Report: Big Data, predictive analytics will make test systems intelligent and fuel growth opportunities
December 14, 2017 | By Manufacturing AUTOMATION
Dec. 14, 2017 – A new Frost & Sullivan report finds the value of the Industrial Internet of Things (IIoT) in the test and measurement (T&M) market is expected to reach $104.8 million by 2022 growing at a compound annual growth rate of 6.7 per cent from 2016.
“Currently, original equipment manufacturers are cautious when it comes to IIoT technology adoption with significant concern toward security issues and limited entrants in the market,” said Frost & Sullivan Measurement & Instrumentation research analyst Anisha Nikash Dumbre. “However, by 2020, a number of IIoT-enabled test systems are expected to be launched, catering to diverse services and fields within the industrial ecosystem.”
By 2025, the next generation of T&M systems would have ‘learned’ from their past experiences, enabling advanced testing measures and outcomes. Democratization of IIoT would lead to cheaper Software-as-a-Service (SaaS) models, ultimately leading to more than 80 per cent of testing vendors adopting this technology within their test systems. The integration of testing capabilities with modular form factor will further augment growth opportunities in this sector.
According to Adoption of Industrial IoT in the Global Test and Measurement Market, Forecast to 2022, imperatives for success and growth in the market include:
• Embracing transformational changes brought about by IIoT and offering better testing methods like Big Data, predictive analytics, and automation to customers;
• Integrating test capabilities and anticipating the changing system requirements;
• Adopting faster and more accurate modular form testing methods and remote monitoring to reduce the cost of testing; and
• Using data analytics to give greater accuracy and provide clients with substantial cost savings.
“In the future, there will be more focus on achieving zero defects in products and therefore the need for smarter test systems. Thus, no waste or rework will be caused, thereby avoiding revenue loss,” said Dumbre. “With this in mind, there will be a heavy focus on the research and development stage of the equipment to ensure zero defects. Continuous monitoring of equipment and IIoT technology will become the most important aspect to achieving zero defects.”