DUBLIN -- The global electronic design automation market is expected to grow at a compound annual growth rate of 9.93% from 2013 to 2018. 

EDA comprises software tools that are used for designing electronic systems such as PCBs and ICs. EDA enables electrical engineers (hardware engineers) and computer engineers (software engineers) to design, analyze, and simulate the semiconductor chips. It also encompasses algorithms and methodologies for the design of VLSI circuits.

Increased availability of advanced EDA tools is likely to help the market vendors to stay on par with the advances in technology in the Semiconductor industry. Many innovative products and services are expected to be introduced by the vendors in the coming years, which are expected to boost the growth of the Global EDA market.

According to the report, the prime driver of the market is the increase in demand for semiconductor chips. Semiconductor manufacturing companies generate a large portion of revenue and rely heavily on EDA tools to design semiconductor chips.

Further, the report states that EDA tools need to be updated on a continuous basis, which helps the market vendors meet the growing customer expectations of latest, upgraded tools that would help them stay in sync with the advances in technology in the industr