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IoT Testing Market size is projected to expand substantially over 2021-2027. This growth is driven by the rising adoption of IoT devices and the need for IoT automation testing to scale test cases, improve test coverage, and decrease hardware resources. In addition, growing interest in revolutionary smart city projects worldwide will further amplify the demand for IoT testing services over the coming years.
IoT testing refers to the practice of executing quality assurance tests that validate the functionality, performance, and security of IoT devices. Several IoT businesses rely on IoT penetration, automation, and performance testing tools to detect any defect prior to reaching the consumers. This testing service allows users to access, and share data from any device and in turn, gain greater insight and control over interconnected IoT devices.
Rapid adoption of IoT technology in the BFSI sector, especially during the COVID-19 pandemic, to deliver online banking services is a key trend propelling the IoT testing market growth. Growing demand for banking suite applications will further boost the deployment of IoT-based testing services, to help discover unforeseen errors and take relevant steps to develop a reliable system. Likewise, the significant growth of home automation devices to ensure high security and comfort will also push the industry share over the forecast spell.
However, common challenges like lack of standardization and rising cybersecurity threats may create roadblocks to the steady market expansion to a certain extent over the coming years.
On the basis of application, the smart healthcare segment will account for a considerable IoT testing market share by 2027, owing to rapid digitalization and the arrival of 5G networks. IoT adoption in healthcare systems is growing steadily during the pandemic as personalized care and remote health monitoring services continue to gain prominence. These systems are being deployed extensively to improve accessibility and safety and may thereby stimulate overall market dynamics.
Regionally, the Europe IoT testing industry is set to amass considerable gains by 2027, given strong investments in smart infrastructure and the development of IIoT initiatives in countries like Germany. Through the Sharing Cities programme, London and five partner cities in Europe have triggered a $302.8 million investment in smart technologies, which could promote the adoption of IoT testing tools in the region.
Prominent IoT testing market players include Navacoast, Inc., Trustwave Holdings (Singapore Telecommunications Limited), Saksoft, Apica Systems, IXIA, Happiest Minds Technologies, AFour Technologies, RapidValue Solutions, Keysight Technologies, Cognizant, SmartBear Software, Capgemini, Tata Consultancy Services, HCL Technologies, and Infosys Ltd., among others. Mergers and acquisitions and new service launches are some of the strategies adopted by these firms to expand their regional footprint in the global market.
For instance, in May 2021, SmartBear announced the addition of ReadyAPI support for the event streaming platform, Apache Kafka. The API testing under Ready API ensures high quality, security, and performance in APIs, ranging from SOAP services to IoT use cases that leverage MQTT.
In the wake of the coronavirus pandemic, various industrial sectors have been encountering unprecedented crises due to the financial crunch. Apart from the municipal services, the crisis also has hard hit the ongoing and flagship smart city projects across the globe. Delay in the release of funds for such projects may, in turn, hinder the demand for IoT-based testing services over the upcoming years.
However, the adoption of cutting-edge technologies in healthcare during the outbreak, for real-time patient monitoring and effective coordination of information, may aid the IoT testing market recovery. IoT technology has been gaining more prominence for varied healthcare applications such as tracking disease spread, automated drug delivery, as well as responding to patient queries.