by Brianna Crandall — July 24, 2015—As the trend towards connected living and the Internet of Things (IoT) continues to permeate home, work and city solutions, the need to keep tabs on a myriad of connected devices will thrust the global IoT testing and monitoring equipment market into the spotlight, according to new analysis from global growth partnership company Frost & Sullivan.
The incorporation of machine-to-machine (M2M) communication — central to IoT deployment — as well as modules that require less power and bandwidth will bring with it several challenges that turn into a boon for testing and monitoring vendors, says Frost & Sullivan. The report found that the market earned revenues of $346.9 million in 2014 and estimates this will reach $900.1 million in 2021.
“As the escalating number of connected devices adds breadth to the IoT concept, solutions that can proactively monitor, test and zero in on anomalies in the infrastructure will garner a sustained customer base,” said Frost & Sullivan Measurement and Instrumentation Research Analyst Rohan Joy Thomas. “The incorporation of new testing and wireless standards will broaden testing requirements and further aid development in IoT testing and monitoring equipment.”
According to Frost & Sullivan, educating end users on the importance of interoperability and the requirement for specialized testing equipment is vital for market success. Currently, the lack of end-user awareness on the need for proactive solutions stalls the large-scale use of IoT testing and monitoring equipment. End-user inability to identify the most appropriate solution from a plethora of identical systems also limits adoption.
High capital expenditure associated with procuring equipment coupled with inadequate standardization around IoT adds to the challenge, according to the report. Such concerns over high investment costs and standardization are expected to abate as IoT matures in the years ahead.
“Industry vendors must fill the gaps in their product portfolio in order to facilitate an open testing environment and lay the foundation for long-term growth,” concludes Thomas. “To that end, building partnerships with or acquiring participants from other industry niches will help solution providers extend their horizons in the global IoT testing and monitoring equipment market.”
The Global Internet of Things Testing and Monitoring Equipment Market report is part of the firm’s Test & Measurement Growth Partnership Service program. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
