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Embedded software market valuation to cross USD 19 billion by 2024, rising adoption of highly innovative growth strategies to augment the industry landscape

Publisher : Fractovia | Published Date : October 2018 | Price : $4500Request Sample

The shifting trends toward the adoption of specialized programming in chips for controlling hardware devices are fueling embedded software market. As of now, this software technology has been tremendously adopted across several end-use sectors comprising aviation, manufacturing, consumer electronics, medical science, and automotive. Considering the growing scope for embedded technology, numerous IT and electronics companies have been involved in making advancements to the existing embedded systems with the help emerging technology trends such as the Internet of Things (IoT), and Artificial Intelligence (AI).
 

The on-going modernization of software-assisted hardware devices and the development of smart appliances is thus poised to propel the embedded software market share. In addition, the frequent mergers and acquisitions conducted by industry players to trigger competition is further likely to enhance the business growth over the years ahead.
 

China Embedded Software Market Share, By Application, 2017

Recently, the well-known embedded software solution provider, MICROEJ® has launched a new version of its Virtual Execution Environment that can be used in various electronic devices including connected devices, valves, pump, and other critical sensors. This newly launched real-time version can also be incorporated with high-level programming technologies that will considerably help companies in the medical, automotive, motors controls, automation, and industrial sectors to address the security and reliability in the working process. With the advent new range of embedded systems, MicroEJ is looking forward to enhancing its embedded platform for gaining revenue benefits from the smart industry – comprising automation, wearables, lighting, printers, IoT, industrial energy, and telecom.
 

In the last few years, after the advent of AI, most of the consumer electronics product manufacturers have experienced a remarkable transformation in the embedded systems. In fact, considering the effectiveness of the AI technology, companies partaking in embedded software market share have been expanding the use of AI solutions in high-end applications. Validating the aforementioned fact, Japanese semiconductor company, Renesas Electronics has recently developed a new microprocessor that witnesses 10 times higher image processing performance than its earlier versions. As of now, it is looking forward to overcoming the challenges in operational technologies and data transfer to the cloud associated with the use AI. The approach of the companies to reduce the threats related to real-time performance, security, and data privacy with the advancement of the embedded systems is poised to further enhance the product demand.
 

Speaking more about the technological advancements in the embedded systems, a few days before GrammaTech, Inc. has received USD 3.5 million from the Department of Homeland Security to modernize open-source static analysis tools. In order to complete the project, this leading commercial embedded software assurance tools and cybersecurity solutions provider will work with Secure Decisions of Northport. GrammaTech, Inc. will use machine learning to evaluate static analysis tools that will detect cyber vulnerability in the open source software system very effectively.
 

Currently, numerous companies have invested in the embedded software market focusing on the upcoming lucrative business opportunities. In order to augment their position in the industry, leading players in the embedded software industry are acquiring smaller companies. For instance, a few days before, L&T Technology Services has revealed its plan to acquire the Bengaluru headquartered Graphene Semiconductor Services for INR 93 crore. Through this acquisition, L&T is looking forward to strengthening its portfolio in chip design and embedded software services. In addition to this, L&T also plans to extend its regional reach across Malaysia, Taiwan, and Singapore by purchasing Graphene Semiconductor Services. Such business strategies implemented by the players are likely to strengthen their stance in the embedded software industry.
 

The streamlined approach of software companies to modernize and develop a new range of products to collect considerable revenue is slated to enhance the product demand. In addition, the increasing importance for autonomous vehicles and the integration of next-generation infotainment systems in the automobiles will have a positive impact on the embedded software industry growth. It would be prudent to mention that surging digitalization across industrial sectors to improve the productivity and cost-effectiveness of facility centers will stimulate the market size. For the record, the embedded software market size will register a CAGR of 7% over 2018-2024.
 

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