Electronic Design Automation Software Market – Drivers Shaping Future Growth, Revenue USD 32.72 Billion by 2027

The increase in demand for compact electronic components required for smart wearable devices, electronic gadgets & medical equipment, advancement in System on Chip (SoC), and surge in penetration of mobile & wireless devices, growing adoption of AI & IoT devices are the major factors that drive the growth of the electronic design automation software market.

In addition, the rise in the need for remote accessibility also boosts the growth of the EDA software market. However, a lack of expertise in virtualization is anticipated to hamper the EDA market growth. On the contrary, the rise in demand for smaller electronic devices & increase in demand for machine learning in EDA to provide lucrative opportunities for the electronic design automation software market growth in the coming years. 

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According to type, the integrated circuit (IC) physical design & verification segment is expected to witness significant growth in the overall electronic design automation software market during the forecast period. This is attributed to the surge in complexity of IC designs and rise in demand for great accuracy and precision of semiconductor devices.

In addition, the end-users are increasingly adopting IC design and verification EDA tools to automatically perform the placement and routing of circuits on an IC or application-specific integrated circuit (ASIC). Cloud-based IC physical designing EDA tools are also getting attention in the EDA software market. Cloud computing is enabling end users to gain instant access to the CPU resources required to attain their physical verification.

By application, the consumer electronics segment accounted for the highest electronic design automation software market share in 2019, owing to continuous advancements in consumer electronics such as smartphones, laptops, desktops, tablets, cameras and many more.

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The EDA software is also expected to meet the unfulfilled need for methods, models and tools that would permit quicker and more accurate design and verification of microelectronic systems and circuits which drives the growth of the electronic design automation software industry.

As per region, the global electronic design automation software market was dominated by North America in 2019. The major presence of leading market vendors developing electronic design automation software and early adoption of advanced technology such as IoT & AI in North America are the major drivers for the electronic design automation software market growth. In addition, an increase in demand from sectors, such as automotive, medical, and communications, among other industry verticals in North America further propel the market growth in this region.

The outbreak of COVID-19 is anticipated to have a significant impact on the growth of the electronic design automation software market. Various industries are majorly hit by lockdowns imposed in many countries, and the spending on electronic design automation software by end users is expected to slow down during this pandemic.

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This is attributed to the disruptions in the supply chain & shortage of raw materials in the semiconductor industry. However, EDA market vendors are upgrading their offerings. For instance, in March 2020, Synopsys declared a major innovation in electronic design automation with the introduction of DSO.ai (Design Space Optimization AI), which is the autonomous AI application for chip design. Such innovations are further expected to boost the EDA software market growth during the forecast period.

The global electronic design automation software market analysis includes some of the key market players such as ANSYS, Inc., Altair, Altium LLC, Aldec, Inc., Autodesk, Cadence Design Systems, Inc., Keysight Technologies, Mentor (a Siemens Business), Silvaco Inc. and Synopsys.

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