The embedded computing market size is projected to reach US$ 94.92 billion by 2031 from US$ 48.70 billion in 2023. The market is expected to register a CAGR of 8.70% in 2023–2031. Escalating demand for electronic consumer goods and the rise of advanced technologies are likely to remain key embedded computing market trends.
The growing consciousness of environmental concerns and the escalating demand for electric and hybrid vehicles are driving the growth of the market. This market expansion is further supported by the automotive sector's restructuring, where embedded systems play a crucial role, especially in integrating ADAS technology into electric and hybrid vehicles. The anticipated global market growth is primarily driven by the rising demand for devices such as smart meters, which leverage embedded systems to offer improved clarity and functionality.
Embedded computing systems encompass a broad array of sectors, such as domestic use, office automation, financial services, security, automotive, defense, telecommunications, consumer electronics, personal devices, healthcare, and smart card technologies. These systems are responsible for regulating, supervising, and executing specific tasks within electronic devices based on a predetermined set of instructions, procedures, or regulations.
They perform diverse operations, including interpreting sensor inputs, processing data, presenting necessary outputs, generating and transmitting commands, and transforming information. Their widespread application spans a diverse range of sectors, encompassing domestic use, office automation, financial services, security, automotive, defense, telecommunications, consumer electronics, personal devices, healthcare, and smart card technologies.
The increasing need for electronic consumer products and industrial devices is a major force propelling the growth of diverse markets. This upsurge in demand is impacting the development of the medical science research market, as embedded computing technology is widely used in healthcare, automotive, artificial intelligence (AI), and other sectors. The growing understanding of the advantages of embracing cutting-edge technology, coupled with an increase in disposable income, is propelling the widespread adoption of consumer electronics globally. This surge in consumer electronics adoption is, in turn, fueling the expansion of the embedded computing market on a global scale. Furthermore, the process control and industrial automation sectors heavily depend on the design and advancement of embedded computing, serving as significant end users of key electronic components, including motherboards, microcontrollers, microprocessors, and graphics cards.
The embedded computing market is experiencing significant growth, largely due to the increasing demand for IoT (Internet of Things) devices. The proliferation of IoT devices across various sectors, including industrial automation, healthcare, smart homes, and agriculture, has notably boosted the demand for embedded computing solutions. This trend is expected to continue rapidly, with estimates signifying that there will be tens of billions of IoT devices in use over the next few years, driven by increased adoption across industries and the development of new use cases and applications. The expansion can be credited to various elements, such as the growing incorporation of IoT and connected gadgets by global organizations. Companies spanning different sectors are actively striving to integrate IoT and ensure compatibility among a variety of connected devices, household appliances, gateways, entertainment systems, and smart residences. Furthermore, the increasing sales of smart devices and wearables, coupled with a consistent uptick in the utilization of automated solutions in the industrial sphere, are propelling the industry's advancement.
Key segments that contributed to the derivation of the embedded computing market analysis are component and industry vertical.
The geographic scope of the embedded computing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America holds a significant position in the embedded systems market, both in terms of market share and revenue and is projected to maintain this position in the foreseeable future. This can be attributed to the rising need for connected and intelligent devices, as well as the increasing number of companies engaging in manufacturing activities within the region. Furthermore, the expanding utilization of Internet of Things (IoT) technologies is expected to further propel market growth in this area.
The regional trends and factors influencing the Embedded Computing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Embedded Computing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 48.70 Billion |
| Market Size by 2031 | US$ 94.92 Billion |
| Global CAGR (2023 - 2031) | 8.70% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Embedded Computing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Embedded Computing Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The embedded computing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Renesas Electronics Corporation, Press Release, 2024)
(Source: Emerson Electric Co., Company Website, 2024)
The “Embedded Computing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to reach US$ 94.92 billion by 2031.
The key players holding significant shares in the market are Advantech Co., Ltd., Arms Holdings, Fujitsu, IBM Corporation, and Intel Corporation.
Expansion in infrastructure construction is anticipated to play a significant role in the market in the coming years.
Escalating demand for electronic consumer goods and industrial gadgets are the major factors that propel the market.
The market was estimated to be US$ 48.70 billion in 2023 and is expected to grow at a CAGR of 8.70% during the period 2023 - 2031.