Latest report by Global Market Insights, Inc., indicates that worldwide embedded software market was valued USD 15 billion in 2022 and will surpass a revenue collection of USD 40 billion by 2032 with an annual growth rate of 9% over 2023 to 2032.
The rising adoption of the Internet of Things (IoT) in several industries for networked devices, smart controls, and real-time data analysis platforms.
Devices with IoT capabilities enhance connections and provide businesses with technical solutions which are expected to support market growth.
Besides, product benefits such as simple to deliver higher creation, fewer costs per bit of resultant, fewer interconnections, better steady and higher speed, and higher dependability will enhance its adoption in the future.
In addition, technological innovations in machine learning and artificial intelligence are also anticipated to play a crucial role in improving and updating the performance of embedded software-enabled devices.
The general-purpose operating system (GPOS) is anticipated to grow considerably through 2032.
The segmental growth can be accredited to the range of capabilities offered by GPOS such as high security, multiple task management, reduced latency, and high synchronization.
Besides, major GPOSs, such as Android, Linux, and Windows are being increasingly adopted due to their user-friendly interface and flexibility, which will also fuel the market demand in the next ten years.
The standalone system segment was valued at over USD 6 billion in 2022. Constantly increasing demand for mobile phones, tablets, microwaves, digital cameras, and video games, coupled with the need for specialized hardware, will help the segment grow in the foreseeable future.
The consumer electronics industry is anticipated to depict over 10% CAGR between 2023-2032. The growth can be accredited to the constant investment in R&D on ADAS and autonomous driving technologies by automotive manufacturers.
In addition, the key players operating in the industry are forming alliances and entering joint ventures to accelerate the integration of various automotive technologies by automotive developers, including in-vehicle entertainment systems, ADAS, and electric powertrains.
Regionally, the North America embedded software market accounted for over USD 6 billion in 2022.
Digital transformation and the increasing use of automation in industrial applications are the factors driving market expansion in the region.
In addition, the demand for embedded software tools is also influenced by the shift to Industry 4.0 and the continual rise in software solutions for optimizing complex production processes.
Some of the key players profiled in the Embedded Software market report include Xilinx, Via Technologies, Inc., Toshiba Corporation, Texas Instruments, STMicroelectronics, Siemens, SEGGER, Renesas Electronics Corporation, National Instruments Corp., Mitsubishi Electric Corporation, Microsoft, L&T Technology Services Limited, Intellias Ltd., Intel Corporation, IBM, Emerson Electric Co., Green Hills Software, Advantech Co., Ltd., and Accenture
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