Computer Engineering Market Size 2022 Growth, COVID Impact, Trends Analysis Report 2024
Computer engineering is concerned with the integration of various determinants of computer science and electrical engineering, required to develop computer hardware and software. The growing reliance on information technology & sophisticated devices and decreasing prices of electronics will primarily drive industry expansion in the forthcoming years.
A substantial rise in disposable income and population has led to extensive consumption of electronic devices. The increasing needs of people for safety, efficiency, and entertainment have significantly augmented the demand for advanced electronic devices.
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Owing to the rising demand for electronic products and the advent of advanced technologies such as 4G/LTE/5G networks and IoT, growing requirements of efficient computer engineering will complement the industry landscape to a large extent. Global computer engineering market size is estimated to surpass US$2.5 trillion by 2024, as per an analysis report published by the Global Market Insights, Inc. Stated below are some key determinants driving industry trends.
Continued use in electronics development
The increasing usage of semiconductors in electronic products and the growing penetration of smartphones will augment the demand for efficient computing capabilities from the IT and computer sectors. Semiconductors are widely utilized in electronic devices such as tablets, PCs, smartphones, and other smart devices.
These devices further require a network connected through IoT to establish robust communication and perform their functions. In order to test, design, develop and integrate all these components, enhanced demand for computer engineering and its services will positively influence the industry growth in the upcoming years.
High requirement in cloud storage and computing
The server computers segment in the computer engineering industry is expected to witness significant expansion in the upcoming years. Increased usage of cloud storage and online services has fueled up the number of data centers globally. Reportedly, in 2016, there were more than 3 million data centers in the U.S., which is expected to rise due to massive demand for data and cloud storage services and the migration of on-premises and small data centers to hyperscale data centers.
The high requirement of power to handle such data storage facilities has encouraged the data center manufacturers to develop and deploy energy-efficient server solutions to reduce the power consumption of these centers.
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Growing trend of miniaturization in healthcare products
The high adoption of the miniaturization trend by several component manufacturers has allowed them to offer flexible mounting options and facilities of integrating multiple functionalities into a single component to the consumers. This evolving trend has enabled the integration of semiconductors in healthcare devices such as surgical devices and fitness products.
The surging demand for smart fitness products is influencing several semiconductor manufacturers to invest in extensive R&D to develop products compatible with healthcare products.
Booming electronics manufacturing sector in APAC
The Asia Pacific computer engineering industry share was estimated at over 50% of the global market in 2016, owing to the flourishing semiconductor sector in the region. Growing emphasis by several governments to uplift competitiveness in the electronics manufacturing industry and bring foreign investments to the sector will positively impact the sector in the region.
For example, the presence of affordable workforce resources in India is majorly attracting prominent electronic manufacturers across the globe. The rising cost of production in countries like China and Taiwan are encouraging manufacturers to shift their manufacturing units to other countries. In 2016, the wages of manufacturing laborers in China were around US$3.5 per hour as compared to US$0.9 per hour in India.
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