The global NFC chip market is expected to grow at a CAGR of 21.5% during the forecast period of 2024 to 2032. The growth of the market is attributed to the increasing adoption of smartphones and the rise in demand for cashless transactions. The NFC chip enables secure contactless payments, which have become increasingly popular in recent years.
The market size for embedded systems is projected to increase at a CAGR of 6% during the forecast period of 2024 to 2032. An increase in the number of research and development activities related to embedded systems, an increase in the demand for advanced driver-assistance systems (ADAS) and electromobility solutions for electric vehicles and hybrid vehicles, an increase in the demand for portable devices such as wearables, and an increase in the use of multicore processors in military applications are key factors driving the growth of this market.
The global load cell market, a critical component in various industrial applications, has experienced significant growth and diversification over the years. A load cell is a specialized sensor or transducer used to convert a force or load acting on it into an electrical signal. This sensor works on the principle of strain gauge technology, where the deformation (strain) in the load cell material caused by an applied force is transformed into an electrical signal proportional to the force.
The global embedded systems market is expected to cross US $150 billion by 2030, expanding at a CAGR of 7% between 2023 and 2031. An embedded system is a hardware and software combination designed for a specific purpose. Embedded systems may also function as components of a larger system. The systems could be programmable or limited to specific functions. A majority of industrial equipment, consumer electronics, agricultural and processing sector equipment, autos, medical equipment, cameras, digital watches, home appliances, airplanes, and vending machines contain embedded systems. Engineers of embedded systems are revolutionizing the embedded system design process and redefining the management of data centers. These chips enable the transfer of crucial activities from software to hardware in order to conserve power, which is essential for power-sensitive embedded system applications.
Due to a rise in demand for advanced driver-assistance systems (ADAS) in electric vehicles (EV) and hybrid vehicles, the worldwide embedded systems market is anticipated to expand at a significant rate throughout the forecast period. In addition, an increase in the number of research and development initiatives pertaining to embedded systems will fuel the expansion of the worldwide embedded systems market. In addition, the need for multicore central processing units (CPUs) in military applications is anticipated to drive the growth of the embedded systems market throughout the forecast period. Yet, the security of embedded systems has been one of the primary factors limiting the growth of the embedded system market. In contrast, the rise of 5G and the development of 5G-based embedded devices are anticipated to present attractive growth possibilities for the market over the forecast period.
The introduction of 5G technology is anticipated to create growth opportunities for the embedded system market. According to the GSM Association (GSMA), the 5G market will contribute USD 2,2 trillion to the world economy by 2034, accounting for 5.3% of global GDP growth. As a result, 5G architecture-based embedded device production is anticipated to increase in the future. Due to the incorporation of 5G into its architecture, embedded devices used in vehicle smart video surveillance systems deliver rapid reaction rates. In addition, 5G technology is anticipated to aid in the resolution of issues related to industrial automation and smart farming by enabling rapid picture processing. Consequently, it is anticipated that embedded devices supporting 5G infrastructure will fuel the expansion of the embedded system market.
Top companies in the embedded systems industry rely on Acute Market Reports for in-depth market research and professional consultancy services. The futuristic research model offered by Acute Market Reports enables our customers to make sound economic choices at the most advantageous times. We collaborate with a wide variety of industry players to provide our global clientele with cutting-edge strategic research solutions.
