Global IoT Testing Equipment demand is projected to be valued at USD 2.24 Billion in 2022, forecast to grow at a CAGR of 31.3% to be valued at USD 34 Billion from 2022 to 2032. Growth is attributed to the rising demand for renovation projects and development in residential and commercial construction.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 1.71 Billion |
| Expected Market Value (2022) | USD 2.24 Billion |
| Anticipated Forecast Value (2032) | USD 34 Billion |
| Projected Growth Rate (2022 to 2032) | 31.3% CAGR |
The growing adoption of IoT across the industry is fueling the demand for the IoT testing equipment market. Testing the overall behavior of IoT devices is one of the important parameters for device lifecycle and to ensure the proper functionality of IoT devices. IoT testing equipment monitors and performs various tests to ensure the proper functioning of IoT devices.
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. Several developments in the IoT testing equipment concerning technology are expected to drive the growth of the global IoT testing equipment market during the forecast period.
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The increasing adoption of IoT devices in the residential, industrial, and commercial sectors is driving the global IoT testing equipment market. The government initiatives such as smart cities, connected buildings, and smart homes are fuelling the global IoT testing equipment market.
The continuous development in infrastructure, increasing adoption of smartphones, and others are also expected to have a positive impact on the growth of the global IoT testing equipment market.
The challenges associated with the growth of the global IoT testing equipment market are the failure in real-time data testing, hardware-software compatibility, and others. However, vendors are continuously focused on the development of advanced IoT testing equipment to overcome the above-mentioned challenges.
The Asia-Pacific IoT testing equipment market is likely to observe substantial growth with a CAGR of approximately 13% during the forecast period. The APAC region is estimated to be one of the principal markets for the growth of the IoT market. Owing to the factors such as increasing internet penetration, rising adoption of cloud-based services among small and medium enterprises, and government strategies to encourage digitalization and smart city developments.
Moreover, the induction of high-speed networking technologies has been the key factor driving the market. With the increasing concentration of multinational players in the region and soaring investments, the market for IoT testing equipment is likely to propagate in the forthcoming period.
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.
Several North American governments are instigating new track review criteria to improve the operational efficiency of railway activities. For instance, in August 2020, the USA Department of Transportation's (DoT's) Federal Railroad Administration (FRA) offered to the Federal Register a final rule asserting the usage of ultrasonic inspection technology enabling railroads to execute continuous rail testing activities, which restructured with GPS technology.
The incessant development in infrastructure and swelling adoption of smartphones has placed the IoT Testing Equipment market on a positive growth trajectory in the region.
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Some of the key participants present in the global demand of the IoT Testing Equipment market include 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 and other IoT Testing Equipment manufacturers., among others
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 31.3% from 2022 to 2032 |
| Market Value (2022) | USD 2.24 Billion |
| Market Value (2032) | USD 34 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; SEA and Other APAC; China; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Russia, Poland, Australia & New Zealand, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | 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. |
| Customization | Available Upon Request |
FMI projects the global demand of the IoT Testing Equipment market to expand at a 31.2% value CAGR by 2032
North America is expected to be the most opportunistic IoT Testing Equipment market, expanding at a 7.3% CAGR
| Market Estimated Size in 2023 | USD 1.2 billion |
|---|---|
| Projected Market Value in 2033 | USD 5.0 billion |
| Value-based CAGR from 2023 to 2033 | 15.2% |
| Market Size (2023) | USD 48,100 million |
|---|---|
| Market Revenue Forecast (2033) | USD 99,441.1 million |
| Market Growth Rate (2023 to 2033) | 7.5% |
| Market Estimated Value (2022) | USD 4.4 Billion |
|---|---|
| Projected Market Size (2032) | USD 39.7 Billion |
| Value-based CAGR (2022 to 2032) | 24.4% |
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