Electronic Design Automation Software Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2028
The global electronic design automation software market size is anticipated to reach USD 19.04 billion by 2028, registering a CAGR of 9.3% over the forecast period, according to a new study by Grand View Research Inc. The COVID-19 pandemic resulted in a minor setback due to several manufacturing industries being shut down. However, the market has seen a resurgence in the second half of 2020 and is expected to have a steady growth in the coming years. This growth is attributed to the increasing trend of miniaturization of chips and other systems, making the use of EDA software imperative to reduce manual errors in IC designing. The growing popularity Fin FET architecture for designing modern processors to meet the advanced technological requirements of the consumer electronics industry is anticipated to augment the market growth. Modern-day consumer electronic devices are getting more powerful but miniaturized in size. Designing chips for such compact devices requires advanced electronic design and automation solutions capable of eliminating designing flaws. As a result, the demand for EDA software is anticipated to witness a steady rise over the forecast period. As EDA tools are subject to copyright, patents, and trademarks, key players often offer their authorized and authentic products at higher prices. This has led various medium- and small-scale enterprises to adopt open-source EDA software. The use of such open-source software is expected to pose a challenge to market growth. However, these open-source EDA tools are prone to cyber-attacks and are expected to lose trust in the long run.