Embedded Software Market size estimated to reach USD 18.61 billion by 2023
Embedded Software Market size was valued at USD 10.46 billion in 2015 and is anticipated to grow at over 7% CAGR from 2016 to 2023. Rising demand from automotive and consumer electronics sector is forecast to propel (RTOS) real time operating system market growth over the forecast timeframe. Escalating usage of wearable devices across a wide range of numerous application sectors such as medical, fitness, security and safety is expected to catalyze real time operating system (RTOS) market growth.
Rising demand for sophisticated features as well as application is anticipated to drive global embedded software market size through 2023. Systems equipped with this software offer minimum latency along with high-speed data throughput while data sharing. They also provide high interoperability, tremendous effective performance and precise integration for digital home devices. Compatibility with IP (internet protocol), IPv6 and IPv4 allows users to remotely control devices.
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Growing customer demand for smart electronic devices such as smartphones, tablets, as well as laptops is anticipated to positively impact embedded software market trends over the next seven years. It helps manufacturers to develop highly advanced devices with effective features such as elevated performance, high productivity and optimized power-efficiency.
These systems are majorly used for designing telematics products, and also aid in designing in-vehicle infotainment products. It offers customers with various in-car features such as entertainment, navigation, internet-based services as well as external communication. Other benefits include continuous monitoring of vehicle parameters such as airbag, ABS (antilock braking systems) and tire inflation, which aids in increasing overall safety quotient and meeting NCAP standards.
Rising significance and penetration of HEVs (hybrid electric vehicles) and EVs (electric vehicles) is also forecast to have significant impact on the embedded software industry in the coming years.
Traditional systems had high energy consumption rate even with simple functionality. Technology advancements paired with innovation are anticipated to positively impact embedded software market size. They facilitate high energy conservation due to minimizing power consumption offered by these products. It holds the potential capability of identifying critical process and allocates power accordingly.
The ability to communicate autonomously with other systems is anticipated to hamper demand over the forecast timeframe. Rising prominence of infotainment devices such as navigation systems will offer growth opportunities.
To access sample pages or view this report titled, “Embedded Software (Real Time Operating System [RTOS]) Market Size By Application (Automotive, Healthcare, Consumer Electronics, Military & Defense, Industrial, Telecommunication), By Programming Language (C, C++, Assembly, Java, .NET), Industry Analysis Report, Regional Outlook (U.S., UK, Germany, China, India, Japan, Brazil), Application Potential, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
- Automotive sector accounted for nearly 12% of the embedded software market share in 2015 and it is predicted to grow at 8.3% CAGR from 2016 to 2023.
- Swift adoption of tablets, PCs and smartphones is likely to justify growth in the consumer electronics segment. The application is estimated to account for more than 22% of the overall industry share by 2023, growing at 7.7% CAGR from 2016 to 2023.
- Direct access to API (application program interface) as well as short run-time offered is responsible for continued dominance in the C programming language segment, which was valued at USD 6.34 billion in 2015. It is expected to grow at 6.9% CAGR from 2016 to 2023.
- S. embedded software market share represented majority of the North American revenue in 2015. Existence of large number of industries is likely to augment regional growth.
- Key industry participants are Altera, Infineon, IBM, Johnson Matthey, Intel, LG CNS, Mentor Graphics, Xilinx, Advantech, Express Logic, Green Hills Software, ENEA, and Microsoft.
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