Albany, NY -- (SBWIRE) -- 11/20/2018 -- According to a new market report published by Transparency Market Research, the global EDA tools market for IC industry is expected to reach a value of US$ 3,031.7 Mn by 2026, supported by rising adoption of compliance initiatives, improved operational efficiency, and controlled workflow. The market is projected to expand at a CAGR of 6.8% during the forecast period from 2018 to 2026.The highly competitive environment has compelled players to focus on efficient manufacturing techniques. In addition, rising penetration of VLSI (Very-large-scale integration) is boosting the global demand for advanced and sophisticated EDA tools. Asia Pacific is anticipated to be the fastest growing region for the market during the forecast period which is expected to be followed by Europe. The EDA tools market is experiencing flourishing growth in terms of adoption across different industry verticals around the globe. Increasing implementation of Big Data analytics and artificial intelligence by vendors is further contributing to the growth of the EDA tools market for IC industry.

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Growing list of EDA tools vendors likely to boost the growth of the market over the forecast period

The growth of EDA tools is directly or indirectly related to the growth of E-CAD (Electronic Computer Aided Design), as most vendors offer EDA tools as an add-on feature to their overall E-CAD solutions. Adoption of EDA tools by small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for subscription based (cloud) services. Adoption of cloud based EDA tools in an organization for cost cutting and time savings (process optimization) is fuelling the growth of the market substantially with the trend expected to be maintained during the forecast period.

The EDA tools market for IC industry has been segmented on the basis of parameters such as component, application, deployment, and geographical regions. In terms of component, the market has been segmented into solution and services. The solution segment has further been segmented into bundled and standalone while the services segment has been classified into managed and professional services. Based on application, the market has been divided into design, verification, and simulation. In terms of deployment, the market has been segmented into cloud and on-premise. The cloud segment has further been classified into private cloud, public cloud, and hybrid cloud.

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The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis of market estimates supplementing the growth of the EDA tools market for IC industry during the forecast period. Private and hybrid cloud segments are anticipated to experience lucrative growth opportunities in the market. In terms of adoption of EDA tools, the private cloud segment is projected to expand at a CAGR of approximately 7.6% during the forecast period from 2018 to 2026.