The proliferation of wireless technologies across industries and the need to support complex Internet of Things (IoT) has created a vast market for novel test and measurement (T&M) instruments.
According to a recent Frost & Sullivan report, managing highly connected IoT devices can prove time-consuming and expensive without an appropriate test plan; therefore, T&M vendors must present a universal software radio peripheral (USRP) price-position for wireless tests.
The report, entitled ‘New Competition for the Global Test and Measurement Market in IoT Wireless Technologies’ claims that there are rich opportunities in the IoT wireless technologies market for vendors that can offer systems with greater modularity, customisation and software design to aid cost-effective upgrades.
The report found that, with 23 billion devices expected to be connected by 2020 and evolving technologies and standards, T&M products and services in the IoT wireless market are expected to experience sustained growth. The total market was worth US$168.6 million in revenues in 2015 and is anticipated to reach $291.9 million in 2020 at a compound annual growth rate (CAGR) of 8.7%.