IoT Testing Equipment Market to Grow at a CAGR of 31.3% to be valued at US$ 34 Billion in 2022-32 | FMI
The IoT testing equipment market demand is projected to be valued at US$ 2.24 Billion in 2022, forecast to grow at a CAGR of 31.3% to be valued at US$ 34 Billion from 2022 to 2032. Growth is attributed to the rising demand for renovation projects and development in residential and commercial construction.
North America captured nearly 35% share in 2021 and is likely to maintain its dominance throughout the forecast period. The mounting adoption of IoT devices in the residential, industrial, and commercial sectors is propelling the global IoT testing equipment industry. The government initiatives such as smart cities, connected buildings, and smart homes are stimulating the IoT testing equipment market in North America.
Considering the complex architecture of the IoT system, compatibility of the device is the must. IoT testing equipment tests the items such as versions, browser type, generation of devices, and others. IoT testing equipment performs the compatibility test of devices before installing. When IoT is considered, pilot testing is essential to test to be performed.
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Lab testing many not sufficient since IoT devices may backfire when exposed to the real world. IoT testing equipment performs pilot testing with a limited number of devices and records the behavior of IoT devices. Since standards and regulations play a key role IoT testing equipment performs the regulatory test to ensure the standards and compliance of connected devices.
Vendors offer IoT testing equipment with updated hardware and software to efficiently perform the tests. IoT testing equipment is used in all the phases of development of IoT devices, i.e. research & development, design & validation, compliance, manufacturing, deployment, and services. IoT testing equipment covers all the cellular and non-cellular technologies such as NB-IoT, LTE-M, Sigfox, LoRa WAN, and others.
The IoT testing equipment is segmented as hardware and software. IoT Testing equipment’s software is Wireshark, Tcpdump, and others. IoT testing equipment hardware includes devices such as JTAG Dongle, Software defined radio, Digital storage oscilloscope, and others. Advantages of IoT testing equipment are improved connectivity, predictive management, remote maintenance, and others.
IoT Testing Equipment Market: Market Segmentation
IoT Testing Equipment Market based on Test Devices
- Protocol Analyzers
- Spectrum Analyzers
- Network Analyzers
IoT Testing Equipment Market based on End-Use
- Smart Homes
- Smart Wearable
- Health Care
- Connected Factory
- Connected Vehicle
- Connected Buildings
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IoT Testing Equipment Market: Key Players
Some of the key players for IoT testing equipment are McGrath RentCorp, Inc., Anritsu, ROHDE&SCHWARZ, Keysight Technologies, Ixia, RIGOL Technologies, Inc., Tekronix, Infostretch Corporation, Shenzhen Te-lead Technologies Co., Ltd, Test IO, and others.
IoT Testing Equipment Market: Regional Overview
North America and Western Europe is expected to have the prominent market share of global IoT test equipment market during the forecast period. The huge adoption of IoT in the countries of these regions is expected to drive the global IoT testing equipment market. The developing countries of APEJ and Latin America such as Mexico, India, China, and others are expected to project high Y-o-Y during the forecast period of global IoT testing equipment market.