A recent industry analysis conducted by Fact.MR, a leading provider of market research and competitive intelligence, projects that the global electronic design automation (EDA) software market will surpass US$ 11.2 billion by 2023 and is anticipated to maintain a robust CAGR of 8.6% until 2033.
The surge in IoT device usage is attributable to a convergence of technological and societal shifts, leading to increased demand for IoT solutions across various end markets. Global IoT connections witnessed an 8% growth in 2021, reaching 12.2 billion active end users, presenting significant opportunities for businesses.
Established IoT devices like smartphones, wearables, TVs, and smart home systems have transitioned from niche markets to mainstream adoption, driving the demand for EDA software. The integration of integrated circuits (ICs) in these consumer electronics devices is expected to fuel the EDA software market. Advancements in processing power and the miniaturization of smart connected devices are poised to usher in a new era for electronic design automation software firms.
Key Takeaways from Market Study
· By type, design EDA software is expected to remain the most attractive vertical in the global market and 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.
Competitive Landscape
Prominent suppliers of EDA software globally are Aldec, Inc., Altair Engineering Inc, Altium Limited, ANSYS, Inc, Cadence Design Systems, Inc., ELECTRO-SYSTEM CO.LTD, EMA Design Automation, Inc, Faraday&Future Inc, Intel Corporation, Intercept Technology, Keysight Technologies, Microsemi, Pulsic Limited, Siemens, Silvaco, Inc., Synopsis, Inc., Tabula, Taiwan Semiconductor Manufacturing Company Limited, WestDev 2022, and Zuken.
These key manufacturers are constantly innovating software to meet modern-day challenges pertaining to the production of electronic systems due to the rise of VLSI systems.
In February 2022, Intel announced a partnership with the world’s top EDA software firms Siemens EDA, Ansys, Cadence, and Synopsis as a part of the ‘IFS Acceleration’ program to build an ecosystem to support and service its new foundry service business. This association will let software providers fine-tune their chip design software for Intel’s latest process and packaging technologies.