Global Embedded Systems Market Worth Over USD 124 billion in 2024: ZMR Report
Sarasota, FL -- (SBWIRE) -- 02/20/2019 -- Zion Market Research has published a new report titled "Embedded Systems Market by Type (Hardware and Software), by Functions (Real-time, Standalone, Networked, and Mobile), by Microcontroller Performance (Small-scale, Medium scale, and Sophisticated), by Application (Automobiles, Telecommunication, Smart cards, Missiles, Satellites, Computer networking, and Digital consumer electronics) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024''. According to the report, global embedded systems market was valued at around USD 86 billion in 2017 and is expected to reach approximately USD 114 billion in 2024, growing at a CAGR of slightly above 4.0% between 2018 and 2024.
Embedded system is a device that consists of computer software and hardware. These systems require a hardware platform that is built with a microcontroller or microprocessor. Hardware parts of the system include elements such as display and memory, input and output interfaces, user interface, etc. Generally, the system comprises serial communication ports, timers, memory, processor, power supply, and specific circuits. The software of these systems is written in a high-level language. It is then compiled to achieve any specific function in a non-volatile memory of the hardware.
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Embedded systems have prominent applications in the consumer electronics industry such as DVDs, high definition TVs, set-top boxes, and digital cameras. Large screen size televisions demand along with advanced technologies such as OLED and 4K will propel global embedded systems market. Numerous television manufacturers in the market are Samsung Electronics, Sony Corporation, and LG Electronics, leading to boosting competition. Additionally, the rising popularity of 4K and OLED televisions coupled with their declining prices is fueling consumer electronics products demand. Moreover, increasing replacement rate of conventional televisions with advanced ones will boost embedded systems market during the forecast period.
Prominent uses of embedded systems include communication, aerospace and defense, telephone and banking, and security systems. Aerospace & defense sector comprises of military and civil aerospace and defense procurements. In 2016, the U.S. aerospace & defense industry projected to generate an overall revenue of USD 345.7 billion, registering a CAGR of 5.7% from 2012 to 2016. The growth of the defense sector of any nation is highly dependent on its government budget and spending. In 2016, Lockheed Martin the largest defense contractor worldwide generated 70% of its revenue share from the U.S. government. Further, FY 2018 budget of the U.S. is predicted to witness an increase of USD 33 billion as compared to FY 2017. The budget would constitute of purchasing 218 aircraft, whose contracts are being filled by defense contractors from now only.
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The global embedded systems market is bifurcated on the basis of the type as hardware and software. Hardware segment is anticipated to dominate the revenue share of the global embedded systems market owing to high cost of microcontrollers, digital signal processors, and microprocessors. Embedded systems are used for a variety of critical safety purposes, leading to the requirement of efficient tailored software for specific target applications.
As per functions, the global embedded systems market is classified as real-time, standalone, networked, and mobile. The networked segment is estimated to depict the highest CAGR between 2018 and 2024 in the global embedded systems market. These systems are connected through a network to access the resources. The connected networks can be the internet, WAN, or LAN. All the devices are connected to the web server and are controlled and accessed by a web browser. Various microprocessor performances in the global embedded systems are sophisticated, medium scale, and small scale. Applications of global embedded systems market are automobiles, telecommunication, digital consumer electronics, computer networking, satellites, missiles, and smart cards.
Key players in the global embedded systems market are Toshiba Corporation, NXP Semiconductors N.V., Fujitsu Limited, Broadcom Limited, Analog Devices Inc., Cypress Semiconductor Corporation, Qualcomm Technologies Incorporated, STMicroelectronics N.V., Microchip Technology Incorporated, Texas Instruments Incorporated, Renesas Electronics Corporation, Infineon Technologies AG, and Intel Corporation
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The report segments the global embedded systems market as follows:
Embedded Systems Market: Type Segment Analysis
Embedded Systems Market: Function Segment Analysis
Embedded Systems Market: Microcontroller Performance Segment Analysis
Embedded Systems Market: Application Segment Analysis
Digital consumer electronics
Embedded Systems Market: Regional Segment Analysis
The Middle East and Africa
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