Embedded System Market to be worth US$338.34 bn by 2027
Embedded systems market is one of the most robust, and innovative frontier for technological development. In 2007, Barr Micheal, a leading global expert on embedded system said, the systems were used in over 98% microprocessors used back then. The market just promises to expand its scope for growth with new applications like home automation, electric vehicles, and global smart initiatives like Internet of Vehicle, driven by Internet of Things.
According to TMR experts, the embedded systems market will reach a valuation of US$338.34 bn by 2021. The market promises to exhibit notable growth a CAGR of 6.4% during 2019-2027.
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Growth of 5G, and Rising Penetration of IoT to Promise Tremendous Growth
The advancements in consumer electronics has emerged as a major positive recently. The technology has enabled developments like Personal Area Network, advanced personal control to mobile users, and concepts like smart home automation. Among these, the smart home automation promises opportunities in many areas including lighting, security, lawn / gardening management, smart home appliances, advanced home entertainment systems, AI personal assistants, and HVAC systems. The home automation is expected to receive a major boost in the near future, as major carries like Verizon have rolled out 5G technology already in key markets like the US.
Moreover, the technology has already been widely adopted in China, wherein the government has driven key infrastructure developments like IoV on the back of advanced networking capabilities. One of the biggest pain point or opportunity in the market is expected to remain the efficiency, and advanced IoT capabilities of these devices. The rise in home automation can provide new impetus to ailing sectors like constructions with a boost to home prices, and is increasingly becoming a necessity due to green legislations for energy efficiency, and sustainable energy. For example, countries like India, and UK have laid out plans to replace conventional meters with smart meters in every home. The growth of 5G also seems promising as key companies like Apple in the US region has acquired the Intel’s 5G telecom division, which might soon power the adoption of technology worldwide.
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Electric Vehicles Promise to Ride Embedded Systems to New Heights
The embedded systems market will witness strong growth in the automobile sector, thanks to promising growth of electric vehicles. According to TMR analysts, the auto sector will comprise of 18.3% market share by 2027. This growth isn’t surprising as electric automobiles require energy efficient and intelligent infrastructure to communicate with key components like energy grids, sensors, and promise to power the future on the back of these advancements. According to International Energy Agency, by 2040, 40% of all passenger vehicles will be electric. Moreover, smart and efficient management of electric vehicle is a major arena for advancement. For example, Tesla, known to be a leading player in electric vehicles worldwide, promises nearly 370 miles on a single charge. The company has caught worldwide attention due to leap forward from the likes of Nissan electric vehicle of earlier generation, which provided 107 miles per charge. Moreover, the most electric infrastructure of today still promises major scope for improvement with energy efficiency, and smart automation.
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