Revenues to hit $110m in 2023.
The overall global market for embedded instrumentation is expected to hit a market revenue of $110.3 million in 2023, according to a new study.
The embedded instrumentation market is witnessing double-digit growth due to increased demand from the automotive and telecoms industries, along with the miniaturisation and complexities of electronic devices, Frost & Sullivan said in a report.
The analyst frim expects market revenues to reach $110.3 million in 2023, growing at a CAGR of 13.1 per cent from 2016 to 2023. This, it said, will create new growth opportunities for providers focusing on technological advancements and offering flexible, versatile, cloud-enabled, and connected test services which are easily upgradable.
"The need for embedded instrumentation has boosted the demand for higher functionalities and increased the ease of use for the end user. However, it has also increased the overall complexity of the electronic system due to technology advancements and space constraints, which demand the need for embedded testing," said Aravind Seshagiri, research manager for Industrials at Frost & Sullivan.
"In the future, the Internet of Things and Industry 4.0 will create huge market opportunities for embedded instrumentation," he added.
The agency's recent study Global Market for Embedded Instrumentation, Forecast to 2023, reviewed the prevalent factors contributing to the growth of this market, challenges serving as barriers to growth, which product segments represent the most growth potential, market leaders and revenue forecasts.
"Wearable devices are replacing traditional electronic devices across industry verticals due to their size, portability, and increased functionalities. A focus on this market will positively impact growth of the embedded instrumentation market," noted Seshagiri.
The study identified some key trends in the electronic device market, such as increased device complexity and the transition from analog to digital technology across industry verticals. "This has prompted test vendors to develop more sophisticated automated test equipment (ATE) solutions," the firm said. "With device complexity on the rise, the market is expected to witness more demand for combinational testers."
It also listed some key growth opportunities in the global embedded instrumentation sector, including:
Smart automobile, including cloud and data management services, real-time testing and debugging, and smart inspection through embedded instrumentation;
Embracing predictive analytics with model-based testing and performance prediction;
Enterprise integration through data collection, open innovative platforms and enterprise mobility;
Internet of Things with end-to-end consulting solutions, connectivity, data analysis and assistance in governance; and
Smart factory enabling industrial measurement digitisation throughout the supply chain and single smart software solutions for inspection and guidance.
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Copyright 2018 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||May 1, 2018|
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