Global market for embedded instrumentation expects market revenues to reach $110.3mn in 2023, forecasts Frost & Sullivan
The embedded instrumentation market is witnessing double-digit growth due to increased demand from the automotive and telecommunication industries and the miniaturisation and complexities of electronic devices. Frost & Sullivan expects market revenues to reach $110.3 million (€89.14 million) in 2023, growing at a CAGR of 13.1% from 2016 to 2023.
This is creating new growth opportunities for providersembracing technological advancements and offering flexible, versatile, cloud-enabled, and connected test solutions that are easily upgradable.
“The need for embedded instrumentation has boosted the demand for higher functionalities and increased the ease of use for the end user. However, it has also increased the overall complexity of the electronic system due to technology advancements and space constraints, which demand the need for embedded testing,” said Aravind Seshagiri, research manager for Industrials at Frost & Sullivan. “In the future, the Internet of Things and Industry 4.0 will create huge market opportunities for embedded instrumentation.”
Frost & Sullivan’s recent analysis, Global Market for Embedded Instrumentation, Forecast to 2023, examines the prevalent factors contributing to the growth of this market, challenges serving as barriers to growth, which product segments represent the most growth potential, market leaders and revenue forecasts.