Embedded Computing Market to Exceed USD 178.33 Bn By 2032

Published Date : 01 May 2024

The global embedded computing market size was evaluated at USD 106.45 billion in 2023 and is expected to attain around USD 178.33 billion by 2032, growing at a CAGR of 5.90% from 2023 to 2032. The market is growing due to its cost-effectiveness, high reliability, low consumption of power, and customizability, which means flexibility in design.

Embedded Computing Market Size and Growth Rate From 2023 to 2032

Market Overview

The embedded computing market is an evolving sector that encompasses the design, development, and application of computing systems integrated into other products or systems. These systems are specifically designed to perform dedicated functions within larger systems, such as automotive control systems, medical devices, and consumer electronics. It focuses on efficiency, reliability, and integration with other technologies, making it a critical component of modern electronics and automation. The market is growing due to several factors, such as the increasing demand for automation in various industries, the rise of artificial intelligence and machine learning applications, and the ongoing advancements in hardware and software technologies. Key players are also investing in the market, and the demand for embedded computing is growing.

Increasing consumer electronics and the use of artificial intelligence fuel the market’s growth

The growth of the embedded computing market is significantly fueled by the increasing use of consumer electronics and artificial intelligence (AI). Consumer electronics, including smartphones, personal computers, laptops, tablets, and gaming consoles, depend on embedded computing technology. AI plays a crucial role in the growth of the market. The integration of AI into embedded systems allows for more intelligent and efficient processing, making it possible for devices to operate more independently and offer enhanced user experiences. Due to these benefits, embedded computing is utilized in different industries such as automotive, medical, home appliances, telecommunication commercial, military applications, and aerospace. Along with that, increasing high standards and growing awareness about the technology are growing the market.

However, the high development costs can be a restraint for the embedded computing market. These costs contain not only the initial investment in hardware and software but also the ongoing expenses for research and development, integration, and the need for specialized skills.  For small and medium-sized enterprises, these high costs can be particularly challenging and limit their ability to adopt and implement embedded computing solutions. Additionally, the limited processing power and memory of embedded systems can restrict their capabilities, making it difficult to handle complex tasks and high-speed data processing. This situation can slow the adoption rate of embedded computing technologies, especially in industries where cost-effectiveness is a critical factor. To overcome these challenges, the market may need to focus on developing more cost-effective solutions and improving the efficiency of integration processes.

Embedded Computing Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 106.45 Billion
Projected Forecast Revenue by 2032 USD 178.33 Billion
Growth Rate from 2023 to 2032 CAGR of 5.90%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Top Companies in the Embedded Computing Market

  • Microsoft Corporation
  • Microchip Technology, Inc.
  • Qualcomm Incorporated
  • IBM Corporation
  • Renesas Electronics Corporation
  • STMicroelectronics
  • Arm Holdings Plc.
  • Fujitsu Limited
  • Intel Corporation
  • Texas Instruments Incorporate

Recent Development by Microsoft

  • In April 2024, Microsoft did the transition from Azure RTOS to open-source and Azure RTOS has now become Eclipse ThreadX which is a comprehensive embedded development suite. It is a powerful real-time operating system capable of performing ultra-fast.

Recent Development by Intel

  • In January 2024, Intel launched/introduced Intel Raptor Lake which is a new addition to their embedded computing. It is going to provide unparalleled performance and efficiency.

Regional Insights

Asia Pacific is expected to grow at the fastest rate during the forecast period due to several factors, such as low-cost, high-performance microcontrollers and processors, along with increasing the adoption of smartphones and other consumer electronics and leading the demand for embedded systems. These systems are integral to a variety of applications, including automotive, industrial, healthcare, and telecommunications, where they enable advanced features and functionalities. The market is also supported by strong innovations and technology in countries like India, Japan, China, and South Korea, which are leading the way in developing and implementing embedded computing solutions. The growth of the embedded computing market in the Asia Pacific is further fueled by the increasing integration of IoT (Internet of Things) devices.

North America dominated the embedded computing market in 2023 due to high technology infrastructure, high levels of innovation, and the presence of leading tech companies. The region's focus is on research and development, and there is a strong emphasis on technological advancements. These systems are integral to various sectors, including automotive, aerospace, healthcare, and consumer electronics, where they enable advanced features and functionalities. The market's growth in North America is also supported by the region's investment in emerging technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), which are driving the demand for more complex and intelligent embedded systems.

Market Potential and Growth Opportunity

Advancements in Healthcare solutions

Healthcare solutions can be a significant opportunity for the embedded computing market, driven by the increasing need for advanced medical technologies and the integration of embedded systems in healthcare devices. The adoption of embedded computing in surgery and treatment tools, patient monitoring systems, and diagnostic and imaging equipment is transforming healthcare delivery. These systems enable real-time data processing, enhancing patient care through personalized treatment plans and early detection of health issues. The rise of telemedicine and remote patient monitoring, facilitated by embedded systems, allows healthcare providers to diagnose patients and monitor their health remotely, improving access to care and patient outcomes. The focus is on improving patient care and operational efficiency through embedded computing technologies.

The Embedded Computing Market News

  • In March 2024, AMD Versal series Gen 2 adaptive SoCs launched with the Versal AI Edge Series Gen 2 and Versal Prime Series Gen 2 devices claim to deliver end-to-end acceleration of AI-driven embedded systems.
  • In March 2024, Antenna company launched three new BodyWave™ and the company offering in the UWB frequency.
  • In April 2024, Portwell launched Intel Atom-based industrial computing solutions of edge-cutting motherboards, computer modules, and embedded systems powered by the latest Intel Atom X 7000RE series processors.
  • In July 2023, Kaspersky launched a solution that provides optimized security for embedded Linux-based systems, devices, and scenarios.

Market Segmentation

By Component

  • Hardware
    • Microprocessor
    • Microcontroller
    • Digital Signal Processor
    • Others
  • Software

By Application

  • Communications
  • Industrial
  • Consumer Electronics
  • Automotive
  • Healthcare
  • Energy
  • Others

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