|Growth Opportunities in Test and Measurement in the IOT Market, Forecast to 2025|
The proliferation of M2M devices has been dampened due to the COVID-19 pandemic; while connected home will continue to remain a prominent area, connected health will have a higher degree of growth.
Machine-to-machine (M2M) devices and connections will experience significant growth during the forecast period. Key areas of application include connected homes, work, cities, cars, and health, with the connected homes segment securing a significant share in the market. The COVID-19 pandemic outbreak, which started in December 2019, took the world by surprise and continues to ravage the global economy.
The test and measurement industry has suffered a setback in terms of growth rate because of the pandemic and so has the rate of proliferation of M2M devices. From an application perspective, the connected health segment is expected to experience the highest rate of growth over other applications, as healthcare sector plays a crucial role in crisis management. This has to do with the surge in medical solutions to actively track, quarantine, and treat persons affected by COVID-19. Another market significantly impacted by the COVID-19 pandemic is the telecom market where major deployments such as releases 16 and 17, which were due this year, have been delayed. These two releases were intended to set the course for complete Internet of Things (IoT) implementation across different industries.