A new report authored by Grand View Research analysts confirm the global embedded systems market remains on track to reach $214.39 billion by 2020.
To be sure, a favorable regulatory environment for the installation of smart devices such as smart meters is expected to drive global embedded system demand over the forecast period.
In addition, the growing adoption and evolution of the Internet of Things (IoT) propelled by technological advancement is also expected to fuel the industry over the next six years.
“Increasing demand for end-use industries such as healthcare and consumer electronics is [also] expected to positively impact the embedded systems market,” a Grand View Research analyst explained.
“Key requirements for an efficient embedded system include high degree of reliability and responsiveness as well as low cost, since these devices are embedded in safety critical systems. Decreasing prices of microcontrollers, which are a key component of embedded hardware, is expected to give impetus to the market in the coming years.”
Additional key findings detailed in the above-mentioned report include:
- Embedded hardware is expected to remain the dominant product segment and accounted for 93.8% of the global market in 2013, including Digital Signal Processors (DSP), microprocessors as well as microcontrollers.
- Embedded software is projected to grow at the fastest rate of 8.1% from 2014 to 2020, with the market for healthcare applications on track for a CAGR of 7.1% from 2014 to 2020.
- Automotive will continue leading the global market; the segment accounted for 20.8% of the overall market share in 2013.
Interested in learning more? You can purchase the full report here.