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The consumer electronics industry held the largest share of the electronic design automation market, and this trend is expected to continue during the forecast period. Companies have been using organic and inorganic growth strategies for the development of the memory management units segment. The increasing digitalization, which has accelerated the need for faster processors and efficient memory management tools have accelerated the growth. The memory management units segment of the electronic design automation market is projected to record the highest CAGR during the forecast period. Hence, these factors are accelerating the growth of cloud-based electronic design automation solutions.
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The cloud-based design and verification are expected to provide excellent outcomes in high-speed operational processes, reduce costs associated with the manufacturing of semiconductor chips, and allow companies to reduce time to market and speed up innovation while maintaining or lowering operating costs. The cloud-based is expected to grow at a higher CAGR during the forecast period. The market for the cloud-based segment is expected to grow at a higher CAGR during the forecast period. To cater to the demand and achieve set goals, companies require electronic design automation solutions that can offer reliable results and assist them in achieving their aims. The complexity of semiconductor verification and manufacturing requirements is constantly rising, making it increasingly difficult for IC design companies to provide cutting-edge, competitive products on a timely basis to a fast-moving market. The market for the IC physical design & verification segment is expected to grow at the highest CAGR during the forecast period.
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The increasing demand for complex integrated circuits (ICs) and technologically advanced consumer electronics along with the growing adoption of connected devices are the major driving factors for the growth of the electronic design automation market. The global electronic design automation was valued at USD 11.5 billion in 2020 and is estimated to reach USD 18.1 billion by 2026, registering a CAGR of 7.7% DUBLIN, November 22, 2021-( BUSINESS WIRE)-The "Electronic Design Automation Market - Forecast to 2026" report has been added to 's offering.