The embedded systems market is expected to be valued at USD 110.46 Billion by 2023, at a CAGR of 4.05% between 2017 and 2023.
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According to the new market research report on the "Embedded Systems Market by Hardware (MPU, MCU, Application Specific IC / Application Specific Standard Product, DSP, FPGA, and Memory), Software (Middleware and Operating System), Application, and Geography - Global Forecast to 2023", this market is expected to be valued at USD 110.46 Billion by 2023, at a CAGR of 4.05% between 2017 and 2023. The major factors driving the growth of the embedded systems market are increasing adoption of embedded systems in the automotive industry, use of multicore processor technology in military applications, growing market for wearable devices, increase in usage of embedded systems in smart appliances of smart homes, and rising demand for embedded systems in healthcare equipment.
Browse 62 Market Data Tables and 38 Figures spread through 139 Pages and in-depth TOC on "Embedded Systems Market - Global Forecast to 2023"
Application-specific Integrated Circuit (ASICs)/Application-specific Standard Product (ASSPs) would lead embedded systems market for hardware during the forecast period
The demand for ASICs has increased because of its features and functionality, as it can design an electronic application into a single integrated circuit, which reduces the need for additional components.
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Hence, the adoption of ASICs is expected to increase in the coming years. Moreover, ASICs has been widely used in various applications such as consumer electronics, automotive, telecommunications, industrial, and healthcare.
For instance, in the automotive industry, ASICs has been used to support mobility and connectivity, as well as improve the safety of the vehicle. The market of ASSP is expected to witness growth in the coming years.
This growth is attributed to the increasing demand for ASSPs in consumer electronics as ASSPs provides images with high quality, along with the rise in the demand for ASSPs from carriers and data center technology providers.
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The automotive application would grow at the highest CAGR during the forecast period
The embedded systems market in the automotive application is expected to witness the highest CAGR from 2017 to 2023. The demand for embedded systems in the automotive application has increased due to the large-scale production of cars, as manufacturers are adopting electronic systems known as an electronic control unit (ECU) for providing driver information and communication, in-car entertainment electronics, powertrain, and body control electronics.
Moreover, the current trends of embedded systems in automobiles include airbag controllers, navigation systems, satellite radio, adaptive cruise control, drive by wire, heads up displays, and advanced driver assistance systems (ADAS).
Middleware expected to hold the largest share of the overall embedded systems market in 2016
Some of the middleware vendors, such as Mentor Graphics Inc. (US), SYSGO AG (Germany), Enea AB (Sweden), Clarinox Technologies (Australia), and 6WIND (France), would provide platforms to enhance the availability, usability, and accessibility of middleware in the embedded systems market in the coming years.
Moreover, the growth in the automotive, consumer electronics, and industrial applications, as well as the increase in Internet of Things (IoT) would drive the growth of the embedded systems market for middleware.
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Asia Pacific is likely to grow at the highest CAGR due to the growth of developing and developed economies in this region
The growing per capita income along with large-scale industrialization and urbanization are the factors driving the growth of the embedded systems market in Asia Pacific (APAC). The growth of embedded systems in APAC would be mainly driven by China, Japan, Taiwan, and South Korea in applications such as communications, automotive, industrial, consumer electronics, healthcare, aerospace & defense, and energy.
The report profiles the most promising players in this market. The key players in this market are Intel Corporation (US), Infineon Technologies AG (Germany), Renesas Electronics Corporation (Japan), Texas Instruments Incorporated (US), Microchip Technology Incorporated (US), STMicroelectronics N.V.
(Switzerland), Qualcomm Technologies Incorporated (US), Cypress Semiconductor Corporation (US), Analog Devices Inc. (US), Broadcom Limited (US), Fujitsu Limited (Japan), NXP Semiconductors N.V.
(Netherlands), and Toshiba Corporation (Japan).
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