Market Research Future (MRFR) made a study on the global wireless earphone market that depicts that it could touch the valuation of USD US~$ 19 Billion by 2022. The market is on its way to achieving a CAGR of 9% during the forecast period (2016-2022).
Growth Drivers and Key Restraints
The global Embedded Software Market will be driven by the most abundant factor that slays the steady growth of consumer electronic devices as well as surged investments in the automation technologies that are being adopted by the manufacturing sector at a rapid pace. As embedded software is known for its special programming that is done on a chip to control the functions, it has been in brisk demand for its more advantageous nature. Due to this, the market is getting a considerable push in the present at a substantial rate.
Apart from this, the market has also been witnessing growth with the help of rising demand for multimedia products and portable computing devices. It is due to the rise in the machine to machine (M2M) communication, which is leading to equivalent growth in demand of machine to machine embedded software. These factors are rapidly influencing the market to grow by acquiring a high growth rate in the future.
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On the other side, the Internet of Things (IoT) is yet another imperative driver, as all connected things contain embedded software. Therefore, the surging adoption of embedded software in the semiconductor industry has also been driving the growth of the market that could take it to explore more avenues in the coming years.
As an add on, the mounting demand for smart electricity meters has also been anticipated to boost the embedded software market over the assessment period. The requirement for intelligent meters might grow with the introduction of energy efficiency policies across the globe. Furthermore, the market is estimated to expand substantially with the rising trend of wireless technology spreading across various industry verticals, mainly the healthcare and automotive industry.
On the flip side, embedded software design constraints to the real-time embedded system can hinder the progress of the embedded software market in its growth period.
The prominent players in the market of Embedded Software Market are – Enea Software AB ( Sweden), Green Hills Software (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation(U.S.), Advantech Industrial Computing India Pvt. Ltd (Taiwan), Emerson Network Power(U.S.), Microchip Technology Inc. (U.S.), Mitsubishi Electric Corporation(Japan) and STMicroelectronics(Switzerland) among others.
The global embedded software market is bifurcated with in terms of programming languages and applications.
The programming language segment mentioned in the study is C, C++, Assembly Language, Java, Net, and many more.
In terms of the applications: Consumer Electronics, Healthcare, Automotive, and Radio & Satellite Devices, among others, are the segments.
The region-wise study of the wireless earphone market is done in the regions of Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Among these, the North American region is leading the market of embedded software. Due to the growth in the Internet of things (IoT) in countries such as the US and Canada are highly supporting the embedded software market.
Europe, with its countries such as Germany, France, and Italy, are the developed ones and have a tremendous consumption rate for embedded software in consumer electronics. Apart from this, the growth of information and communication technology in the automotive sector is also likely to drive the growth of the embedded software market in the Europe region.
In the last, the Asia-Pacific region has also emerged as the fastest-growing market for the embedded software market. As countries such as China and India in the Asia-Pacific region are under the developing phase, the demand for electronic products is escalating, which has been noted to be the leading factor for the growth of this region for embedded software.
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- Software providers
- System integrators
- IT service providers
- Automobile manufacturers
- Third party suppliers
- Hardware manufacturer
- End users
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