Electronic Design Automation Market to grow at 6% CAGR from 2017 to 2024: Global Market Insights Inc. Global EDA Market was valued at around USD 8.5 billion in 2016, is set to exceed USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc. The trend of miniaturization of semiconductors has allowed manufacturers to utilize electronic components in applications such as surgical devices and smart fitness products. Development of such devices is generating a high demand for the EDA market. The rising awareness and acceptance of smart fitness devices are encouraging electronic design companies to invest in the innovative design tools for developing enhanced products. Manufacturers are investing massively to develop several new miniaturized products to enhance the customer experience. Researchers are focusing on developing costeffective and reliable products with the use of electronic design tools. An increase in the production of smart devices is a major factor that will have a positive impact on the growth of the EDA 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 U.S. has witnessed a technological boom and emergence of several small- and largescale 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 EDA 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 EDA 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,