Northbrook, IL 60062 -- (SBWire) -- 05/17/2022 --Electronic design automation software is used for designing electronic circuits, in other words for building hardware. It is also an important part of creating products and services on the Internet of Things. This article gives a general overview of how the market has changed over time, what it's expected to do in the future, and what companies are leading the way.

The electronic design automation market revenue was accounted for USD 11.5 billion in 2020 and is projected to reach USD 18.1 billion by 2026, at a CAGR of 7.7% during the forecast period., according to MarketsandMarkets' latest report "Electronic Design Automation Market – Global Overview". The market is segmented based on product, end users, and geography.

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Product Segment:

The product segment of the EDA market is segregated on the basis of type of design automation tool. Off-the-shelf (OTS) tools are used in the early stages of product development while custom designed tools are used in later stages. Major players in this segment include Autodesk, Microstrategy, and Siemens AG.

End Users Segment:

The end users segment is segregated into industrial end users and consumer electronics (CE) manufacturers. Industrial end users are major players in the automotive, aerospace, and defense sectors while CE manufacturers are major players in the gaming and mobile handset industries.

How Fast is the EDA Industry Growing?

The electronic design automation (EDA) industry is growing quickly and it is projected to grow even faster in the next few years. This is evidenced by the continued investment in EDA tools and services, as well as the increased demand for EDA capabilities across a variety of industries.

Some of the key factors driving the growth of the EDA market include the increasing use of 3D printing in manufacturing and the increasing number of startups and MNCs adopting digital technologies. The increasing adoption of cloud-based solutions is also contributing to the growth of the EDA market.

Key Market Players

Cadence Design Systems, Inc. (US); Synopsys, Inc. (US); Siemens (Germany); ANSYS, Inc. (US); Keysight Technologies, Inc. (US); Xilinx, Inc. (US); eInfochips (US); Altium Limited (Australia); Zuken Inc. (Japan); Silvaco, Inc. (US); are some of the key players in the electronic design automation market.