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Global embedded systems market: $222 billion industry by 2018
Embedded Systems: A Global Strategic Business Report - a new market research report on 2014-03-14 07:45:02
The Global Embedded Systems market is projected to reach US$222 billion by 2018, primarily driven by spiraling sales of smart devices, falling costs of microprocessors and development of multicore processors for Embedded Systems.
Defined as a system architecture within a larger system designed to independently execute specific control functions, embedded systems comprise of both hardware and software components integrated onto a single platform. Embedded systems are used virtually in every electronic device and equipment ranging from telephones, smartphones, toys, robots, cars, aircrafts, audio-video equipment, security systems, medical equipment, military/defense weapons to industrial/manufacturing equipment. Embedded systems are key enablers of smart devices, which represent one of the most important technological marvels of the 21st century. Integrating an embedded microprocessor system into any product makes it smart giving it the ability to communicate and connect to multiple devices and networks. Embedded systems provide devices the ability to indigenously process data and perform "pervasive computing". Manufacturers are now investing resources into integrating embedded microprocessors into their product solutions to impart superior performance features that are vital in creating an enriching, satisfying and fulfilling user experience. These systems help sharpen the competitive edge of manufacturers by helping them position their products on the platform of cutting edge product and service innovation.
The continuing evolution of low cost pervasive computing and "Internet of Things (IoT)" is poised to spur growth in the market. Defined as the interconnection of all devices and equipment via the Internet, "Internet of Connected Things" directly drives demand for embedded devices. Embedded devices are critical for enabling communication and for providing data via user interfaces. With the number and type of devices connected to IP networks increasing at unprecedented rates, embedded systems are poised to benefit.
The US represents the largest market worldwide. Consumer electronics is the largest as well as the fastest growing end-use market with a projected CAGR of 9.1% over the analysis period. In the automobile industry, growth is led by the "Smart Automobile" trend. As intelligent cars roll off the assembly line engineered with numerous smart features, embedded automotive systems will witness strong demand across major functional areas, such as, chassis, drive-train, body and telematics.
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