IoT Testing Market Anticipated to Touch USD 642.5 Billion at a CAGR of 32.3% by 2030 - Report by Market Research Future (MRFR)

IoT Ecosystem Needs Different Testing Procedures Demanding Comprehensive Test Strategy

New York, US, July 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IoT Testing Market Analysis by Solution & Services (Network Intelligence Solutions, Professional Services, Managed Services), by Deployment, by Organization Size and End-User (CSP, BFSI, Cloud Service Provider, Healthcare, Government) - Forecast 2030” valuation is poised to reach USD 642.5 Billion by 2030, registering an 32.3% CAGR throughout the forecast period (2021–2030). 

IoT Testing Market Overview

Citing the proliferation of 5G and robust demand for IoT and IoT testing solutions, industry players are investing increasingly to foster R&D activities to develop testing solutions for 5G-enabled IoT devices.

IoT Testing Market Report Scope:

Report Metric Details
  Market Size USD 642.5 Billion by 2030
  CAGR 32.3% From 2021 To 2030
  Base Year 2020
  Forecast Period 2021 To 2030
  Historical Data 2019
  Forecast Units Value (USD Billion)
  Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered Solution & Services, Deployment and Region
  Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors Cognizant (US), Infosys (India), Keysight Technologies (US), HCL Technologies (India), Capgemini (France), AFour Technologies (US), TCS (India), SmartBear Software (US), Happiest Minds Technologies (India), Rapid Value Solutions (US), Rapid7 (US)
  Key Market Opportunities The ease with which the Internet of Things (IoT) can compute and analyze the data across different platforms has marketed the growth of the IoT industry.
  Key Market Drivers By combining devices as small as remote controls to automobiles Internet of Things has spread in every aspect of our daily lives.

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The IoT testing market witnesses substantial revenue growth. IoT technology has constantly been evolving, witnessing the rapid adoption of various modern and state-of-the-art smart devices across manufacturing sectors worldwide. With increasing transformations in the IT & telecom industry and the digital transformation of the economy, cybersecurity risks are rising across industry verticals.

With the penetration of IIoT, the smart factory concept is becoming mainstream in the industrial world. IIoT transforms factories into smart ones, enabling smart equipment performance monitoring, foreseeing potential failures, and ensuring high product quality. Smart factories reimagine the manufacturing processes with digitization and provide interoperability & data transparency, decentralized decision-making and real-time capability.

Industries are rapidly embracing Industry 4.0, which requires IoT and IIoT devices. However, IIoT-enabled solutions require thorough testing to provide intelligent industrial management, maintenance, and control of the equipment and processes and avoid time or money losses.

Setting up smart factories brings the issues of cybersecurity, interoperability, and handling a constantly growing variety of information flows. Also, maintaining flawless operation in sophisticated architecture is the biggest challenge. Besides, the overwhelming complexity of smart factories and the need to continuously perform operations even during testing pose certain challenges.

Testing IIoT-enabled solutions assist in releasing highly reliable IIoT solutions and ensure high performance and safety of the manufacturing equipment. Therefore, testing of IIoT devices is expected to become imperative to support manufacturing operations, especially in the post-pandemic era.

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IoT Testing Market Segments

The Internet of Things testing market is segmented into type, application, vertical, and region. By type, the market is segmented into software testing tools (Tcpdump and Wireshark) and hardware testing tools (digital storage oscilloscope, JTAG dongle, and software-defined radio). By application, the market is sub-segmented into transportation, mining, solution providers, sensor device manufacturers, and others.

By vertical, the market is divided into corporate, industries, local and private business sectors, schools, healthcare centers, etc. By region, the market is divided into the Middle East & Africa, Americas, Asia Pacific, Europe, and the rest of the world.

Internet of Things Testing Market Regional Analysis 

North America has been dominating the global internet of things testing market continually. Advancing IoT systems and testing technologies and vast uses of smart connected devices drive the market growth. Additionally, vast advances and demand for 5G IoT technology across industry verticals in this region escalate the demand for IoT testing solutions.

Also, the availability of Internet connectivity with high reliability and rapid adoption of connected devices in manufacturing sectors boost the market size. Moreover, substantial R&D investments to advance essential infrastructure for network connectivity and IoT testing technologies & services foster the region’s market shares.

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Industry Trends

Many organizations have already digitized their business processes, including supply chain & product management, sales & marketing, and others. The automation has further increased the need for cloud-based 5G-enabled IoT apps and services. Rising deployments of IoT devices and growing automation across industries create substantial demand in the IoT testing market.

The explicitly different nature of IoT ecosystems makes testing even more important. Increased digitization and automation across the sectors globally positively impact the market dynamics. Besides, the growing adoption of cloud-based services and 5G IoT technologies in various industries to keep pace with the latest IoT and telecom advances boost the size of the IoT testing market.

Rising industrial automation and uses of connected devices in industrial sectors worldwide substantiate the revenues of IoT testing. The increasing demand for easy cross-connect applications with new systems and IIoT devices to optimize workflow operations creates significant market opportunities. With improved business operations and customer satisfaction, the market is projected to garner significant gains in the next few years.

Increasing adoption of various services, including device management and connectivity management provided by IoT and their applications, escalates the market growth, helping organizations enhance various business processes. Also, various IoT features leveraged to improve public safety, healthcare, transportation, and finance sectors foster the market growth.

Internet of Things Testing Market Competitive Analysis

Dominant Key Players on IoT Testing Market Covered are:

  •  Cognizant (US)
  •  Infosys (India)
  •  Keysight Technologies (US)
  •  HCL Technologies (India)
  •  Capgemini (France)
  •  AFour Technologies (US)
  •  TCS (India)
  •  SmartBear Software (US)
  •  Happiest Minds Technologies (India)
  •  Rapid Value Solutions (US)
  •  Rapid7 (US)

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The global IoT testing market appears highly competitive and fragmented due to the presence of several major technology providers. These players incorporate approaches such as strategic partnerships, mergers & acquisitions, expansion, collaboration, and product/technology launches to gain a larger competitive share.

For instance, recently, on Dec. 15, 2021, Tuya Smart (China), an IoT development platform provider, established a long-term strategic partnership with TÜV SÜD (Germany), a leading safety, security, and sustainability solutions provider, to boost testing and certification of smart devices.

This partnership would help Tuya Smart create a robust foundation for more efficient safety certification for its customers, unleashing more potential for its platform. Tuya Smart needs a global security ecosystem of education, standardization, testing, and certification to unleash the full potential of its IoT platform. The company aims to boost consumer confidence in smart products, adhering to the most stringent standards and certifying its modules.

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