LONDON–(BUSINESS WIRE)–The embedded software market is expected to grow by USD 5.69 billion during 2020-2024, expanding at a CAGR of over 6%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Embedded Software Market: High adoption of embedded software in the semiconductor industry drive growth
Embedded software is widely used in the semiconductor industry to design ICs that interconnect various electronic components such as capacitors, transistors, amplifiers, oscillators, computer memory, and timer. The smartphone industry is one of the major end-users of ICs. Over the years, the adoption of smartphones has significantly increased across the world. For example, smartphone shipments have increased globally from 174 million units of shipments in 2009 to 1.5 billion units of shipments in 2016. Such an increase has heightened the demand for ICs that form the core of smartphones. These factors are fueling the growth of the global embedded software market.
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As per Technavio, the growing popularity of IoT and M2M technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Embedded Software Market: Growing Popularity of IoT and M2M Technologies
Emerging technologies such as IoT and M2M are increasingly being adopted across various end-user segments. For example, the IoT technology is widely used to connect and control devices such as smartphones, household appliances, and wearable devices. Similarly, M2M is increasingly adopted in applications such as automation, instrumentation, and to safely move data in real-time. The increased usage of IoT and M2M technologies has accelerated the need for embedded systems in smartphones, refrigerators, washing machines, and home security systems. This is expected to positively impact the growth of the global embedded software market during the forecast period.
“The emergence of embedded software in in-vehicle infotainment and the high adoption of smart home and smart grid technology will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Embedded Software Market: Segmentation Analysis
This market research report segments the embedded software market by End-user (RTOS, Compilers, Assemblers, Debuggers, and Others) and Geography (North America, APAC, Europe, South America, and MEA).
The RTOS segment led the global embedded software market in 2019. The digitization of the healthcare system has increased the demand for medical devices backed with technologies such as IoT and M2M. In addition, the rising demand for mobile computing applications and devices such as notebooks, ultra-portables, and wearables is fueling the growth of the segment.
The North America region led the embedded software market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising industrial automation in industries such as electrical and electronics, automotive, and telecommunications in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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