VALLEY COTTAGE, NY -- Sales of PCB design software will grow from $1.41 billion this year to $4.76 billion by 2026, a compound annual growth rate of 12.9%, a new report says.

Future Markets says the need to ease the design process and more complex boards will drive growth of software over the forecast period. The firm also expects growth in end-user industries.

Rapid introduction of new technologies and pirated software are major challenges expected to be faced by CAD suppliers.

Sales to the defense industry are expected to expand at a CAGR of 14.4% during the forecast period. Consumer electronics and defense together account for around half of the overall revenue.