Press release
System on Module Market Trends, Growth Factors, and Future Prospects, Analysis Report Forecast to 2030
The System on Module market industry is projected to grow from USD 2,939.8 million in 2023 to USD 6,051.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.4% during the forecast period (2023 - 2032).
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Major players in the System on Module Market comprise
• AAEON Technology
• Advantech Co Ltd
• Avnet Inc
• Avalue Technology
• Axiomtek Co Ltd
• ConnectTech Inc
• Cognatec AG
• EMAC Inc
• Eurotech Inc
• Kontron ST&G
• Microchip Technology
• National Instruments
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Key Trends Driving Market Growth
• IoT and Edge Computing Adoption
The proliferation of Internet of Things (IoT) devices and the shift towards edge computing architectures have created a strong demand for SoMs. These modules provide the necessary computing power and connectivity options required for IoT devices to collect, process, and transmit data efficiently. Edge computing, which involves processing data closer to the source, benefits from SoMs' compact size, low power consumption, and integration capabilities.
• Modular Design Practices
Modular design has become increasingly popular in product development across industries. SoMs offer a modular approach by encapsulating complex hardware components into a single module, simplifying the design and assembly process. This modularity allows for easier upgrades, maintenance, and customization, making SoMs an attractive choice for companies looking to streamline their product development cycles.
• Advancements in Processor Technology
The continuous advancements in processor technology, including the development of high-performance multicore processors and energy-efficient ARM-based architectures, have enhanced the capabilities of SoMs. These modules now offer increased processing power, graphics performance, and support for advanced functionalities such as AI/ML algorithms, computer vision, and real-time data processing.
• Industry-Specific Solutions
Various industries are leveraging SoMs to develop specialized solutions tailored to their unique requirements. For example, in the automotive sector, SoMs are used for infotainment systems, driver assistance systems, and in-vehicle networking. In healthcare, SoMs power medical devices, patient monitoring systems, and telemedicine platforms. The flexibility and versatility of SoMs enable developers to create innovative solutions across diverse verticals.
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Market Challenges and Opportunities
While the System on Module market presents significant opportunities, it also faces certain challenges. These include interoperability issues, security concerns related to connected devices, and the need for standardized interfaces and protocols. However, these challenges are driving innovation in the SoM ecosystem, leading to the development of secure, interoperable, and standardized solutions.
Looking ahead, the SoM market is poised for continued growth, fueled by the increasing demand for compact, power-efficient computing solutions across industries. The integration of advanced technologies such as 5G connectivity, edge AI, and blockchain into SoMs will further expand their capabilities and drive adoption in emerging applications.
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