Embedded software Market, Industry Trends, Share, Size, Growth and Forecast 2023-2028

IMARC Group's report titled "Embedded software Market Report by Operating System (General Purpose Operating System (GPOS), Real-Time Operating System (RTOS)), Function (Standalone System, Real-Time System, Network System, Mobile System), Application (Automotive, Consumer Electronics, Manufacturing, Healthcare, Military and Defence, IT and Telecom and Others), and Region 2023-2028", The global embedded software market size reached US$ 14,824 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 23,811 Million by 2028, exhibiting a growth rate (CAGR) of 8.30% during 2023-2028.

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Factors Affecting the Growth of the Embedded Software Industry:

• Increasing Demand for the Internet of Things (IoT) Devices:

The escalating demand for embedded software on account of the rising adoption of the Internet of Things (IoT) devices among individuals is propelling the growth of the market. Moreover, IoT devices are becoming an integral part of the daily lives of individuals, ranging from smart home appliances to industrial sensors and healthcare devices. Embedded software plays a pivotal role in connecting these devices to the internet and enabling them to communicate, collect data, and perform various tasks autonomously. Furthermore, embedded software facilitates the seamless integration of devices like thermostats, security cameras, and voice assistants.  

• Thriving Automotive Sector:

The increasing employment of embedded software in the automotive industry is supporting the growth of the market. Additionally, the introduction of advanced driver assistance systems (ADAS), autonomous driving, and connected infotainment systems is impelling the market growth. ADAS features like adaptive cruise control and lane-keeping rely on embedded software to enhance vehicle safety and convenience. Besides this, autonomous vehicles depend on embedded software for navigation, sensor fusion, and decision-making processes. The integration of software in vehicles not only improves safety but also enables over-the-air (OTA) updates.

• Rising Number of Smart Home Appliances:

The rising number of smart home appliances is bolstering the growth of the market. Additionally, people are increasingly adopting smart TVs, refrigerators, thermostats, and voice-controlled assistants in their homes. Apart from this, embedded software is vital for these devices, enabling them to connect to the internet, interact with users, and provide enhanced functionality. Furthermore, smart home appliances offer convenience, energy efficiency, and remote-control capabilities. In addition, the increasing demand for smart devices due to their wide accessibility and affordability is strengthening the market growth.

Leading Companies Operating in the Global Embedded software Industry:

• Advantech Co. Ltd
• Green Hills Software
• Intel Corporation
• Intellias
• L&T Technology Services Limited (Larsen & Toubro Ltd.)
• Microsoft Corporation
• NXP Semiconductors N.V
• Siemens
• STMicroelectronics N.V
• Xilinx Inc. (Advanced Micro Devices Inc.)

Embedded Software Market Report Segmentation:

By Operating System:

• General Purpose Operating System (GPOS)
• Real-Time Operating System (RTOS)

General purpose operating system (GPOS) represented the largest segment as it is suitable for a wide range of applications and offers features like multitasking and user interfaces.

By Function:

• Standalone System
• Real-Time System
• Network System
• Mobile System

Standalone system accounted for the largest market share due to their ability to operate independently without the need for constant external connections or dependencies on other devices or networks.

By Application:

• Automotive
• Consumer Electronics
• Manufacturing
• Healthcare
• Military and Defence
• IT and Telecom
• Others

IT and telecom hold the biggest market share on account of the rising need for enhanced efficiency and connectivity.      

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys the leading position in the embedded software market, which can be attributed to the presence of key industry players.  

Global Embedded Software Market Trends:

The increasing adoption of embedded software in the aerospace and defence sectors for critical functions like avionics, navigation, and mission control systems is contributing to the growth of the market. In addition, the growing demand for embedded software solutions due to advancements in unmanned aerial vehicles (UAVs) and military technology is offering a positive market outlook.

The incorporation of embedded software into medical devices, such as diagnostic equipment, patient monitoring systems, and robotic surgery platforms, is impelling the growth of the market.

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