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.
Embedded Computing Market Analysis
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 Market Overview
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.
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Embedded Computing Market: Strategic Insights
Market Size Value in US$ 32.09 Billion in 2018 Market Size Value by US$ 67.29 Billion by 2027 Growth rate CAGR of 8.7% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Embedded Computing Market: Strategic Insights
| Market Size Value in | US$ 32.09 Billion in 2018 |
| Market Size Value by | US$ 67.29 Billion by 2027 |
| Growth rate | CAGR of 8.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Embedded Computing Market Drivers and Opportunities
Rising Demand for Electronic Consumer Goods and Industrial Gadgets to Favor the Market
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.
Rise of IoT and Advanced Technologies – An Opportunity for the Market
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.
Embedded Computing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the embedded computing market analysis are component and industry vertical.
- Based on component, the market is segmented into microprocessor, microcontroller, ASIC, digital signal processor, FPGA, memory, and other hardware & software. The microprocessor segment held a substantial market share in 2023.
- Based on industry vertical, the market is divided into automotive, industrial, transport, consumer electronics, enterprise & government, communications, and others. The consumer electronics segment is expected to hold a significant share of the market in 2023.
Embedded Computing Market Share Analysis by Geography
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.
Embedded Computing Market Report Scope
Embedded Computing Market News and Recent Developments
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:
- Renesas Electronics Corporation (TSE:6723), a premier supplier of advanced semiconductor solutions, today introduced the RA0 microcontroller (MCU) Series based on the Arm® Cortex®-M23 processor. The new, low-cost RA0 devices offer the industry’s lowest overall power consumption for general-purpose 32-bit MCUs.
(Source: Renesas Electronics Corporation, Press Release, 2024)
- Emerson (NYSE: EMR) today announced that it has closed the sale of a 51 percent stake in its embedded computing and power business to Platinum Equity. Emerson retains a 49 percent non-controlling interest in the business, which now operates as an independent company.
(Source: Emerson Electric Co., Company Website, 2024)
Embedded Computing Market Report Coverage and Deliverables
The “Embedded Computing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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