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Industrial Internet of Things Will Result in New Growth Potential for Instrumentation Software
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The advent of Industrial Internet of Things (IIoT) is expected to drive demand for test software across industries. The value proposition of IIoT is ubiquitous with continuous data sharing across machine, sensors, and tools. Software is becoming central to test systems, with vendors using them as differentiation in the market. Increased interests in automation and the advent of Industry 4.0 are driving the need for testing and are expected to drive demand for software. Customers are becoming accustomed to the idea for suppliers as complete solution providers with the ability to provide equipment along with the associated software and services rather than just product vendors.Convergence across various industries is triggering the increase in mobility, as the data is accessed on air and at high speeds. The need for high speeds due to the volume of data from various points including connected cars, IIoT, and cloud computing drives the need for test software. Growing research towards the introduction of autonomous and electric cars is augmenting the growth prospects test and measurement software. Additionally, growing trend of hardware in loop testing is driving software to be central to the whole test and measurement solution. The increase in industrial growth along with the need for higher quality of products and solutions has resulted in continuous monitoring and instantaneous validation of data along with predictive maintenance of devices. Continuous monitoring helps extend the life of the infrastructure.Test and measurement software covers both data acquisition (DAQ) software and general purpose (GP) test software. The software is used to across applications to do measurements, acquire data, and take corrective measures if required. The research methodology involves interviews with key participants along the supply chain coupled with secondary research from various sources including in-house data.This research service analyses the global trends in the DAQ and test and measurement software market. The study provides coverage for factors that are likely to drive and restrain the market growth in the coming years. The study provides insight into the prospects of individual software types and the overall software market growth across key vertical markets as well. The market has been segmented regionally and data has been provided on individual regions. Competitive structure, SWOT, and market share analysis has been provided in addition to the above mentioned data points. The base year for the study is 2016 with forecasts provided for the time period 2013 to 2023. This deliverable will provide key market participants with the necessary business intelligence in a maturing market.
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