Market Research Future published a research report on “Embedded Software Market Research Report – Global Forecast till 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Market Research Future (MRFR) confirms that the embedded software market 2020 can be worth USD 19 Billion by the year 2022. The market is also presumed to achieve a decent CAGR of 9% over the assessment period, which is between 2016 and 2022.
Growth Inducers and Main Deterrents
The embedded software market size can develop at a quick pace, in line with the increasing use of IoT-backed devices that enable enterprises to provide better connectivity as well as technological solutions. With these devices, enterprises are able to manage massive data that are utilized in complex architectures like drones, autonomous cars and aircraft. The rampant demand for connected and smart devices in the automotive industry, among others, can most likely lead the Embedded Software Market to greater heights in the approaching years.
Leading developers in the market are mostly focused on building processing, deterministic, and powerful efficiencies into more compact, resource-constrained and low-power devices. The surge in machine to machine or M2M communication has raised the uptake of machine to machine embedded software across enterprises. Increased demand for embedded software in the semiconductor industry is also anticipated to benefit the market.
Healthcare has emerged as one of the industries that are increasingly deploying IoT-enabled embedded software with applications in medical devices. The software helps medical professionals enhance the effectiveness and quality of services that are provided to the patients. Businesses of varying sizes across the world are acknowledging the potential held by IoT, which they are utilizing to transform their business models. They are also able to generate new revenue models with the intersection of connected intelligent devices and the cloud technology.
Green Hills Software (U.S.), Microsoft Corporation(U.S.), Microchip Technology Inc. (U.S.), IBM Corporation (U.S.), Enea Software AB (Sweden), Advantech Industrial Computing India Pvt. Ltd (Taiwan), STMicroelectronics(Switzerland), Intel Corporation (U.S.), Mitsubishi Electric Corporation(Japan), Emerson Network Power(U.S.), are the some of the most notable vendors currently active in the embedded market.
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The primary segments based on which the embedded software market has been covered in the report include programming languages as well as applications.
Programming languages are C++, C, .Net, Java, Assembly Language, and others.
The applications of embedded software are healthcare, consumer electronics, radio & satellite devices and automotive, among others. The automotive sector makes widespread use of embedded software, in conjunction with the augmented demand for autonomous cars. Embedded software also enables companies to combine the Engine Control Unit or ECU and the complex embedded systems of the automobile.
The embedded software market has been regionally analyzed with respect to Asia Pacific or APAC, Europe, North America, and the rest of the world or RoW.
North America has materialized as the top market for embedded software, on account of the surge in IOT in the US as well as Canada. The high number of startups in the region that offer advanced software solutions prods the deployment rate of embedded software solutions. Also, the increasing application of special-purpose hardware that deploy RTOS systems, like Windows CE, Fusion RTOS, VxWorks and Lynx OS, will result in notable business expansion in the next couple of years.
Europe, consisting of highly developed countries like France, Italy and Germany, generates massive demand for embedded software, especially in consumer electronics. The rapid development of the ICT technology within the automotive sector has also been instrumental in the growth of the embedded software market in the region.
The APAC market for embedded software can procure the fastest expansion rate in the forthcoming period, on account of the rising customization of consumer electronics as well as healthcare products. Several government-backed initiatives in developing nations such as India, South Korea and Japan to boost the economic status are projected to encourage market growth. Maximum market growth in the region is expected to be in India and China, on account of the improving economic conditions and the increasing use of electronic products.
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