Sellbyville, DE -- (SBWIRE) -- 01/17/2019 -- Embedded System Market size is likely to be valued USD 258.72 billion by 2023, as per a new research report by Global Market Insights, Inc. Mounting need mainly from application sectors such as healthcare as well as automotive is expected to drive demand. In addition, emergence of IoT is anticipated to fuel industry growth.
Automotive sector valued USD 34.64 billion in 2015 which is likely to attain USD 56.04 billion by 2023, growing at a CAGR of 6% from 2016 to 2023. Increasing acceptance of hybrid as well as electric vehicles in order to control emissions is likely to fuel the industry growth. Healthcare sector is likely to grow at a CAGR of 6.3% over the next few years. Rising need for portable medical devices in this application is predictable to boost the global growth.

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Embedded hardware system market size was valued USD 154.82 billion in 2015 and is anticipated to observe significant gains, with USD 240.11 billion at a CAGR of 5.5% from 2016 to 2023. Technological innovation and advancement in emerging nations such as Russia, India, China, Brazil and Taiwan is likely to spur growth. Embedded software was valued at USD 10.46 billion in 2015, and is anticipated to attain USD 18.61 billion by 2023, at an estimated CAGR of over 7.3% over the forecast period.

Technology innovation in wireless communications, software and digital processing is expected to positively impact embedded system market size. Systems that effectively and efficiently drive the electronic contents within vehicles have also increased significantly in automotive sector. This assists safety systems on the highest priority by monitoring parameters such as tire inflation, antilock braking systems, remote keyless entry, antitheft and airbag systems. However, security risks related to the systems is anticipated to hinder the industry growth.

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North America embedded system market size was valued at around USD 49 billion in 2015 and is likely to attain 84 billion by 2023 at a CAGR of 5.7% from 2016 to 2023. Europe is expected to exceed USD 62 billion by 2023, at a CAGR of over 5.3%.

The global embedded system market share is moderately competitive, and the top four competitors accounted for more than 45% share in 2015. Renesas Electronics accounted for over 25% of the industry share in 2014 and offers wide range of components which in turn intensifies the dependency of OEMs. Other key players include Altera, Arm, Atmel Corporation, NXP acquires Freescale Semiconductor, Infineon Technologies, Intel Corporation, Microchip Technology Inc., Microsoft, NXP Semiconductors, Renesas Electronics, Samsung Electronics, STMicroelectronics, Texas Instruments.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.