Electronic design automation market forecast by 2024 | top 3 trends that may boost the industry expansion

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Nov 27, 2020 (Market Insight Reports) —
The electronic design automation market is poised to record substantial gains owing to increasing demand for EDA tools in the manufacturing and design of electronic products and systems such as virtual reality, Internet of Things, deep learning, autonomous vehicle systems and augmented reality. Robust research and development (R&D) activities initiated by technology firms have supported new advancements in the industrial sector.

In a bid to support the development of new industrial-grade products, electronic design automation firms are launching novel solutions. In 2020, U.S. software company, Synopsys, Inc. announced the launch of RTL Architect, its innovative product that comes up as the industry’s first-ever physically aware RTL analysis, signoff and optimization system that gives superior QoR (quality-of-results) and reduces the SoC implementation cycle in half.

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Based on such developments, Global Market Insights, Inc., suggests that the electronic design automation market is projected to grow over USD 14 billion by 2024. This growth can also be attributed to rising demand for technologies such as smart metering, smart grids, and drones in industrial areas.

Elaborating on some of the ongoing trends in electronic design automation market:

Robust demand for semiconductor devices

Semiconductors find extensive application in consumer electronic devices like smartphones, tablets, PCs, smartwatches and other smart products. These devices require components like sensors, memory and microcontrollers in order to connect to each devices and perform their functions. There has been a surge in the demand for camera modules, touchscreens, accelerometers and proximity sensors owing to the growing use of tablets and smartphones. Electronic design tools are required to develop such devices.

Rising application of SIP (Semiconductor Intellectual Property)

The SIP (Semiconductor Intellectual Property) is increasingly being used in the consumer electronics sector driven by growing use of mobile devices such as smartphones and tablets. Extensive R&D is required for the development of these smart devices which has led to expanded complexity of chip design and an increase in the use of IP block or cores. Mobile manufacturers are focusing on offering improved performance to end-users with limited chip sizes, fueling segmental growth. With increasing product traction, it is estimated that SIP segment could register a high CAGR by 2024.

Lucrative business strides across North America

North America electronic design automation market is anticipated to grow at considerably rate on account of increasing development of smart electronic systems for connected devices and smart homes. Component manufacturers are using technologically advanced processes to reduce the time required to design and manufacture electronic components. High penetration of technology along with increasing focus on patient safety, robust technological revolution and intensive government legislation has led to a rise in the use of electronic designing tools, driving regional market growth.

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