The Electronic Design Automation Market share has witnessed a drastic upswing owing to a vast expanse of applications. Numerous engineering firms operating across a variety of industrial domains including automotive, telecommunications, aerospace & defense, and consumer electronics have been extensively utilizing the advanced software manufactured by electronic design automation industry players. Out of these business verticals, the enormous growth of the automotive sector has necessitated the semiconductor component and system designers to meet the most rigorous regulatory guidelines to ensure vehicle safety.
An increase in the production of smart devices is a major factor that will have a positive impact on the growth of the Electronic Design Automation Market over the forecast timespan. In the recent years, the industry has witnessed a rise in the demand for consumer electronics. The growing popularity of smartphones and tablets in the recent years has seen an increase in camera modules, proximity sensors, accelerometers, and touchscreens. Sensors are rapidly expanding beyond image and motion sensing to features that can measure human health, food calorie composition, altitude, and humidity indicators owing to the increase in the variety of consumer IoT applications such as wearables. These factors are driving the electronic design automation market over the coming years.
The Electronic Design Automation Market consists of serval application sectors and consists of vendors, who are providing software tools, dedicated design services, and IP. The industry is presently dominated by many small and large vendors. Several major SIP companies are looking at the prospects to acquire other IP companies to expand their market share. The growth potential of the EDA market is anticipated to attract numerous new vendors trying to gain entry into the market. These new players are focusing on the distinct segments of IC design IP, which will help them gain a considerable market share.
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The U.S. has witnessed a technological boom and emergence of several small- and large-scale fabless companies. Factors, such as high demand for consumer electronics devices, favorable government policies, the rise in government funding in technology projects, and robust economic conditions of several countries will drive the Electronic Design Automation Market growth.
Increasing demand to differentiate products is encouraging OEMs to incorporate new technologies and provide products with large displays with better resolution, storage capacity, and high processing speed. These cutting-edge functionalities will increase the complexity of mobile System on Chips (SoCs). Following this, SoC designers are using semiconductor IP cores from third-party service providers to decrease the risk of design integration in the devices, contributing to the semiconductor IP electronic design automation market growth.
The North America Electronic Design Automation Market will witness a high growth over the forecast timeframe owing to large-scale technological advancements. The region is a leading adopter and developer of new technologies such as 5G technology for smartphone users. In addition, presence of a developed broadband & wireless infrastructure and government support for the development of IoT-based technologies are driving smart consumer electronics industry thereby providing an impetus to the Electronic Design Automation Market growth.
Fast broadband services and the development of these infrastructures in remote and underserved locations are aiding the development of the IoT and smart electronics market in the region. Moreover, the Federal Communications Commission (FCC) is further aiding in promoting 5G technologies. In April 2017, FCC raised USD 19.80 billion to set up and promote these services across the country.
The semiconductor industry has lately been experiencing a slight slump on account of the hindrances caused by weak global economy. Indeed, the economic situation has discouraged leading semiconductor companies from investing in research and development of electronic design automation. Nonetheless, despite constraints, electronic design automation market is still expected to witness a positive growth map ahead. As the global economic situation steadies itself, Electronic Design Automation Market will witness a transformation of sorts and surpass $14 billion by 2024.