A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the U.S cloud electronic design automation (EDA) market was worth USD 2.0 billion in 2020. The market is further projected to reach USD 2.7 billion by 2027, at a CAGR of 5.0% during the forecast period (2021-2027). The U.S. cloud EDA market is supported by the integration of advanced technology such as the Internet of Things and Machine Learning in the techniques such as Industry 4.0. Additionally, the increasing use of robots in numerous industries in the U.S. is fueling the growth of the U.S. cloud EDA market.
Increasing Adoption of SoC Technology Driving Market Growth
The System-On-Chip (SoC) technology refers to the integration of electronic circuits into a single substrate that may support an entire electronic system. It amalgamates the entire system into a single chip. The SoC technology enables semiconductor manufacturers to produce smaller systems to be embedded on a single chip, thereby reducing the cost and increasing the efficiency of a particular system in comparison to its counterparts. As a result, there has been an increase in the adoption of system-on-chip (SoC) technology in different domains such as robotics, networking, telecommunications, consumer electronics devices, multimedia, and others in the United States. Businesses wishing to grow their presence throughout the world and in the United States can use cloud EDA to use SoC technology to enable the development of end-products with improved design security and a faster execution rate.
The Growing Acceptance of Industry 4.0 techniques Driving Market Growth
According to the World Robotics 2020 Industrial Reports, an estimated 2.72 million robots are operating in factories across the world. It records an increase of 12% from the previous year. Industry 4.0 leverages the IoT, Internet-of-Systems (IoS), cyber-physical systems, and cloud computing to make the smart factory a reality. Due to its automation and efficiency-improvement capabilities, the manufacturing sector is witnessing innovative solutions for incorporating IoT in the cloud EDA. With the increasing usage of mobile devices, IoT-enabled devices, and other consumer electronics, customers are witnessing a spike in IoT technologies. The technology has enabled the production of high-quality, reliable, and robust electronic components, as well as the enhancement of EDA tools, thus, driving the growth of the U.S. Cloud EDA Market.
Based on the application, the U.S. cloud EDA market is bifurcated into military/defense, aerospace, telecom, automotive, industrial, consumer electronics, and others. The consumer electronics segment held the largest share in the U.S. cloud EDA market in 2020. Consumer electronics has been witnessing sharp growth due to the rise in the e-commerce industry, and other exogenous factors that influence consumer income levels. Due to this, the consumers are accessing electronics equipped with advanced technologies and chipsets. EDA tools and software aid in testing and verifying the performance of these devices, as well as providing insight into what could be done to further miniaturize chipsets for better device space usage. With the help of Cloud EDA, the manufacturers of these devices can get easy access and store information pertaining to these designs in the cloud environment for further upgrades in the performance of consumer electronics and related devices.
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Impact of COVID-19 on the U.S. Cloud EDA Market
The COVID-19 epidemic took the world by storm, causing supply disruptions in a variety of industries all across the world. However, the U.S. cloud EDA market is booming as the cloud computing industry is witnessing a spike amid the pandemic. During the pandemic, cloud computing was one of the few industries to grow at a favorable rate. The convenience and easy accessibility of cloud services from anywhere in the world has fueled the rise of the cloud business. The engineers were able to leverage cloud services like GitHub for managing their tasks pertaining to cloud EDA. With the rising technological developments to expand storage capacities and improve the security of the cloud EDA, the cloud industry can expect increasing growth prospects in the future. Additionally, the reduction in costs and increased collaborative efficiency which were otherwise spent for on-premises software has helped companies secure more portion of the profits. As a result, the industry is still expected to stay strong in the upcoming years, thereby fueling the growth of the U.S. Cloud EDA Market.
The U.S. Cloud EDA Market Competitive Landscape
The U.S. Cloud EDA market is competitive with the presence of several top players in the market. The key players in the U.S. cloud EDA market include Agilent Technologies Inc., Agnisys Inc., Aldec, Inc., Altium Ltd., Ansys Inc., Cadence Design System, Inc., Infineon Technologies AG (Infineon Technologies Americas Corp.), Altair Engineering Inc., Keysight Technologies, Inc., Siemens EDA, Autodesk Inc., Synopsys Inc., Xilinx Inc., Zuken Inc., Silvaco, Inc, and other prominent players.
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