DUBLIN--(BUSINESS WIRE)--The "IoT Testing Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The IoT Testing market was valued at USD 781.96 billion in 2019 and is expected to reach USD 3,624.23 billion by 2025, at a CAGR of 32.34% over the forecast period 2020-2025.
The use of IoT testing using innovative technologies has led to the increasing use of different types of testing tools for various purposes, and the market is estimated to grow at a faster rate during the forecast period.
As enterprises always face challenges while deploying new patch of an application because of the fear of destalizing system, many organisations are adopting Shift Left testing. It is a recent movement, enabling enterprises to address, both, the speed and quality requirements that are created by the new world of mobile and IoT. This process automates the testing and QA processes to enhance efficiency and expand the scope of quality efforts.
The IoT testing tools are widely being used for open-source applications, and they help in monitoring traffic between the sender and receiver. Hence, IoT testing tools, along with the IoT solutions, may become the major factor in driving the market demand.
The lack of universal technology standard for the testing of IoT devices is expected to hinder the market's growth. This is expected to continue to create challenges for the vendors and the end users in the market.
Key Market Trends
Managed Services is Expected to Witness a Significant Growth Rate
- Managed IoT testing service providers see emerging technology as a significant source of business opportunity for the next couple of years. Among managed IoT testing services, the security testing will have a more significant market share than other testing services.
- Increase adoption of smart cities concepts have evolved the great potential of IoT in the energy and utilities, waste management, and infrastructure. The investment in IoT enabled infrastructure is expected to accentuate the demand for security testing services for those assets, which will further foster the demand for managed services in these sectors.
- Moreover, smart devices and IoT in retail sector help the companies to enhance the customer experience, in order to drive more conversions, altering the day-to-day store operations and will increase the managed services in this sector.
- This encourages many companies operating in the manufacturing, healthcare, or government sectors to subscribe to security services, instead of additionally investing in acquiring the hardware and software required to establish a security system.
North America Occupies the Largest Market Share
- North America is expected to hold a potentially significant share, thereby dominating the IoT testing market. The region has substantial dominance with sustainable and well-established economies, empowering them to invest in R&D activities actively. It is, thus, contributing to the development of new technologies, such as IoT, Big Data, DevOps, and mobility.
- Rising number of consumers embracing the smart home environment in the United States, IoT is further expanding across the North American region. According to the study, Stanford University researchers, around 66% of households in North America possess at least one IoT device, more than a quarter of the global average of 40%. Although these technologies are increasingly on the radar of hackers, the level of security of these smart homes has been amplified as well. The increased adoption of IoT impacted the growth of the testing services market extensively.
- Moreover, organizations are also keen to incorporate IoT technologies into their processes, which is expected to boost the growth of the IoT testing market significantly. For instance, in May 2019, Telecom giant AT&T launched its Narrowband IoT (NB-IoT) network across the United States, further highlighting the momentum behind cellular IoT.
- Further, a number of IoT testing service providers across the region have emerged in the market, providing various managed or professional services, such as compatibility testing, pilot testing, regulatory testing, and upgrade testing.
The IoT testing market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, the IoT testing solution providers are focusing on creating a point of difference among their competitors to sustain in the competitive landscape of the global market. Several players are expanding their offerings through investments in new product development backed by research and development spending.
May 2019 - Keysight Technologies Inc. has launched the next generation of network analyzers, E5080B, P50xxA Series, and M980xA Series, which deliver reliability and repeatability with best-in-class dynamic range and has a wide range of software applications, enabling engineers to consistently achieve comprehensive device characterization
April 2019 - Beyond Security and Ubiquitous AI Corporation, U.S. based Security testing company, collaboratively developed and launched BeStorm X, which is a vulnerability verification tool designed primarily to test IoT devices. The tool is an amalgamation of Beyond Security's BeStorm version 7.6.8 and UAC's IoT technologies.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.2 End-user Industry
5.2.4 Energy and Utilities
5.2.5 Other End-user Industries
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Apica AB
6.1.3 Afour Technologies Inc.
6.1.4 Happiest Minds Technologies Pvt. Ltd.
6.1.5 RAPIDVALUE SOLUTIONS
6.1.6 Praetorian Group Inc.
6.1.7 Saksoft Limited
6.1.8 Keysight Technologies Inc
6.1.9 Novacoast Inc.
6.1.10 Trustwave Holdings Inc. (Singtel)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/eose08