A recent industry analysis conducted by Fact.MR, a leading provider of market research and competitive intelligence, projects that the global electronic design automation (EDA) software market will surpass US$ 11.2 billion by 2023 and is anticipated to maintain a robust CAGR of 8.6% until 2033.
The surge in IoT device usage is attributable to a convergence of technological and societal shifts, leading to increased demand for IoT solutions across various end markets. Global IoT connections witnessed an 8% growth in 2021, reaching 12.2 billion
Key Takeaways from Market Study
· By type, design EDA software is expected to remain the most attractive vertical in the global market and account for valuation of US$ 4.3 billion in 2023.
· Based on deployment, web-based EDA software is likely to be valued at US$ 7.3 billion in 2023 & holds a market share of 65.4%.
· Europe is expected to generate a valuation of US$ 3 billion in 2023.
· The North America market is set to witness a CAGR of 8.5% over the forecast period.
· The U.S. is likely to hold a share of 23.7% of the global market.
· China is expected to generate a valuation of US$ 1.5 billion in 2023 and exhibit a CAGR of 8.1% through 2033.
