Evolution of IoT and Connected Devices to Provide Lucrative Opportunities for Automated Test Equipment Market Growth During Forecast Period
The evolution of IoT enables devices to be connected over the Internet. For instance, according to Cisco Systems, Inc., nearly two-thirds or 66% of the global population will have Internet access, reaching 5.3 billion of total Internet users by the end of 2023. The rapid growth of data traffic over the Internet is attributed to the rising penetration of smartphones, smartwatches, and other consumer electronic devices that can be connected over the Internet, increasing the popularity of IoT.
Strong internet infrastructural deployments in advanced countries coupled with the development of advanced infrastructures such as 5G, fiber optic cables, and wireless connectivity are establishing new use cases, including Fixed Wireless Access, Critical IoT, and Massive IoT. Growing advancements in internet technology are driving businesses to harness the best out of the presented opportunity and maximize revenue generation streams. It is estimated that each individual will have close to a dozen devices that will be connected to the Internet by 2020. As per Ericsson's latest mobility report, the number of mobile subscriptions has reached 59 billion in the first quarter of 2023. The number of mobile broadband subscriptions is growing at 89% percent year-on-year, reaching a total of 65 million in the first quarter of 2023. The growing number of mobile subscriptions associated with inactive subscriptions, optimization of subscriptions for different types of calls, and multiple device ownership. A huge population from countries such as India and China are highly adopting smartphones and other consumer electronic devices, which is projected to create opportunities in the market. Additionally, significant initiatives taken by the government toward the digitalization of economies in developing countries such as India, Japan, Canada, Italy, and Spain are creating a larger number of data traffic over the Internet. Moreover, countries such as Brazil, Singapore, the UAE, Uruguay, Chile, Colombia, Saudi Arabia, South Africa, Vietnam, and Argentina are also experiencing rapid growth in digitalization, resulting in a huge influx of data over the Internet.
Growing awareness related to the benefits provided by advanced technologies such as IoT, communications, and sensors is paving the way for the integration of sensors into the devices, creating opportunities for the fueling automated test equipment market size. Several industries, such as consumer electronics, automotive, healthcare, and aerospace & defense, are adopting automated testing equipment to automate and transform numerous business functions such as supply chain planning and logistics and manufacturing across industries for increasing profitability. The automated test equipment market growth in the various end-user industries is anticipated to rise at a rapid rate in the coming years, with IoT gaining more prominence in the coming years.
Key Findings of Automated Test Equipment Market Study:
The automated test equipment market is segmented on the basis of type, component, end user, and geography. Based on type, the automated test equipment market is divided into integrated circuit (IC) testing, printed circuit board (PCB) testing, hard disk drive testing, and modules and others. Based on components, the automated test equipment market is categorized into industrial PCs, mass interconnects, and handler/prober. Based on end user, the automated test equipment market is divided into integrated consumer electronics, automotive, medical, aerospace & defense, IT & telecommunication, and others. Geographically, the automated test equipment market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Rest of World.
Global automated test equipment market size is segmented by component into industrial PCs, mass interconnect, handler/prober. The industrial PCs segment held the largest automated test equipment market share in 2022. Industrial PCs are widely used in the automated test equipment to process the testing, buffer the results, and store the data as commanded by the user of the test equipment. Also, these computers are designed to accommodate numerous Peripheral Component Interface (PCI) to enable many measurement and control card interfaces.
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