Considering these merits, a recent report by GMI, Inc. predicts that the overall electronic design automation market is projected to account for an annual remuneration of $20 billion from 2021 to 2027.

Gone are the days when electronic system producers were manually working day and night to develop an electronic device, with some loops and holes and inaccuracies due to human error. In the era of electrification and automation, these manufacturers have now been massively shifting their interests to design automation, leaving the troubles of cumbersome working methods behind.

EDA or electronic design automation tools have gained massive acclamation in the electrical and electronics industry today, owing to their ability to enable engineers to design and develop complex electronic circuits.

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One of the application segments, which is paving way for a lucrative growth pathway for electronic design automation market is the thriving consumer electronics industry.

While the consumer electronics producers are working rigorously to address the demand put forth by electronics industry in terms of the rising need for compact and miniaturized smart devices, the dependence on EDA has gradually increased. A prominent reason behind this growth wave is the capability of EDA tools to design high-performance chips.

Moreover, various companies have been going nine yards for bringing forth novel upgradation in EDA tools and software; a factor that is proposed to escalate the market numbers to all new levels in the upcoming years. Among such companies is Sigasi.

Belgium-based leading developer of HDL design solutions had in 2020, announced introducing a software development kit for electronic design automation tools for realizing various electronic circuits to be used in consumer electronics, automobiles, and others.

As per company officials, the development kit is expected to improve the focus, productivity, and quality of end users.

Apart from consumer electronics, EDA tools also come in handy for the conglomerates working in the thriving automotive industry. Industry experts have claimed that the automotive sector is incorporating advanced electronic solutions including infotainment systems, ADAS applications, and sensors, that are offering a lucrative opportunity for EDA industry expansion.

In fact, the latest trend of vehicle electrification is also touted to boost the demand for electronic design automation market in various economies. Vivid countries and states have been introducing initiatives to accelerate the production of EVs to add to the sustainable mobility future goals.

Recently, Maine Governor, Janet Mills had announced inking an executive order to ramp up the development of clean transportation solutions through measures like increased charging infrastructure and adoption of more electric vehicles in the state.

Elaborating further, the executive order, as per a news article by Transport Topics, called for the development of the ‘Clean Transportation Roadmap to 2030’ to classify policies, programs, and regulatory changes required to meet Maine’s EV and emissions reduction goal.

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Such potential strategies have undeniably supported the demand spurt for electronic design automation market.

It would be essential to mention that the advent of compute-intensive technologies such as AI and machine learning, is as well likely to propel the need for EDA tools for chip designing. With the proliferation of these technologies’ upbeat in the global economy, electronic design automation market is looking forward to taking hold of the largest share in the Latin America.

What has been impelling the market standards in Latin America is the growing industrial, automotive, and manufacturing sectors. In 2017, the Government of Argentina announced a strategy to drive its automotive sector and produce an output of a million units by 2023 end.

Meanwhile, the manufacturing space in Brazil is integrating advanced digital techniques like ML and AI, to bolster its global competitiveness. On top of that, the federal government is also supporting the ongoing digital transformation in the country to ensure wholesome economic development in the near future.

Table of Contents (ToC) of the report:

Chapter 1    Methodology & Scope

1.1   Scope & definitions

1.2   Methodology and forecast parameters

1.3   Regional trends

1.4   COVID impact

1.4.1    North America

1.4.2    Europe

1.4.3    Asia Pacific

1.4.4    Latin America

1.4.5    MEA

1.5   Data sources

1.5.1    Secondary

1.5.2    Primary

Chapter 2 Executive Summary

2.1   Electronic design automation market 360⁰ synopsis, 2017 – 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Product trends

2.1.4    Application trends

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