According to a new market research report titled, 'Electronic Design Automation Market by Offering (Solutions, Services), Deployment Mode (Cloud-based deployment, On-premises deployment), Tool Type (Design tools, Verification Tools, Simulation Tools), and Geography - Global Forecast to 2030', the global electronic design automation market is expected to register a CAGR of 10.7% from 2023 to 2030 to reach $17.47 billion by 2030.

Electronic design automation (EDA) is the use of computer programs to design, simulate, verify, and manufacture electronic systems such as integrated circuits (IC), IC packaging, and printed circuit boards (PCB). EDA software (also known as electronic computer-aided design or ECAD software). EDA has become essential for the development, testing, and production of electronic systems due to the rise of large-scale integration (VLSI) systems and the ever-increasing complexity of ICs and PCBs, including millions of transistors, diodes, and other individual components.

The growth of this market is driven by the growing need to reduce the complexity of integrated circuit designing, the increasing adoption of connected devices, and the rising demand for EDA solutions in the aerospace & defence sector. However, the availability of open-source EDA software restrains the growth of this market. The growing adoption of cloud technologies across SMEs and the increasing integration of machine learning technology are expected to create growth opportunities for the players operating in this market. However, constant technological changes are a challenge for market growth. Additionally, the emergence of domain-specific electronic product designs and the growing adoption of AI & ML technologies are major trends in the electronic design automation market.

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Increasing integration of machine learning technology is expected to create strong growth opportunities during the forecast period in the electronic design automation market.

In today's modern connected world, most organizations and government bodies are inclined toward cloud deployments and reshaping their approach to digitalization. Small and medium-sized enterprises (SMEs) are shifting their workloads to the cloud due to various benefits such as mobility, flexibility, security, cost savings, and accessibility. SMEs are increasingly deploying cloud-based technologies due to the convenience of storing files on the cloud and accessing or retrieving them through any connected device. Also, there is no need to employ technical personnel or maintain on-premises IT infrastructure.

Also, the demand for cloud-based technologies is rising in the electronics & semiconductors industries, especially IC manufacturing, as EDA workloads, such as simulations, are computationally intensive and require a lot of space to run on the design software. Market players are collaborating to offer EDA software with cloud-based technologies to help electronics & semiconductor companies implement large-scale modeling and simulation grids. For instance, in August 2020, Amazon Web Services (U.S.) partnered with Arm Limited (U.K.) to develop rapid silicon design using Electronic Design Automation (EDA) software. Also, cloud-based electronic design automation tools can reduce human error, replace manual methods for circuit board and semiconductor design, and improve the construction of electronic components. These factors are expected to create growth opportunities for the electronic design automation market.

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Based on offering, the global electronic design automation market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global electronic design automation market. The growing demand for complex integrated circuits and increasing adoption of connected devices boost the growth of this market. However, the services segment is projected to register the highest CAGR during the forecast period. The rising need to ensure smooth and efficient system roll-out and optimize operations is expected to drive the growth of this segment.

Based on deployment mode, the global electronic design automation market is segmented into on-premises deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the overall electronic design automation market. The growth of this segment is attributed to the increasing demand for complex integrated circuits and technological advancement in consumer electronics. Also, this segment is projected to register the highest CAGR during the forecast period.

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Based on tool type, the global electronic design automation market is segmented into design tools, verification tools, and simulation tools. In 2023, the design tools segment is expected to account for the largest share of the electronic design automation market. The growth of this segment is attributed to the rise of very large-scale integration (VLSI) systems. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, Asia-Pacific accounted for the largest share of the electronic design automation market in 2023. The large share of this region is primarily attributed to the rising number of electronic manufacturing companies and increased demand for consumer devices.

Some of the key players operating in the electronic design automation market are Cadence Design Systems, Inc. (U.S.), Synopsys, Inc. (U.S.), Siemens AG (Germany), ANSYS, Inc. (U.S.), Keysight Technologies, Inc. (U.S.), Xilinx, Inc. (U.S.), eInfochips (U.S.), Altium Limited (U.S.), Zuken (Japan), Silvaco, Inc. (U.S.), Altair Engineering Inc. (U.S.), Autodesk, Inc. (U.S.), EnSilica (U.K.), EMWorks, Inc. (Canada), and Aldec, Inc. (U.S.). to Reach $17.47 billion by 2030

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