North America dominates the embedded software market with a share of more than 51% in 2017 due to the presence of key players in this region. Microsoft, Intel, and Microchip are some of the major industry leaders of the market in the U.S. The growing IoT industry which itself has limitless potentials, will bring immense growth opportunities for the embedded software market players. The software will reduce the complexities which the developers face while designing the various IoT products. The industry will witness various mergers & acquisitions and strategic collaborations to improve their product range and quality.
The global market for embedded software is quite promising. North America accounted for over 51% of the overall embedded software market share in 2017, and is likely to continue its lucrative growth trajectory over the coming years. A large industry base across this region makes it a lucrative ground for embedded software market. Additionally, the region has been privy to a rise in the number of startups designed to offer highly innovative software solutions in the U.S. that will help the continent establish an authoritative position across the global business space.
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The automotive industry is expected to witness the highest CAGR of more than 11% over the forecast timeline due to a rise in the market prominence of embedded OS in the electric and hybrid electric vehicles. A rise in the demand for enhanced in-vehicle infotainment systems such as navigation systems, parking assistance, adaptive cruise control, and airbag system is expected to drive the market. The integration of these technologies into automobiles enables the companies to offer safety, security, and scalability to their end users. Further, the development of these technologies enables the manufacturers to stabilize the car in a critical situation and prevent the driver from steering out of control.
embedded software market in real-time systems segment is anticipated to observe the highest growth with a CAGR of over 12% during the forecast period. This growth is attributed to a rise in the demand for safety-critical hardware in the defense industry. The integration of RTS devices into existing weapons enables the manufacturers to prevent the malicious functioning of devices by the development of systems complying with DO-178B safety standards. Moreover, these devices are classified into two types, hard real-time systems, and soft real-time systems. Hard RTS devices are deterministic and have a time constraint, which means that every process needs to be completed in a given deadline. While in soft RTS devices, the system can miss some of its deadlines without affecting the overall performance of the system.
The growing trend of wearable smart devices will also proliferate the embedded software market growth. Wearable devices encompass a bunch of sectors such as healthcare, security, etc. and will therefore bring immense opportunities on the board for the embedded software market players. All these sectors strive for product efficiency as well as optimum resource utilization, needing a simple system to deal with the complexities, thereby boosting the global embedded software industry share. Growth in the consumer electronics industry owing to the surging demand for electronics devices like Tablets, Smartphones, laptops, etc. will further accelerate the embedded software market size.
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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