LONDON–(BUSINESS WIRE)–The embedded software market is expected to grow by USD 5.69 billion during 2020-2024, expanding at a CAGR of over 6%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Embedded Software Market: High adoption of embedded software in the semiconductor industry drive growth
Embedded software is widely used in the semiconductor industry to design ICs that interconnect various electronic components such as capacitors, transistors, amplifiers, oscillators, computer memory, and timer. The smartphone industry is one of the major end-users of ICs. Over the years, the adoption of smartphones has significantly increased across the world. For example, smartphone shipments have increased globally from 174 million units of shipments in 2009 to 1.5 billion units of shipments in 2016. Such an increase has heightened the demand for ICs that form the core of smartphones. These factors are fueling the growth of the global embedded software market.
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As per Technavio, the growing popularity of IoT and M2M technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Embedded Software Market: Growing Popularity of IoT and M2M Technologies
Emerging technologies such as IoT and M2M are increasingly being adopted across various end-user segments. For example, the IoT technology is widely used to connect and control devices such as