Embedded Software Market Size, Industry Analysis Report, Regional Trends, Application Potential, Competitive Market Share & Forecast, 2016 - 2023
Dover, DE -- (SBWIRE) -- 04/28/2016 -- Embedded software market size is expected to grow at over 7% CAGR, to be valued at more than USD 18.5 billion by 2023. Escalating demand for consumer electronic devices is likely to drive industry demand.
Surging demand for smart devices such as tablets and smartphones is likely to positively impact embedded software market trends from 2016 to 2023. The software is majorly used in development of ICs as well as microcontrollers. It also provides end users with supplementary entertainment and communication features that are predicted to prove as major buying criteria for consumers. Increasing implementation in various real-time applications such as missiles, airplanes and is anticipated to propel industry demand over the next seven years.
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The software is primarily developed for special hardware that uses RTOS (real-time opearting system) such as VxWorks, LynxOS, Linux (with patched kernel), Windows CE, ThreadX, INTEGRITY and Fusion RTOS. It is constructed to execute and accomplish specific tasks and can also be used in cell phones, calculators, as well as digital clocks. Increasing use of this system in hybrid and electric vehicles is expected to fuel embedded software market size.
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Embedded system market is estimated to surpass USD 250 billion in 2023. Most systems consume significant amount of energy, and the software helps in identifying critical and idle processes and allocate power accordingly.
Rapidly growing demand from the automotive industry is anticipated to be the key factor driving growth over the forecast period. This system plays a key role in developing telematics products as well as in-vehicle infotainment systems. In addition, it also provides numerous features such as navigation, entertainment, safety & security, internet based services and external communications. It helps in rendering safety to the end-users by providing important information to evade accidents while driving. Furthermore, these systems are required to accomplish complex tasks allotted to control systems as well as the ones placed on mechatronic products.
Factors such as uncertain delivery time as well as security issues may pose a challenge to industry growth over the next seven years. However, advent of energy efficient systems accompanied by escalating number of mergers and acquisitions in the industry is anticipated to offer massive growth opportunities to embedded software market trends over the forecast period.
Based on programming language, the industry can be segmented into C++, C, Assembly, MATLAB, .NET and Java. On the basis of end-use, the industry can be segmented into industrial automation, consumer electronics, computing devices, automotive, healthcare and telecommunication.
Technological advancements are likely to offer enhanced functionality as well as high flexibility to consumer electronics devices through 2023. Deployment of this software in electronic devices also aids in cutting down the overall cost of production. Healthcare sector is projected to experience moderate growth rates over the forecast period. Growth in the sector can be attributed to rising need for portable medical devices.
U.S. embedded software market size is forecast to exhibit considerable growth prospects and is likely to dominate the overall industry from 2016 to 2023. This can be primarily attributed to existence of large number of industries across the region. Asia Pacific is expected to witness substantial growth over the forecast period.
Companies accumulating major embedded software market share include ENEA, Green Hills Software, IBM, Intel, Microsoft and NEC. Other prominent players in the industry include Advantech, Emerson Network Power, Johnson Matthey, Johnson Controls Inc, Microchip Technology, LG Chem Ltd, Mitsubishi Electric, Blue Energy Co. Ltd., National Instruments, RadiSys, STMicroelectronics, Amperex Technology Ltd. (ATL), Via Technologies, Panasonic Corp., SAFT and Toshiba Corp.