Technology CAD Software Market Size Worth $315.4 Million By 2027: Grand View Research, Inc.

Technology CAD Software Market Size Worth $315.4 Million By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Oct. 15, 2020

SAN FRANCISCO, Oct. 15, 2020 /PRNewswire/ -- The global technology CAD software market size is expected to reach USD 315.4 million by 2027, expanding at a CAGR of 9.5%, according to a study conducted by Grand View Research, Inc. Technology Computer-Aided Design (TCAD) software solves physical, fundamental, and partial differential equations such as transport and diffusion equations of a semiconductor device's layer or wafer system. This has significantly increased the predictive accuracy of the simulation software. Rising advancements in the electronics industry have encouraged semiconductor manufacturers to focus on technology computer-aided design software to speed up the R&D process, since TCAD not only ensures reduced testing time but is also cost-effective.

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Key suggestions from the report:

Read 108 page research report with ToC on "Technology CAD Software Market Size, Share & Trends Analysis Report By Application Type (CMOS, Image Sensors, Solar Cells, Analog/RF Sensors), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/technology-computer-aided-design-software-market

The consumer electronics industry is witnessing the growing usage of advanced electronics components. Rising demand for smart devices would particularly encourage IC manufacturers to adopt technology computer-aided design software. As such, consumer electronics OEMs partner with some of the leading System-on-Chip (SoC) and IC manufacturers, including Intel Corporation; NXP Semiconductors; Texas Instruments Incorporated; and Qualcomm Technologies, Inc. in order to enhance the quality of their respective smart products. For instance, in August 2018, Intel Corporation selected Synopsys, Inc. as its primary software provider. The overall situation bodes well for market growth.

The rising adoption of various connected devices, wearable devices, home automation devices, and other smart devices, which support enhanced machine-to-human interaction, is also expected to drive the market over the forecast period. Connected device manufacturers are aggressively collaborating with technology computer-aided design software developers to launch innovative smart devices that can support machine-to-human interaction. Connected devices, such as smart speakers, are increasingly being integrated with Automatic Speech Recognition (ASR) to make them capable of receiving, understanding, and interpreting voice commands. The convenience associated with using voice commands to establish communication between machines and humans is creating opportunities for connected device manufacturers to introduce smart devices that can respond to voice commands.

The advent of the Internet of Things (IoT) has transformed the way organizations can communicate and manage their businesses and industrial procedures. IoT is being increasingly adopted for connected cars, connected toys, home security systems, and smart speakers. Nevertheless, given that connected devices are always vulnerable to intrusion threats, the way devices are connected and secured would be crucial toward rolling out a secure IoT ecosystem and driving IoT adoption. This, in turn, is expected to create potential opportunities for the market over the forecast period.

Grand View Research has segmented the global technology CAD software market on the basis of application type and region:

List of Key Players of Technology Computer Aided Design (TCAD) Software Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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