Adoption of Connected Devices to Impact Demand for EDA Software
Market anticipated to grow at a high-value CAGR of 8.6% through 2033, according to research analyst.
Internet of Things News
Internet of Things Resources
December 13, 2022
Based on a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global electronic design automation (EDA) software market is estimated to exceed a valuation of US$ 11.2 billion in 2023 and grow at a high-value CAGR of 8.6% through 2033.
An explosion in the usage of Internet of Things devices translates to rising demand for IoT solutions in most IoT end markets. Global IoT connections grew by 8% in 2021 accounting for 12.2 billion active end users, which represents ample opportunities for companies.
Smartphones, wearables, TVs and smart home systems are a few of the established IoT devices that have shifted from niche sectors to be widely discussed and adopted. The incorporation of ICs in all these consumer electronic devices is expected to drive the market for EDA software. Developments in the processing power and device miniaturization of smart connected devices will unleash a new era for electronic design automation software companies.
Key Takeaways from Market Study
- By type, design EDA software is expected to account for valuation of US$ 4.3 billion in 2023.
- Based on deployment, web-based EDA software is likely to be valued at US$ 7.3 billion in 2023 and holds a market share of 65.4%.
- Europe is expected to generate a valuation of US$ 3 billion in 2023.
- The North America market is set to witness a CAGR of 8.5% over the forecast period.
- The U.S. is likely to hold a share of 23.7% of the global market.
- China is expected to generate a valuation of US$ 1.5 billion in 2023 and exhibit a CAGR of 8.1% through 2033.
“Substantial demand for ICs in IT & telecommunication and automotive sectors to positively influence market growth,” says a Fact.MR analyst.
There are several software vendors providing electronic design automation software, making the market highly competitive. Software providers are leveraging the customization of their offerings to cater to the demand of end users.
Synopsys, an American electronic design automation company on March 2022 launched a cloud optimized electronic design automation deployment model that offers chip and system design flexibility at unmatched levels with the help of a single source. The software provider’s cloud optimized design and verification tools will be available through Synopsys Cloud with pre-optimized infrastructure on “Microsoft Azure.”
In August, 2022 Siemens announced its expansion of early design verification solutions for Calibre platform for verification of ICs. The extended technology in EDA space is aimed at providing users latest technologies.
Sources: Press materials received from the company and additional information gleaned from the company’s website.