According to Frost & Sullivan, the embedded instrumentation market is witnessing double-digit growth due to increased demand from the automotive and telecommunication industries and the miniaturization and complexities of electronic devices. The research company expects market revenues to reach $110.3 million in 2023, growing at a CAGR of 13.1% from 2016 to 2023. Allegedly, this is creating more growth opportunities for providers of flexible, versatile, cloud-enabled, and connected test solutions that are easily upgradable.
Five growth opportunities include:
- 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.
- Smart factory enabling industrial measurement digitization throughout the supply chain and single smart software solutions for inspection and guidance.
Frost & Sullivan's analysis, Global Market for Embedded Instrumentation, Forecast to 2023, examines 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. For more information, read the Global Market for Embedded Instrumentation, Forecast to 2023 report.