U.S. embedded system market share dominated the regional demand, accounting for over 30% of total revenue in 2015. Asia Pacific is anticipated to grow at a CAGR of 6% up to 2023. This can be attributed to the presence of fabrication plants in the region.
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Embedded hardware system market size was valued USD 154.82 billion in 2015 and is anticipated to observe significant gains, with USD 240.11 billion at a CAGR of 5.5% from 2016 to 2023. Technological innovation and advancement in emerging nations such as Russia, India, China, Brazil and Taiwan is likely to spur growth. Embedded software was valued at USD 10.46 billion in 2015, and is anticipated to attain USD 18.61 billion by 2023, at an estimated CAGR of over 7.3% over the forecast period.
Technology innovation in wireless communications, software and digital processing is expected to positively impact embedded system market size. Systems that effectively and efficiently drive the electronic contents within vehicles have also increased significantly in automotive sector. This assists safety systems on the highest priority by monitoring parameters such as tire inflation, antilock braking systems, remote keyless entry, antitheft and airbag systems. However, security risks related to the systems is anticipated to hinder the industry growth.
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Automotive sector valued USD 34.64 billion in 2015 which is likely to attain USD 56.04 billion by 2023, growing at a CAGR of 6% from 2016 to 2023. Increasing acceptance of hybrid as well as electric vehicles in order to control emissions is likely to fuel the industry growth. Healthcare sector is likely to grow at a CAGR of 6.3% over the next few years. Rising need for portable medical devices in this application is predictable to boost the global growth.
Proliferating demand from end use industries such as healthcare is likely to drive embedded system market size growth. Mounting healthcare expenditure coupled with escalating longevity of the population result in the need for advanced and affordable medical equipment. The reduction in embedded hardware cost as well as increasing demand in healthcare sector is anticipated to surge the industry demand over the forecast period.
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Moderately competitive industry consists of top four manufacturers accounting for more than 50% of the embedded system market share. Key manufacturers include Infineon Technologies, Freescale Semiconductor, Atmel Corporation, Renesas Electronics, Samsung, STMicroelectronics, Texas Instruments and Microchip among others.
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