Report : South America System on Module (SoM) Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Processor Type (ARM, X86, POWER, FPGA, GPU, and DSP), Application (Industrial Automation, Entertainment, Medical, Transportation, Test and Measurement, and Others), and Standard (Qseven, SMARC, and COMExpress)
At 7.1% CAGR, the South America System on Module (SoM) Market is speculated to be worth US$ 98.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America System on Module (SoM) market was valued at US$ 65.52 million in 2022 and is expected to reach US$ 179.12 million by 2028, registering an annual growth rate of 7.1% from 2022 to 2028. The proliferation of industrial automation and surge in embedded computing market are the critical factors attributed to the market expansion.
The growing use of control systems, and robotics and the Internet of Things (IoT) technologies to handle processes in industries one of the prime factors driving the adoption of system on modules. The solutions incorporated with system on modules feature high accuracy and precision, and enhanced manufacturing process performance. The use of integrated system on modules is on rise as it helps enhance manufacturing, product assembly, supply chain management, and logistics operations, among others. Manufacturers are increasingly replacing their conventional computing systems with compact and cost-effective computing solutions enabled with system on modules. Thus, widespread applications of system on modules in industrial automation processes, including process control and discrete manufacturing, is propelling the market growth.
On the contrary, increased complexity of advanced electronics devices hurdles the growth of South America System on Module (SoM) Market.
- Based on component, the South America System on Module (SoM) Market is bifurcated into hardware and software. The hardware segment held 84.3% market share in 2022, amassing US$ 55.25 million. It is projected to garner US$ 81.54 million by 2028 to expand at 6.7% CAGR during 2022–2028.
- Based on hardware type, the South America System on Module (SoM) Market is segmented into ARM, X86, Power, FPGA, GPU, DSP, and RISC-V. The ARM segment held 32.6% market share in 2022, amassing US$ 17.99 million. It is projected to garner US$ 21.08 million by 2028 to expand at 2.7% CAGR during 2022–2028.
- By the standard, the South America System on Module (SoM) Market is fragmented into Qseven, COMExpress, and SMARC. With 42.4% share of the domain, the Qseven segment dominated the market in 2022. It accrued US$ 27.75 million in 2022 and is estimated to generate US$ 39.68 million by 2028 to grow at a CAGR of 6.1% over the forecast period.
- By the application, the South America System on Module (SoM) Market is fragmented into industrial automation, entertainment, medical, transportation, test and measurement, video application, and others. With 23.6% share of the domain, the industrial automation segment dominated the market in 2022. It accrued US$ 15.45 million in 2022 and is estimated to generate US$ 21.91 million by 2028 to grow at a CAGR of 6.0% over the forecast period.
- Based on country, the South America System on Module (SoM) Market is categorized into Brazil, Argentina, and the rest of South America. Our regional analysis states that Brazil captured 69.2% market share in 2022. It was assessed at US$ 45.34 million in 2022 and is likely to hit US$ 66.68 million by 2028, exhibiting a CAGR of 6.6% during the forecast period.
Key players dominating the South America System on Module (SoM) Market are Advantech Co. Ltd.; Axiomtek Co., Ltd.; Connect Tech Inc.; Emcraft Systems; Microchip Technology, Inc.; National Instruments Corporation; Segate Technology LLC; and SoMLabs among others.
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