Latest News- Embedded Products Market: Consumer electronics is expected to lead the Application segment during 2024-2028

The Embedded Products Market is being driven by Demand for smart appliances

The Embedded Products Market is expected to grow at a CAGR of 6.79% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 99.2 billion. The embedded products market is poised for significant growth during the forecast period, driven by the integration of 5G technology. According to the Global System for Mobile Communications (GSMA), the 5G industry is projected to add USD2.2 trillion to the global economy by 2034, representing a 5.3% increase in GDP. Embedded goods, particularly those used in smart video surveillance systems in automobiles and industrial automation, will benefit from 5G's quick response times and improved picture processing capabilities. Similarly, in the agriculture sector, 5G technology will help overcome challenges associated with smart farming by enabling real-time data processing and analysis. Consequently, the output of embedded products is expected to experience substantial enhancement during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Consumer electronics
  • Automotive
  • Industrial
  • Aerospace and defense
  • Others
• Product
  • Hardware
  • Software
• Functionality
  • Real-Time Embedded Systems
  • Standalone Embedded Systems
  • Networked Embedded Systems
  • Mobile Embedded Systems
• System Size
  • Small-scale
  • Medium-scale
  • Large-scale
• End User
  • Commercial
  • Residential
  • Government and Defense
• Geography
  • North America
    • US
    • Canada
  • APAC
    • China
    • India
    • Japan
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • South America
    • Argentina
    • Brazil
  • Middle East and Africa
    • Egypt
    • KSA
    • Oman
    • UAE

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Demand for smart appliances
• Demand for advanced driver assistance system (ADAS) in electric and hybrid vehicles
• Growing popularity of IoT and M2M technologies

However, the market also witnesses some limitations, which are as follows:

• High energy consumption of compact embedded products
• High cost of production of embedded products
• IoT security challenges in embedded products

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Market Scope in Embedded Products Market Research Report

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Research Analysis Overview

The Embedded Products Market encompasses a wide range of electronic systems designed for various applications, including vehicle electronic systems, visualization tools, and network embedded systems. With the increasing focus on energy efficiency and urbanization, energy consumption is a critical factor in the design of these systems. Cloud connectivity tools and 5G technology are being integrated to enhance functionality and enable real-time data processing. In the automotive sector, embedded products play a significant role in vehicle electronic systems, with multicore processors and microcontrollers powering hybrid and electric vehicles. Flash memory, read-only memory, and gate arrays are essential components in the storage and processing of data. Military applications require high-performance and reliable embedded systems, often utilizing specialized hardware and real-time operating systems. Portable devices, IoT applications, and electromobility solutions also benefit from advanced embedded technologies. As technology continues to evolve, the use of microprocessors and other advanced components such as gate arrays and microcontrollers will become increasingly prevalent in embedded systems design. The integration of 5G technology and IoT applications will further expand the capabilities of embedded products, enabling new and innovative applications in various industries.

Market Research Overview

The global electronics market encompasses a diverse range of sectors, including communications equipment manufacturers, technology hardware and storage providers, electronic equipment and instrument producers, electronic components suppliers, consumer electronics brands, industrial electronics product developers, and electronic manufacturing services. Among these, the electronic components segment is a significant contributor to the market's growth. This segment's expansion will be fueled by the burgeoning demand for Internet of Things (IoT) devices, leading to increased production and sales of connectors, capacitors, resistors, transformers, inductors, printed circuit boards, and other related components. According to Technavio's market analysis, the global electronics market size is determined by calculating the revenue generated from the sales of associated ICT and electronics products, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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