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Embedded System Market size was worth more than USD 140 billion in 2022 and is projected to witness over 6% CAGR from 2023-2032. Rising sales of smart devices and wearables and a steady increase in use of automated solutions in the industrial sector will accelerate industry growth over the forecast period.
The use of smart devices like smart power meters has elevated across industrial settings. Embedded systems are finding key applications in automobiles, household appliances, medical equipment, interactive kiosks, and other end-user devices.
Consistent advancements in laptops, smartphones, communications systems, and electric vehicles would boost the requirement for embedded systems in the years to come. For instance, in 2021, the Government of India announced that it plans to increase EV sales for private cars by 30% by 2030 due to an immediate need to decarbonize the transport sector. Proliferation of technologies like machine learning (ML) and artificial intelligence (AI) should fuel the need for more complex embedded systems over the estimated timeframe.
Report Attribute | Details |
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Base Year: | 2022 |
Embedded System Market Size in 2022: | USD 140 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6 % |
2032 Value Projection: | USD 250 billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 310 |
Tables, Charts & Figures: | 325 |
Segments covered: | Component, Function, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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Excessive energy consumption of compact embedded systems may impede product adoption to some extent. A number of industry players are working on creating energy-efficient embedded systems to facilitate its integration in a variety of industrial applications. Companies are also looking to offer cost-effective embedded system to promote product sales. Ongoing research and development (R&D) activities to introduce smarter and energy-efficient electronic gadgets will help eliminate the challenges impacting the growth of embedded system market.