System on Module Market Insights
According to a Techsci research report, the global system-on-module (SoM) market is expected to be worth USD 1.2 billion in 2023, and is expected to grow at a robust CAGR of 8.25% during the forecast period till 2029.
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The System on Module market is driven by factors such as increasing adoption of advanced technologies such as Internet of Things (IoT) across various industries. Increasing data volume and demand for software-defined radio (SDR) are also contributing to the market growth. Moreover, factors such as increasing demand for embedded devices in the medical sector, development of autonomous vehicles, and widespread adoption of industrial automation are further driving the market expansion. However, shortage of trained workforce and skilled expertise poses a challenge to the market growth. The complexity of x86-based modules and the associated high cost are also hindering the growth rate of the System on Module market. The System on Module market report covers recent trends, trade regulations, production analysis, market share, impact of domestic and local players, opportunities for new revenue streams, market regulations, and technological innovations. For more information and market insights, we recommend you to contact Techsci Research for an analyst overview to make an informed decision on the market growth.
System on Module Market Dynamics and Driving Factors:
Increasing IoT Adoption
The rapid growth of the Internet of Things (IoT) is the main driver of the SoM market. The growing need for connected devices and smart solutions across various industries is driving the demand for SoMs, which provide a compact and integrated platform for IoT applications. There is an increasing demand for embedded devices in various sectors, including medical, automotive, aerospace, industrial automation, and consumer electronics. SoMs offer a cost-effective and efficient solution for developing embedded systems, facilitating their adoption in these industries. Continuous advancements in technology, such as the development of more powerful processors, increased memory capacity, and improved connectivity options, are expanding the capabilities of SoMs. These advancements have enabled the introduction of complex applications and advanced features, further fueling the market growth.
Key Market Players
- Advantech Co., Ltd.
- Connect Tech Inc.
- AAEON Technology Inc.
- Avnet, Inc.
- EMAC Inc.
- Avalue Technology Inc.
- Axiomtek Co., Ltd.
- Eurotech S.p.A.
- Emerson Electric Co.
- SECO SpA
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Key market trends for System on Modules
Increasing Adoption of Internet of Things (IoT): The increasing adoption of IoT across industries is driving the demand for system-on-modules. These modules offer a compact and integrated solution for IoT devices, enabling seamless connectivity and data processing. Industries such as healthcare, automotive, industrial automation, and consumer electronics are witnessing a surge in the demand for embedded devices. System-on-modules provide a cost-effective and efficient solution to develop embedded systems, fueling the market growth. The development of self-driving and autonomous vehicles is a key trend in the automotive industry. System-on-modules play a key role in providing the computing power and connectivity required for the advanced features of these vehicles. The prevalence of industrial automation processes in the manufacturing and industrial sectors is driving the demand for system-on-modules.
Regional Insights for System on Module Market:
The Asia Pacific region is witnessing significant growth in the SoM market. Factors such as rapid adoption of advanced technologies, rising investments in IoT, growing demand for embedded devices across various industries, and presence of leading semiconductor manufacturers in countries such as China, South Korea, and Japan are contributing to the growth of this region. Expansion of the manufacturing and automotive industries, and emergence of smart cities are further driving the demand for SoM solutions in Asia Pacific.
North America is another region witnessing significant growth in the SoM market. Presence of leading technology companies, advancements in IoT, and increasing demand for connected devices are driving the market in this region. Widespread adoption of SoM in applications such as healthcare, automotive, aerospace, and consumer electronics is contributing to the growth of the market in North America. Additionally, the focus on development of autonomous vehicles and smart infrastructure is further driving the demand for SoM solutions.
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