According to Acumen Research & Consulting, the global Embedded Computing Market was valued USD 37.5 Billion in 2022 and is estimated to be worth USD 70.6 Billion by 2032, rising at a CAGR of 6.6% over the forecast period
The market for embedded computing is expected to grow at a compound annual growth rate (CAGR) of over 6.6% during the period from 2023 to 2032, reaching a market value of more than USD 70 billion. This growth is primarily driven by the increasing penetration of embedded computing in the consumer electronics sector, advancements in the healthcare industry, raising demand for automation in various industrial processes, and the need for embedded computing in the automotive and defense sectors. The evolution of the Internet of Things (IoT) and the adoption of embedded computing in emerging economies represent potential opportunities for market players.
However, despite these beneficial factors, the high initial investment and the challenges associated with designing and configuring systems equipped with embedded computing technology are significant constraints hindering the growth of this market.
The market for embedded systems is currently experiencing growth across all geographic regions. This growth is driven by technological advancements, reduced prices of consumer electronics, and the integration of the Internet of Things (IoT) into a wide range of devices. Market players are focusing on developing innovative and high-quality systems, further contributing to this expansion.
The adoption of newer technologies and improved living standards in emerging economies has led to an increased acceptance of embedded computing systems. However, strong competition among market players and complex hardware configurations are expected to potentially slow down market growth.
Embedded Computing Market Statistics
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Embedded Computing Market Dynamics
Increasing Demand for IoT Devices and Smart Solutions is Fueling the Embedded Computing Market Value
In recent years, there has been a significant increase in demand for Internet of Things (IoT) devices and smart solutions. The demand for improved connectedness, ease, and efficiency in all facets of everyday life and industry is driving this trend. IoT devices include a wide range of networked things that may gather and share data over the internet, such as smart home appliances, wearable fitness trackers, industrial sensors, and more.
Consumers are increasingly looking for Internet of Things (IoT) devices to automate jobs, monitor their surroundings, and improve their overall quality of life. These gadgets frequently include features such as smartphone remote control, energy efficiency, and data-driven insights.
Additionally, organizations are using IoT technology to improve operational efficiency, optimize operations, and acquire useful insights from data provided by networked devices. This rising demand for IoT devices and smart solutions is altering sectors, propelling innovation, and opening up new opportunities for both consumers and enterprises.
Expansion of Smart Cities and Infrastructure Projects Globally Will Generate Surplus Worldwide Embedded Computing Market Opportunities
Around the world, there is a significant push for the expansion and development of smart cities and infrastructure projects. These programmes seek to turn old metropolitan areas into contemporary, digitally connected ecosystems that improve people' quality of life while promoting sustainable practices.
The integration of sophisticated technology such as IoT sensors, data analytics, artificial intelligence, and renewable energy sources is a critical component of smart cities and infrastructure projects. These technologies are used to improve city services such as transportation, energy management, public safety, healthcare, and environmental sustainability.
Smart cities prioritise resource efficiency, decreased energy use, and improved mobility, making cities more livable and resilient. These efforts are frequently driven by a combination of government investments, private sector engagement, and stakeholder collaboration.
The global rise of smart cities and infrastructure projects indicates a growing realization of the importance of urban planning and development that tackles the difficulties of rapid urbanization, population increase, and environmental sustainability. These initiatives are changing cities into innovation and connection hotspots with the goal of generating more inclusive, efficient, and sustainable urban environments for present and future generations.
Embedded Computing Market Segmentation
The global embedded computing market has been categorized into type, end-user, and region
Embedded Computing Market Share
The hardware sub-segment will have the most market share between 2023 and 2032, according to the embedded computing market forecast.
According to embedded computing industry analysis, the communications category accounted for a significant market share in 2022 and is likely to continue to do so in the future.
Embedded Computing Market Regional Outlook
At present, North America leads the global embedded computing market due to the high adoption of technology, the presence of a large number of players in the region, and the innovative embedded computing solutions offered by these players. Some of the leading players in North America include Apple Inc., Microsoft Corporation, Google Inc., Texas Instruments, IBM Corporation, and Oracle Corporation, among others.
The Asia-Pacific region is expected to exhibit significant growth in the embedded computing market, with a projected compound annual growth rate (CAGR) of around 7% during the forecast period. This region has experienced rapid development in embedded computing, driven by improved living standards, decreasing prices of consumer electronics products, and the evolution of the Internet of Things (IoT). China and Japan are anticipated to make significant contributions to this growth, with China expected to register the fastest CAGR of 7.5% during the period from 2023 to 2032.
The increased penetration of embedded computing devices, such as smartphones, laptops, televisions, gaming consoles, and smart home appliances, in these countries is a major driver for the growth of the embedded computing market in Asia-Pacific. Additionally, growing investments in various end-use verticals, including automation and manufacturing, IT and telecommunications, healthcare, construction, transportation, and others, are expected to further spur market demand.
The global embedded systems market is segmented based on type, end-user, and geography. In terms of type, the market is segmented into hardware and software. Concerning end-users, the market is segmented into automotive, healthcare, communications, consumer electronics, industrial, energy, and others. The communications segment accounts for the largest share in the global market and is expected to maintain its dominance throughout the forecast period.
Embedded Computing Market Players
Some prominent embedded computing companies covered in the industry include Microsoft Corporation, Intel Corporation, Fujitsu Limited, Microchip Technology Inc., Atmel Corporation, Renesas Electronics Corporation, ARM Holdings Plc, IBM Corporation, Qualcomm Inc., and Texas Instruments Inc.
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Mr. Frank Wilson
Acumen Research and Consulting