IoT Testing Market to Reach $30.4 Billion, Globally, by 2032 at 32.6% CAGR: Allied Market Research

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Sep 20, 2023, 03:05 ET

PORTLAND, Ore., Sept. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT Testing Market by Service Type (Professional Service and Managed Service), Testing Type (Functional Testing, Performance Testing, Network Testing, Compatibility Testing, Usability Testing, and Security Testing), and Application (Smart Building and Home Automation, Capillary Networks Management, Smart Utilities, Vehicle Telematics, Smart Manufacturing, Smart Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global IoT testing industry generated $1.9 billion in 2022 and is anticipated to generate $30.4 billion by 2032, witnessing a CAGR of 32.6% from 2023 to 2032.

Internet of Things (IoT) testing is the process by which devices and systems can be tested for their functionality and performance, as well as for their security and interoperability. IoT testing is the process of testing the whole IoT ecosystem, from connected devices to sensors to gateways to communication protocols to cloud platforms and applications.

Prime Determinants of Growth-

The global IoT testing market is experiencing growth due to several factors, including the rise in importance of DevOps, an increase in demand for IP testing of IoT devices, and the increased deployment of microservices. However, scalability of the IoT system and applications is expected to hamper market growth. On the other hand, the growth of cloud computing is anticipated to provide lucrative development opportunities for the IoT testing market in the upcoming years.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.9 Billion
Market Size in 2032	$30.4 Billion
CAGR	32.6 %
No. of Pages in Report	436
Segments Covered	Service Type, Testing Type, Application, and Region
Drivers	Rise in the importance of DevOps. Increase in demand for IP testing of IoT devices. The increased deployment of microservices.
Opportunities	Increasing demand for API monitoring. The increase in adoption of smart city concepts.
Restraints	Lack of consistency among standards for interconnectivity and interoperability

COVID-19 Scenario:

The COVID-19 pandemic had a positive impact on the IoT testing market, significantly driven by the accelerated digital transformation across industries, propelling increased adoption of IoT technologies. Sectors such as healthcare and manufacturing embraced IoT solutions for remote patient monitoring, telemedicine, and supply chain optimization, leading to a heightened demand for thorough testing to ensure reliability and accuracy.
Overall, contactless solutions and smart retail gained prominence, requiring robust testing to ensure secure and user-friendly interactions. The emphasis on security in remote environments has heightened the need for rigorous security testing of IoT devices and networks. These positive shifts have fueled market growth and innovation during the pandemic.

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The performance testing segment to rule the roost by 2023-

Based on testing type, the functional testing segment held the highest market share in 2022, accounting for more than two-thirds of the global IoT testing market revenue. With the growing number of cyber threats targeting IoT devices, applications, and data, testing methodologies are evolving to include comprehensive security testing. This involves assessing vulnerabilities, encryption mechanisms, and authentication protocols to safeguard IoT ecosystems. On the other hand, the performance testing to rule the roost by 2032. However, the network testing segment is projected to manifest the highest CAGR of 37.3% from 2023 to 2032. This is because network testing is moving toward replicating real-world network conditions more accurately. This includes simulating scenarios such as network congestion, intermittent connectivity, and varying signal strengths to assess IoT devices' resilience in different environments.

The smart building and home automation segment to maintain its leadership status throughout the forecast period-

Based on application, the smart manufacturing segment held the highest market share in 2022, accounting for more than one-fourth of the global IoT testing market revenue. This is due to IoT-enabled systems providing manufacturers with data-driven insights that inform decision-making. As manufacturers increasingly rely on these insights to drive improvements and innovations, the demand for accurate data validation and testing grows. On the other hand, the smart building and home automation segment is expected to maintain its leadership status throughout the forecast period. However, the smart healthcare segment is projected to manifest the highest CAGR of 39.5% from 2023 to 2032. The growth is attributed to the fact that biometric authentication enables passengers to move seamlessly through various touchpoints of their travel journey, from check-in and security to boarding and baggage claim.

Asia-Pacific to maintain its dominance by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global IoT testing market revenue. Owing to the increasing number of connected devices and the potential for cyberattacks, there has been a strong emphasis on integrating robust security testing into IoT solutions. This includes testing for vulnerabilities, encryption, authentication, and access control. On the other hand, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same region is expected to witness the fastest CAGR of 35.9% from 2023 to 2032. Owing to the rising demand for effective manufacturing and the expansion of IT-based services in developing nations. The need for IoT testing solutions is driven by the region's significant technological advancements and demand for 5G IoT across all business sectors.

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Leading Market Players: -

AFour Technologies
Apica
Novacoast, Inc.
Capgemini SE
Happiest Minds
HCL Technologies Limited
Infosys
Keysight Technologies
Praetorian
Rapid7

The report provides a detailed analysis of these key players in the global IoT testing market. These players have adopted different strategies such as partnerships, product launches, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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