The global embedded systems market is characterized by stiff competition owing to the presence of numerous players. They operate both at the regional and international levels. And they compete against one other to cater to rising demand in the market for the systems to be used in various applications. Going forward, more players are expected to enter the fray thereby further intensifying competition.
A noticeable trend in the global embedded systems market is the focus of players on diversifying their product portfolios leveraging latest technologies. They are also focused on making their products more affordable and expanding geographical outreach in order to surge ahead of their competitors. Some of the key players in the global embedded systems market are Freescale Semiconductor, Atmel Corporation, STMicroelectronics, Samsung Electronics Corporation, Texas Instruments, and Fujitsu.
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A research study by Transparency Market Research states that the global embedded system market would rise at 6.4% CAGR between 2015 and 2021. At this pace, the market is expected to reach US$233.19 bn by 2021-end.
The automotive industry is currently the largest application segment in the global embedded systems market. Going forward too, the segment is projected to account for a substantial share in the market. This is because of the increasing adoption of small-sized electronic and electrical components in vehicles. Further, soaring uptake of a range of sensing devices and technologically advanced infotainment systems is also predicted to drive demand in the embedded systems market. With respect to geography, North America at present holds a dominant share in the global embedded systems market. This is because the region is the nerve center of various developments in the domain of electronics and electrical.
Advancement in Electronics and Mechanical Sectors Driving Embedded System Market
The global embedded system market is receiving a major boost from the progress in electronics and mechanical sectors. And with the evolution of artificial intelligence, the market is set to receive further fillip. Organic growth in various end use sectors is also having positive impact on the market. Those include telecommunication, automotive, industrial, healthcare, aerospace and defense, and consumer electronics.
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Lack of Skilled Workforce and High Production Cost Hampers Market
Acting as a hindrance to the global embedded system market, on the other hand, is the inadequate number of skilled workforce. The high cost of raw materials too is posing a challenge. In addition, manufacturing of embedded systems is expensive and this automatically drives up price of end products thus hampering sales.
Despite such hiccups, the global embedded systems market is predicted to rise in the next couple years as nimble companies introduce electronics and automation-based solutions that cost less. The flourishing automotive segment is expected to be main demand driver. Adds the lead analyst of the TMR report, “At present, embedded systems in automobiles mostly comprise of navigation systems, airbag controllers, adaptive cruise control, satellite radio, drive by wire, heads up displays, adaptive cruise control, and advanced driver assistance systems (ADAS).”