IoT Testing Equipment Market

IoT Testing Equipment Market Snapshot (2022 to 2032)

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.

Which are Some Prominent Drivers Spearheading IoT Testing Equipment Market Growth?

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.

What are the Challenges Faced by the IoT Testing Equipment Industry?

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.

Why is Asia-Pacific Emerging as an Opportunistic IoT Testing Equipment Market?

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.

Why does North America Hold a Significant Share in the IoT Testing Equipment Market?

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.

Market Competition

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

• In July 2020, Mobileum, a USA-based provider of analytics-based roaming, network security, and risk management acquired SIGOS for an undisclosed amount. This acquisition will help Mobileum to provide end-to-end testing for 5G and IoT to its customers. SIGOS is a Germany-based provider of active testing and fraud detection technologies.
• In Oct 2020, Lenovo launched a set of ThinkIoT Smarter Store Solutions to assist retailers in improving productivity and store safety.

Report Scope

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

Key Segments Profiled in the IoT Testing Equipment Industry Survey

IoT Testing Equipment Market by Product Type:

• IoT Testing Generators
• IoT Testing Oscilloscopes
• IoT Testing Protocol Analyzers
• IoT Testing Spectrum Analyzers
• IoT Testing Network Analyzers
• Others IoT Testing Product Types

IoT Testing Equipment Market by Application:

• IoT Testing Equipment for Smart Homes
• IoT Testing Equipment for Smart Wearables
• IoT Testing Equipment for Health Care
• IoT Testing Equipment for Connected Factories
• IoT Testing Equipment for Connected Vehicles
• IoT Testing Equipment for Connected Buildings
• IoT Testing Equipment for Other Applications

IoT Testing Equipment Market by Region:

• North America IoT Testing Equipment Market
• Latin America IoT Testing Equipment Market
• Western Europe IoT Testing Equipment Market
• Eastern Europe IoT Testing Equipment Market
• SEA and Other APAC IoT Testing Equipment Market
• Japan IoT Testing Equipment Market
• China IoT Testing Equipment Market
• Middle East and Africa IoT Testing Equipment Market

Frequently Asked Questions

What is the anticipated growth of the IoT Testing Equipment market until 2032?

FMI projects the global demand of the IoT Testing Equipment market to expand at a 31.2% value CAGR by 2032

Which region is forecast to be the most lucrative for IoT Testing Equipment market growth?

North America is expected to be the most opportunistic IoT Testing Equipment market, expanding at a 7.3% CAGR