LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global embedded software market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The study covers the present scenario and growth prospects of the global embedded software market for 2017-2021. The report presents the vendor landscape and a corresponding analysis of the major vendors in the market. It also outlines the challenges faced by vendors and the market, as well as the key trends that will contribute to the growth of the market.
According to Ishmeet Kaur, a lead analyst at Technavio for product lifecycle management research, “The technological advances in the electronics industry have increased the need for advanced embedded software technology, accelerating the growth of the market. The telecom, automotive, and manufacturing are the other end-user segments that will drive the growth of the market during the forecast period.”
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Technavio ICT analysts highlight the following three drivers that are contributing to the growth of the global embedded software market:
- High adoption of embedded software in semiconductor industry
- Growing popularity of IoT and M2M technologies
- High adoption of smart home and smart grid technology
High adoption of embedded software in semiconductor industry
In the semiconductor industry, embedded software is used to design IC, a device interconnecting different electronic components like capacitors, transistors, amplifiers, oscillators, computer memory, and timers. Telecom and communication industry has been dominating the semiconductor market due to the increasing demand for smartphones. Smartphone shipments have increased globally from 174 million unit of shipments in 2009 to 1.5 billion unit of shipments in 2016.
Smartphone and tablet providers are using new and innovative embedded software technologies to integrate hardware and software to develop advanced devices. Thus, heightened demand for ICs, which form the core of smartphones, is a driving factor for the embedded software market.
Growing popularity of IoT and M2M technologies
The IoT technology uses the Internet to connect and control devices such as smartphones, household appliances, and wearable devices. It is the core of modern concepts such as smart homes, shopping, transportation, and healthcare services. M2M is a closed system used in automation, instrumentation, and securely move data in real-time.
M2M technology is mainly used to gather a large amount of machine and people-based data, while IoT integrates machines, people, and other systems and information sources and analyzes the data generated. M2M is used primarily in the energy and transportation industries, and IoT is popular in sectors like manufacturing, automotive, smart city, healthcare, education, and retail. The increased usage of IoT and M2M technologies has accelerated the need for embedded software as the IoT devices such as smartphones, refrigerators, washing machines, and home security are designed using embedded systems.
High adoption of smart home and smart grid technology
Home appliances and other electronic systems, especially in-house security infrastructure such as automated door locks, are designed to communicate and interact with users via the Internet. Almost all the modern electronic systems require ICs with embedded software to control the hardware functions. Some examples of smart home applications are Google Home, Amazon Echo, and Apple HomeKit.
Smart grid is another technology where ICs are used. It uses automation to integrate the actions of the user and deliver sustainable and secure electricity in the most efficient way, by connecting to the electric infrastructure of the user. It also helps reduce electricity wastage. Primarily, smart grid uses information and communications technology.
“The potential of this segment to drive the embedded software growth in the forecast period is huge since ICs play a crucial role in smart grid and security solutions,” says Ishmeet.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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