Cloud Electronic Design Automation Market Size

Cloud Electronic Design Automation Market size is expected to cross USD 24 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of cloud EDA was over USD 7 Billion. The market has a lot of opportunities as the Internet of Things (IoT) grows. Important players can collaborate closely with up-and-coming IoT development firms. As a result, these partnerships will support the market expansion. By 2023, there will be about 15.14 billion IoT devices.

In addition, Artificial Intelligence (AI) and Machine Learning (ML) influence almost every industry, including electronics, healthcare, automotive, aerospace, and defense. Businesses are increasing the range of products they offer in the previously listed categories by integrating AI and ML into their products. EDA providers can benefit from these implementations of the offered technologies, which call for the usage of sophisticated electronic parts and processors. Software developers can shift from manual to automated process testing with the aid of artificial intelligence. During the projected time, these variables would support the expansion of the electronic design automation software industry.