Embedded Computing Market Share Expected to Reach $ 36,743.56 Million by 2030

According to a recent report published by Allied Market Research, titled, “Embedded Computing Market Analysis by Type and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”

The global embedded computing market size was valued at $36,743.56 Million in 2020, and is projected to reach $85,685.68 Million by 2030, growing at a CAGR of 9.1% from 2021 to 2030.

The global embedded computing industry is in its growing phase, having significant adoption in almost all of the regions. Technological advancements, falling prices of consumer electronics, and emerging economies have boosted the prospects in the embedded computing market. In the prevailing business scenario, the demand for innovative and quality embedded system is witnessing significant growth among the various end-user verticals. Adoption of technology and increase in standards  of  living in emerging markets have shown increase in use of embedded computing systems. Conversely, intense competition among regional market players and complex hardware configuration hinder the market growth.

On the basis of type, the hardware segment dominated the overall embedded computing industry in 2020, and is expected to continue this trend throughout the forecast period. This is attributed owing to rise in standards of living, technology awareness among people, and increase in disposable income of the country. In addition, Asia-Pacific and  LAMEA are expecting a potential growth in hardware market during the forecast period owing to their developments, government initiatives, increase in awareness about technology, and cost-effective consumer electronics, which provide lucrative growth opportunities. However, the software segment is expected to witness the significant growth in the upcoming years. This is attributed rise in market of Internet of Things (IoT); growth in cognitive intelligence applications, prediction, and analytical software; increase in use of mobile phones & applications; and rise in concern for system.

By end user, the communication sector segment held the largest share in 2020 and is expected to continue this trend during the forecast period. The communication sector segment is highly reliable on embedded computing systems, owing to increase in population and evolution of Internet of Things(IoT). In addition, surge in use of consumer electronics devices, such as mobile devices, laptops, tablets, personal computers, satellites, television, and radar along with falling prices of these devices facilitated the growth of embedded computing in the communication sector. However, the automotive sector segment is expected to witness the highest growth in the upcoming years. This is due the adoption of advanced embedded systems has increased rapidly. Automobile manufacturers deploy embedded systems in their cars for different functionalities such as audio systems, security, and ignition. In addition, major automobile manufacturers are inclined towards investing in technology advancement to develop vehicles that are more network savvy, safer, and energy efficient, which is expected to provide the lucrative growth opportunities for the automotive sector.

As per embedded computing market forecast The COVID-19 outbreak has a positive impact on the growth of the embedded computing market due rapidly changing lifestyle and increase in adoption of advanced technologies. However, the outbreak of COVID-19 affected communities across the globe. Governments and other sector are trying their best to respond faster to the challenges posed by this pandemic. Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and Internet of Things (IoT) to control costs while improving the customer experience, which would provide the lucrative opportunities for embedded computing market. Hence, increase in awareness among people regarding benefits of latest technology and  increase in disposable income accelerate the adoption of consumer electronics across the globe. This, in turn, is attributed to drive the embedded computing market worldwide. Moreover, the demand for artificial intelligence is growing in areas of science, defense, research, robotics, and education. This is encouraging key players to introduce industry-specific embedded computing solutions and components to cater the increasing consumer demand in efficient and effective manner. Thus, it is driving the market growth across globe.

Key Findings Of The Study

• Depending on product type, the hardware segment dominated the embedded computing market in 2020. However, the software segment is expected to exhibit significant growth during the forecast period.
• By end user, the communication sector segment accounted for the highest revenue of market in 2020. However, the automotive sector segment is expected to witness the highest growth rate during the forecast period.
• Region wise, the embedded computing market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.

This report gives an in-depth profile of some key market players in the embedded computing market which includes Arm Holdings Plc., Fujitsu Limited, Intel Corporation, IBM Corporation, Microchip Technology, Inc., Microsoft Corporation, Qualcomm Incorporated, Renesas Electronics Corporation, STMicroelectronics, and Texas Instruments Incorporated. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.