According to a recent press release highlighting findings of BCC Research’s “Embedded Systems: Technologies and Markets” report, the global embedded technology market is expected to grow to $198.5 billion, which will likely also increase global spend on embedded software testing.
The growth towards $198.5 billion by 2019 will be fueled by an expected five-year compound annual growth rate (CAGR) of 5.4%, led by the Asia-Pacific region, which is noted as the largest and fastest-growing market, set to reach $79 billion in 2019.
The report separates the embedded technology market into two categories: hardware and software. While the embedded hardware market represents the largest segment of the overall market currently (and is expected to reach $191 billion in 2019), embedded software is the fastest moving segment with a 6.8% CAGR. Embedded software was valued at $4.9 billion in 2013, but is expected to jump up to $7.5 billion by 2019.
BCC Research information technology analyst Anand Joshi, "Embedded technology makes up the bulk of the semiconductor market and will continue to evolve. The emergence of open standards will continue to drive growth. Continued adoption and development of the so-called Internet of Things (IOT), a network that promises to connect every device on the planet to the Internet, is expected to be the dominant force in this market for the foreseeable future."
As embedded technology continues to emerge an increase in importance within the automotive, aerospace, healthcare, communications, and other markets, embedded software testing will likely also experience a rise in value in the next five years.