The new report by Expert Market Research titled, ‘Global IoT Testing Market Analysis, Size, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global IoT testing market, assessing the market based on its segments like service, end-user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
IoT Testing Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 1.1 billion
- Forecast CAGR (2023-2028): 31%
- Forecast Market Size (2027): USD 5.70 billion
The IoT Testing market is being driven by increasing outsourcing of professional IoT testing services by small, medium, and large enterprises.
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Furthermore, the growth of this segment will be aided by the fact that professional services trivialise the need for employee training and hiring, particularly for the purpose of IoT testing, allowing an organisation to save a significant amount of time and money. Furthermore, the growing adoption of IoT in the residential sector of the United States and Canada, as a result of the region’s early adoption of advanced technology, is expected to offer lucrative opportunities for market expansion during the forecast period.
IoT Testing Market Segmentation
IoT (Internet of Things) testing is the type of testing used to evaluate the performance of IoT devices. IoT testing improves system productivity by preventing unexpected glitches. Furthermore, one of the major benefits of IoT testing is that it improves the accessibility, usage, and efficiency of network and connected devices.
On the basis of service, the market can be segmented into:
On the basis of its end-use, the market can be bifurcated into:
- Energy and Utilities
- IT and Telecom
The regional markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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IoT Testing Market Trends
The growing application of IoT testing in the IT and telecom industries is driving the global IoT testing industry. IoT is an important part of the IT and telecom sectors because it improves data management while also improving the performance of the network that a customer uses. Furthermore, it is critical to monitor the performance levels of IoT devices in order to meet customer demand, resulting in a better business operation capability. Furthermore, IoT testing helps ensure the dependability of IT and telecom services, which is expected to be a major driving factor for the market.
Key Market Players
The major players in the market are International Business Machines Corporation, Novacoast, Inc., Keysight Technologies, Inc., Praetorian Security, Inc., AFour Technologies Pvt. Ltd., and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
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