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Electronic Design Automation (EDA) Tools Market Key Trends, Analysis And Strategies 2024-2033
Electronic Design Automation (EDA) Tools Market Trends
According to The Business Research Company's, the electronic design automation (EDA) tools market size has grown strongly in recent years. It will grow from $15.18 billion in 2023 to $16.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to integrated circuit complexity, demand for faster time-to-market, advancements in semiconductor technology, globalization of design teams, rise of functional verification challenges.
The electronic design automation (EDA) tools market size is expected to see strong growth in the next few years. It will grow to $23.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to AI (artificial intelligence) and machine learning integration, rapid growth in IoT and edge computing, demand for agile design methodologies, expansion of design complexity across industries, and demand for agile design methodologies. Major trends in the forecast period include advancements in analog or mixed-signal (AMS) design, enhanced support for open-source EDA tools, integration of hardware security features, technological advancements, and new product innovation.
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Market Drivers and Trends:
The adoption of the internet of things (IoT) is expected to propel the growth of the electronic design automation (EDA) tools market going forward. The internet of things (IoT) refers to a network of physical objects, devices, and systems that have sensors, software, and network connectivity built in to enable them to gather and exchange data with other devices. The adoption of IoT (Internet of Things) is rapidly increasing due to its transformative capabilities across various industries. IoT is helpful in electronic design automation (EDA) tools by making it possible to include sensor and Internet of Things solutions into the processes of IC (integrated circuit) design, verification, manufacturing, and testing, ultimately improving the effectiveness and performance of the electronic systems that are built. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to 34.7 billion connections by 2028. Therefore, the adoption of the internet of things (IoT) is driving the growth of the electronic design automation (EDA) tools market.
Major companies operating in the electronic design automation (EDA) tools market are developing advanced technologies such as Synopsys.ai to gain a competitive edge in the market. Synopsys.ai utilizes cloud computing to improve efficiency and scalability in design automation workflows. They enable on-demand resource provisioning and platform abstraction and foster collaborative development environments, enhancing flexibility and productivity. For instance, in March 2022, Synopsys, Inc., a US-based software development and electronic design automation company, launched Synopsys.ai, a suite of AI-powered solutions for designing, verifying, testing, and manufacturing advanced digital and analog chips. This full-stack, AI-driven EDA suite is designed to accelerate the chip design workflow by enabling companies to build more AI-driven optimization and data analytics capabilities across all stages of IC (integrated circuit) chip development.
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Major Key Players of the Market:
Siemens Aktiengesellschaft, Intel Corporation, Arrow company, Agnisys Inc., Keysight Technologies Inc., Synopsys Inc., Cadence Design Systems Inc., Forte Design Systems, Xilinx Inc., ANSYS Inc., Microsemi Corporation, National Instruments Corporation, JEDA Technologies Inc., Mentor Graphic Corporation, Altair Engineering Inc., AWR Corporation, Faraday&Future Inc., Zuken Inc., Magwel NV, Altium Limited, Silvaco Inc., Lauterbach GmbH, Computer Simulation Technology AG, EnSilica Limited, Aldec Inc., EMA Design Automation Inc., ELECTRO-SYSTEM CO. LTD., MunEDA GmbH, Intercept Technology Inc., Labcenter Electronics Ltd., Pulsic Limited
Electronic Design Automation (EDA) Tools Market 2024 Key Insights:
• The electronic design automation (eda) tools market is expected to grow to $23.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• IoT Surge Propels Electronic Design Automation Market Growth
• Increasing Focus On Innovating With AI-driven EDA Solutions To Revolutionize Electronic Design Automation
• Asia-Pacific was the largest region in the electronic design automation (EDA) tools market in 2023
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