Internet of Things Testing Market Projected to Gain Significant Value by 2028

Internet of Things Testing  Market Projected to Gain Significant Value by 2028

The IoT Testing market was valued at USD 1107.2 billion in 2020 and expected to reach USD 6132.45 billion by 2027 and grow at a CAGR of 32.34% over the forecast period (2021 – 2027). The Internet of Things (IoT) describes the network of physical objects or we called it as “things”, which are embedded with software, sensors, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. These devices range from ordinary household objects to intricate industrial tools. With more than 7 billion connected IoT devices today, experts are expecting this number to grow to 10 billion by 2020 and 22 billion by 2027. Now that it is easy to connect everyday objects kitchen appliances, baby monitors, cars, thermostat to the internet via embedded devices, seamless communication is possible between processes, people, and things. Depending on the kind of IoT system, analysis can be conducted either by humans or artificial intelligence and machine learning, in near real-time or over a longer period.

The ever-growing applications across various industry sectors such as manufacturing, retail, healthcare, BFSI, etc. which are frequently developed and expanding the IoT landscape. Such applications are tested thoroughly and assured in good working condition before it is implemented. This is driving the IoT testing market.

The Global IoT testing market is segmented on the basis of testing types, testing tools, service types, application and region. North America is expected to hold the largest market share during the forecast period. The APAC market is likely to grow at rapid pace and is projected to be the fastest-growing region in the IoT testing market.

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The IoT testing market includes vendors such as Infosys Ltd., HCL Technologies, Tata Consultancy Services, Capgemini, SmartBear Software, Cognizant, Keysight Technologies, Rapid value Solutions, AFour Technologies, Happiest Minds Technologies, IXIA, Apica Systems, Saksoft Ltd., Trustwave Holdings, and Navacoast Inc. Keysight Technologies Inc launched E5080B, P50xxA Series, and M980xA Series network analyzers in 2019. This enables customers to reduce number of parts in a test setup, minimizing maintenance and downtime costs. Also, accelerate test times and simplify test setups that can be quickly reconfigured and calibrated. Many enterprises are adopting microservices for agile development of enterprise IoT applications to streamline their business operations.

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