Press Release

Global IoT Testing Market to Grow at a CAGR of 31% During 2022-2027, Aided by the Growing Penetration of Internet of Things

Global IoT Testing Market

According to a new report by EMR titled, ‘Global IoT Testing Market Report and Forecast 2022-2027’, the market attained a value of more than USD 1.1 billion in 2021. The market is further expected to grow at a CAGR of 31% between 2022 and 2027 to reach over USD 5.70 billion by 2027.

The market for IoT testing is driven by the advent of the internet of things. The growing adoption of IoT, such as in the healthcare and retail sectors, is driving the need for testing services to ensure smooth operations. In order to enhance the efficiency of various applications, the companies are rapidly deploying digital solutions, including IoT devices, which is contributing to the demand for testing solutions to monitor the performance levels of these devices. Moreover, the development of 5G technology, including wireless devices, is anticipated to favour the market growth in the forecast period.

There has been a rise in the demand for robust and reliable 5G and IoT device test solutions to address requirements mandated by regulatory bodies. For instance, in July 2021, Keysight Technologies, Inc. (NYSE: KEYS) announced the selection of its 5G and internet of things (IoT) test solutions by DEKRA, a global test organisation, in order to expand its 5G new radio (NR), Bluetooth 5, and Wi-Fi 6 device regulatory compliance services. Keysight’s support to DEKRA is likely to help the company achieve cost-effective targets and bolster the IoT testing process.

In terms of region, North America is likely to account for a significant share of the market, owing to the increased adoption of internet of things (IoT) across various end use sectors such as manufacturing, healthcare, food and beverage, and retail, among others. Over the forecast period, the market in the region is anticipated to benefit from the development of innovative IoT devices, rapid technological advancements, and the presence of advanced infrastructure.

Market Breakup by Service, End User Industry, and Region:

  • The market is segmented based on service into professional and managed.
  • The different end user industries include retail, manufacturing, healthcare, energy and utilities, and IT and telecom, among others.
  • Region-wise, the global market for IoT testing can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for IoT testing is being driven by the growing penetration of IoT and its increased adoption across various end-use sectors including healthcare and manufacturing, among others.
  • The growing investment towards the upgradation of existing business models by medium and large enterprises is likely to augment the market growth.
  • The market is anticipated to be aided by the significant expansion of the IT sector, coupled with the increasing focus on bolstering the performance of IoT devices.
  • Moreover, the growing technological advancements and the increasing demand for professional IoT testing services are anticipated to provide a further impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for IoT testing for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the services, end-user industries, and major regions of IoT testing.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global IoT testing market are International Business Machines Corporation, Novacoast, Inc., Keysight Technologies, Inc., Praetorian Security, Inc., and AFour Technologies Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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