North America Embedded Systems Market Revenue to cross US$ 48,327.96 million by 2030

At 5.7% CAGR, North America Embedded Systems Market is Speculated to be Worth US$ 48,327.96 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America embedded systems market was valued at US$ 31,115.67 million in 2022 and is expected to reach US$ 48,327.96 million by 2030, registering a CAGR of 5.7% from 2022 to 2030. Development of AI-based embedded system and rise in demand in automotive industry are among the critical factors attributed to the North America embedded systems market expansion.

An embedded system is an integral part of numerous applications such as vehicles, industrial plants, and household appliances. The use of embedded systems in these applications promotes control, regulation, and information-processing tasks. Many companies have adopted embedded systems in their products, such as sports wearables, smart speakers, digital solutions in retail, and condition monitoring for industrial machines.

Artificial intelligence (AI) is transforming the way embedded systems operate, especially in the development of autonomous vehicles. AI has become vital in the development of embedded systems. AI allows systems to handle complex tasks such as image processing, speech recognition, and identification and response to specific situations. Incorporating AI into embedded systems helps businesses to streamline operations and automate tasks. AI-based systems can recognize, think, and make decisions autonomously. For instance, companies such as Nanoprecise and PTC are working to implement AI-predictive maintenance to prevent asset failures and unplanned downtime in manufacturing and production sectors. AI is used to develop predictive maintenance models for industrial equipment. It analyzes data from sensors in the equipment to support the model to predict maintenance requirements, which allows businesses to schedule maintenance before a breakdown occurs. This saves time and money for businesses by preventing costly downtime. Moreover, many institutions are working on developing AI-enabled embedded systems to streamline industrial operations by reducing additional costs. This enables AI applications to be capable of operating independently of a cloud server, thus making the system energy-efficient and safeguarding control of data. These benefits allow companies to use AI-based embedded systems in various applications.

In March 2023, The Fraunhofer Institute for Microelectronic Circuits and Systems IMS announced the showcase of its AIfES solution integrated with the AIRISC family of embedded RISC-V processors. This helps the institute offer secure and efficient embedded AI hardware for sensor applications that are further implemented on customer-specific extensions. The embedded AI hardware provides optimal performance for special applications. However, several benefits provided by AI-based embedded systems, such as the capability of handling complex tasks, real-time data processing, understanding natural languages, and image recognition, are anticipated to boost the market growth.

On the contrary, global shortage of semiconductor chips hampers the growth of North America embedded systems market.

Based on component, the North America embedded systems market is bifurcated into hardware and software. The hardware segment held 74.9% share of the North America embedded systems market in 2022, amassing US$ 23.31 billion. It is projected to garner US$ 36.77 billion by 2030 to expand at 5.9% CAGR during 2022-2030. The hardware segment is further subsegmented into sensor, microcontroller, processors and ASICS, memory, and others.

In terms of functionality, the North America embedded systems market is segmented into real-time embedded systems, standalone embedded systems, networked embedded systems, and mobile embedded systems. The mobile embedded systems segment held 38.3% share of the North America embedded systems market in 2022, amassing US$ 11.91 billion. It is projected to garner US$ 19.48 billion by 2030 to expand at 6.4% CAGR during 2022-2030.

By applications, the North America embedded systems market is segmented into automotive, telecommunication, healthcare, industrial, consumer electronics, and others. The consumer electronics segment held 25.1% share of North America embedded systems market in 2022, amassing US$ 7.81 billion. It is projected to garner US$ 13.09 billion by 2030 to expand at 6.7% CAGR during 2022-2030.

Based on country, the North America embedded systems market is categorized into the US, Canada, and Mexico. The US held 78.5% share of North America embedded systems market in 2022, amassing US$ 24.44 billion. It is projected to garner US$ 39.13 billion by 2030 to expand at 6.1% CAGR during 2022-2030.

Key players operating in the North America embedded systems market are Advantech Co Ltd, Infineon Technologies AG, Intel Corp, Marvell Technology Inc, Microchip Technology Inc, NXP Semiconductors NV, Qualcomm Inc, Renesas Electronics Corp, STMicroelectronics NV, and Texas Instruments Inc, among others.