reach USD 240.11 billion by 2023, registering a CAGR of 5.5% over 2016-2023. Introduction of innovative technologies along with rapid economic development across the developing regions is expected to beneficially leverage the growth of the industry.
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Global Embedded system market size in the automotive sector, worth USD 34.64 billion in 2015, is anticipated to hit USD 56.04 billion by 2023. The rising demand of electric and hybrid cars to reduce fuel emissions is likely to push the revenue. Healthcare applications, which are predicted to record a CAGR of 6.3% over the coming years, will contribute remarkably toward embedded systems industry share in the future.
Escalating need for portable equipment such as heart rate monitors, ECG signal monitoring mobile embedded systems, blood glucose level monitors, etc., will push the business expansion.
Infineon Technologies AG, Texas Instruments Incorporation, Microchip Technology, Atmel Corporation, Renesas Electronics Corporation, and STMicroelectronics are the key participants of embedded systems industry.
Browse key industry insights spread across 110 pages with 32 market data tables & 31 figures & charts from the report Embedded System Market in detail along with the table of contents:
https://www.fractovia.org/news/industry-research-report/embedded-system-market
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