Breaking News: System on Module Market is Dazzling Worldwide, Forecast to Reach $20.6 Billion by 2030
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In a shocking turn of events, the System on Module (SoM) market has exploded worldwide, with a projected growth rate of 12.5% CAGR from 2023 to 2030, according to a recent report by MarketsandMarkets. This rapid expansion is expected to propel the market size from $8.3 billion in 2023 to a staggering $20.6 billion by 2030.
The SoM market is witnessing unprecedented growth, driven by the increasing adoption of IoT, artificial intelligence, and 5G technologies across various industries. The demand for SoMs is skyrocketing as they offer a compact, cost-effective, and energy-efficient solution for embedded systems, allowing manufacturers to quickly develop and deploy new products.
Key Highlights:
- IoT and Industrial Automation Drive Growth: The IoT and industrial automation sectors are expected to be the primary drivers of SoM market growth, with a projected CAGR of 15.6% and 14.1%, respectively, during the forecast period.
- Automotive and Healthcare Industries to Witness Significant Adoption: The automotive and healthcare industries are expected to witness significant adoption of SoMs, driven by the need for advanced driver-assistance systems (ADAS) and medical devices.
- Asia-Pacific to Dominate the Market: The Asia-Pacific region is expected to dominate the SoM market, driven by the presence of major manufacturers, such as Taiwan and China, and the increasing demand for IoT and industrial automation solutions.
- North America and Europe to Experience Moderate Growth: The North American and European markets are expected to experience moderate growth, driven by the adoption of SoMs in industrial automation, automotive, and healthcare industries.
Market Players to Watch:
- Advantech: Advantech is a leading provider of SoMs, offering a wide range of products for industrial automation, medical devices, and IoT applications.
- Kontron: Kontron is a global leader in the development and manufacturing of SoMs, offering products for industrial automation, transportation, and healthcare industries.
- Win Enterprises: Win Enterprises is a US-based company that provides SoMs and system-level solutions for industrial automation, automotive, and healthcare industries.
Conclusion:
The System on Module market is expected to experience unprecedented growth, driven by the increasing adoption of IoT, artificial intelligence, and 5G technologies across various industries. As the demand for SoMs continues to rise, manufacturers are expected to invest heavily in R&D to develop new and innovative products.
The global system on module market is anticipated to grow at a significant CAGR of 10.2% during the forecast period. There are several drivers responsible for the growth of the systems in module market. One of the drivers of the market is the high adoption of embedded computers in industrial applications and the Internet of Things. The adoption of these technologies provides several benefits such as stability, cost reduction, and reliability, which would benefit the manufactures and propel the growth of the system on modules market. Many wireless connectivity technologies, imaging solutions, and smart sensors are being introduced with advancements in technologies.
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The COVID-19 pandemic has hindered the market demand of the system on modules. Due to the COVID-19 pandemic governments across the globe imposed heavy trade restrictions and lockdowns, with some governments imposing only partial lockdowns and operating with several restrictions. The hardware supply chains were heavily disrupted due to the ban on international trade and the manufactures that were operating in these times had to operate with a minimal workforce. Apart from hardware, the software supplies for X86 were not disrupted, and updates were rolled out regularly by the key market players. Furthermore, the system on module industry saw a major decline in the demand, and the adoption system on the module was on a decline. Recently, as economies have re-opened and restrictions were relaxed, the system on the module market is expected to show positive growth.
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· Market Coverage
· Market number available for – 2024-2031
· Base year- 2024
· Forecast period- 2024-2031
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global System on Module Market Report by Segment
By Processor
• ARM
• X86
• PowerPC
• GPU
By Application
• Industrial Automation
• Aerospace & Defense
• Consumer Electronics
• Healthcare
• Automotive
• Others
Global System on Module Market Report by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
The Report Covers
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global System on module market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
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