SANTA CLARA, Calif., July 30, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, Growth Opportunities in Test and Measurement in the IoT Market, Forecast to 2025, finds that because of COVID-19 the proliferation of machine-to-machine (M2M) devices will decrease during 2020. This will have a significant impact on the demand for testing equipment that validates their performance (with the exception of equipment for connected health applications). Frost & Sullivan expects growth to rebound by 2021, with revenue ultimately expanding at a compound annual growth rate (CAGR) of 5.1% to reach $3.25 billion by 2025, up from $2.40 billion in 2019.
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"5G development for IoT use cases will continue to be important during the pandemic. Given the complex nature of its deployment, there would be a requirement for software-based testing solutions that can test virtualized 5G network slices as well as test broad frequency spectrums," said Rohan Joy Thomas, Measurement & Instrumentation industry analyst at Frost & Sullivan. "Going forward, understanding the performance of proprietary applications on connected devices outside the enterprise secure network infrastructure is a key challenge that test and measurement companies need to resolve.
"Of all the IoT applications, test and measurement solutions that are used to test M2M applications in the connected home environment are the most dominant, representing 45.7% of all IoT test applications. As the healthcare sector plays a crucial role in combating COVID-19, test and measurement solutions used for connected health applications will experience the highest CAGR of all applications over the forecast period."
The proliferation of IoT across industries has presented immense growth opportunities for market participants involved in the IoT test and measurement space. Frost & Sullivan recommends that they:
- Develop solutions that can test high-speed Ethernet interfaces as well as physical entities.
- Provide over-the-air testing solutions that can test sub-6 gigahertz as well as higher millimeter wave applications.
- Introduce enhanced software testing capabilities along with artificial intelligence, machine learning, and cybersecurity to enhance the portfolio
- Provide solutions that can regulate the consumption of energy from connected devices operating at narrowband frequencies and low energy levels, thereby increasing the device's longevity.
Growth Opportunities in Test and Measurement in the IoT Market, Forecast to 2025 is the latest addition to Frost & Sullivan's Measurement & Instrumentation research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Growth Opportunities in Test and Measurement in the IoT Market, Forecast to 2025
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SOURCE Frost & Sullivan