iCrowdNewswire Jan 14, 2021 11:28 AM ET
The global PCB design software market is expected to grow at a CAGR of 26% during the assessment period to reach USD 4 billion by the end of 2023. The development of consumer electronics with best functions and properties to users is the primary driver of the market. The miniaturization of devices and need for portable devices are likely to spur the market demand. Advances in automation, huge need for shortening project durations, and superior design for en products will influence the market to a great degree.
But advances in open-source PCB design software may hamper the market growth.
By design complexity, the market is segmented into low end, medium end and high-end design.
By type, the market is segmented into PCB layout and schematic capture.
By deployment type, the market is divided into on-cloud and on-premise. The on-cloud segment is likely to drive the revenue streams of the market owing to increasing digitization in major industrial sectors. The popularity of cloud and its capacity to scale enterprises and its use in handling large memory caches can bode well for the market.
By industry, the market is segmented into consumer electronics, industrial automation & control, telecommunications, semiconductors, aerospace & defense, healthcare, transportation, and education & research. The aerospace & defense sector is predicted to generate revenue for the global PCB design software owing to inroads made in 3D visualization and printing. This can attract new investments due to many space exploration companies requiring highly functional devices in outer realms of space. In addition, the use of drones for monitoring and tracking of vehicles and machines can provide the segment a much-needed impetus.
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Printed circuit board (PCB) design software is used by electronic engineers for designing the circuit of a device. The complications with mounting various components and rise of miniaturization of electronic components can drive the use of software for completing deadline-driven projects in a short duration. The global PCB design software market report by Market Research Future (MRFR) has been compiled with estimations for growth, revenue, and figures for volume and value for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry has been analyzed as a key factor.
The geographical analysis of user activity monitoring market is studied for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
At present, North America is dominating the PCB design software market due to the increased investments from economies into research and development which drives the growth of the market. The U.S. has seen tremendous growth in the semiconductor industry and is anticipated to attain more growth during the forecast period. On the other hand, the European PCB design software market is estimated to grow due to the investments from automobile companies.
The APAC PCB design software market is expected to attain the highest growth during the forecast period due to various government initiatives in India and strong enterprise investments in China. The rising use of smartphones and integration of electronic components in the transportation sector can drive the market demand in the region. Due to increasing adoption of automation and enormous opportunities across industries in APAC countries, the global PCB design software market can find opportunity in robots to be used across industries in Taiwan, South Korea, and other countries.
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