Wireless Test Equipment Market Size, Share, Trends, Drivers, Growth Analysis Forecast Report to 2022

A major driver of the wireless test equipment market is the rising demand for mobile data offloading. Also referred to as Wi-Fi offloading, it makes use of complementary network technologies to deliver data to a cellular network. Offloading is beneficial as it frees the bandwidth for other users by downsizing the data being carried on the cellular bands. Therefore, to keep up with the rising user demand, network operators are devising more-economical and effective ways to serve them. 

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Another factor influencing the wireless test equipment market growth is the rising investments in network function virtualization (NFV). Wireless test equipment provides NFV services such as monitoring, testing, and benchmarking. The traditional voice infrastructure is incapable of allowing devices to communicate in real time. The telecommunications industry is expected to be transformed by the increasing penetration of software-defined networking and NFV, as communication service providers, such as Deutsche Telekom, Telefonica, and AT&T, are exploring new digital opportunities, including machine-to-machine communication and internet of things, to maximize revenue.

The wireless test equipment market valued $4.5 billion in 2015, and it is expected to grow at a 6.1% CAGR during the forecast period (2016–2022). It is witnessing growth due to the increasing demand for mobile data offloading, HetNets, and small cells and funding by companies in network function virtualization (NFV). The hardware used in the test and measurement of outdoor and indoor wireless communication technologies and connectivity protocols, such as LTE TDD, LTE FDD, Wireless Sensor Network (WPAN) 802.11 a/b/g/n/ac/ad, GSM/GPRS/EGPRS/E-EDGE, and GPS is termed as wireless test equipment.

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The wireless test equipment market is observing the trend of product launches. The wireless telecommunication industry is undergoing a rapid change, where market players are continuously innovating their products and technologies to stay ahead of the curve; therefore, many new products are being launched globally. More than 13 types of wireless equipment, such as BER test solution, multi-terabit network security test platform, and conformance test solution, were launched in 2016 by major players, such as Keysight Technologies, Ixia, Anritsu, Rohde & Schwarz, Teradyne, and Viavi Solutions Inc.

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Growing Demand for mHealth Technologies Driving Medication Adherence Market

In 2016, the medication adherence market size generated $1.6 billion and is predicted to advance at a 12.3% CAGR during the forecast period. The various factors positively impacting the market are the surging geriatric population, rising demand for mHealth technologies, increasing demand for personalized healthcare, growing prevalence of chronic diseases, and rising demand for advanced medication adherence systems. The degree to which the patient follows the therapy prescribed by their healthcare provider, including taking the right medication, at the right time and manner, and in the right dose, is referred to as medication adherence.

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When product is taken into consideration, the medication adherence market is categorized into software centric and hardware centric. Between these, the software centric category dominated the market during the historical period and is further expected to hold the larger share of the market during the forecast period. This is because these products have a lower cost and are more easily accessible than hardware centric products. The hardware centric category is projected to grow at the fastest pace during the forecast period and is further divided into packaging and devices.

The increasing popularity of medication adherence systems and software is a key trend being observed in the medication adherence market. Due to the innovative applications of medication adherence software and systems, including double-checking medication administration properties, automatically dispensing applications, and electronic medication administration records facility, their adoption is increasing. These applications of medical adherence systems further help in reducing the chances of adverse drug events and medication errors. Furthermore, these systems and software also enhance healthcare quality by monitoring patient’s medication intake and decrease healthcare cost.

Another factor driving the growth of the medication adherence market is the rising requirement for mHealth technologies. The increasing usage of mobile phones has provided means for addressing health priorities through different applications, which has resulted in the development of mHealth. mHealth is the practice of providing digital healthcare services, including medication adherence solutions, with the aid of different communication channels and devices such as laptops, smartphones/phones, personal digital assistants, and tablets. mHealth has the potential to transform the face of health service delivery.

Hence, the market is registering significant growth because of the rising prevalence of chronic diseases and increasing demand for mHealth technologies.

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How is Global Warming Contributing to Surge in Global HVAC Market

The constant increase in the temperature, as a result of global warming, is one of the biggest factors responsible for the surge in the demand for air-conditioning systems and associated services across the world.

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The release of various airborne pollutants, such as nitrogen oxides, chlorofluorocarbons (CFCs), and methane, into the atmosphere, as a result of fossil fuel burning, is the biggest contributor to global warming. According to the National Aeronautics and Space Administration (NASA), there has been a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period to 2017.

The other key factors boosting the demand for heating, ventilation, and air conditioning (HVAC) systems and services across the globe are the expanding construction sector in various countries and increasing number of favorable government initiatives and policies, to aid their installation in residential, commercial, and industrial buildings.

As a result, the global HVAC market reached a value of $240.8 billion in 2019, and it is expected to generate revenue of $367.5 billion by 2030. This massive growth of HVAC market is during the forecast period (2020–2030) is projected to be at a CAGR of 3.9%.

Throughout the world, a high demand is generated for the installation, upgradation/replacement, repair and maintenance, and consulting services for HVAC systems. Amongst these, the demand for the upgradation/replacement of HVAC systems was found to be the highest in 2019.

This is mainly ascribed to the huge demand for the replacement of faulty components, in order to improve their energy efficiency, across the world. This will also improve the operational efficiency of these systems, and thus reduce the dependence on non-renewable energy.

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Retail cloud market is growing due to increasing demand for compliance and collaboration

A key trend in the retail cloud market is the adoption of multiple payment options in the retail niche. With digital technologies making inroads into people’s everyday life, their demand to shop as per their own preferences, be well informed, and for multiple payment options is rising. In an effort to make the experience of shoppers smoother, retailers are integrating cloud-based payment platforms in their operations. Apart from offering customers access to numerous shopping options, retail cloud also implements enhanced point of sale (POS) solutions.

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The growing adoption of smart devices is one of the most significant factors behind the advance of the retail cloud market. This is a result of the increasing online activities in the retail domain and rising requirement for smooth information sharing and better network connectivity. Around the world, people are increasingly paying for products using mobile platforms. Additionally, with smart devices, retailers find it easier to tap potential customers, by studying shoppers’ interest and purchase history. This lets retailers align their business strategy as per the interest of customers, which helps drive sales.

Geographically, the retail cloud market is categorized into North America, Europe, Asia-Pacific (APC), Latin America (LATAM), and Middle East and Africa (MEA). Among these, during the historical period, the largest share in the market, in terms of revenue, was held by the North American region. This was a result of the faster integration rate of the cloud technology in retail in this region than anywhere else, as well as the fact that retailers are scrambling to personalize the shopping experience of customers.

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Therefore, as people demand a more customized shopping experience and retailers look at it as an opportunity to increase their revenue, the adoption of cloud solutions would continue increasing.

The research offers historical market size of the global retail cloud market for the period 2013 – 2016 and market forecast for the period 2017 – 2023.

GLOBAL RETAIL CLOUD MARKET

By Type – Solution (Supply Chain Management, Customer Management, Workforce Management, Reporting and Analytics, Data Security, and Others) and Service (Managed Service and Professional Service)

By Service – Software as a Service, Platform as a Service, and Infrastructure as a Service.

By Deployment Model – Public Cloud, Hybrid Cloud, and Private Cloud

By Enterprise Type – Large Enterprises and Small and Medium Enterprises

By Region – North America, Europe, Asia-Pacific and Middle-East & Africa (MEA), and Latin America

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How is Rising Adoption of Electric Vehicles Fuelling Massive Surge in APAC Electric Motor Market?

The need for a reduction in energy consumption by the major industries is expected to increase significantly in Asia-Pacific (APAC) in the coming years. Electric motors can account for almost 70% of the total energy consumption in industries, and with the electricity usage and prices already too high, the adoption of energy-efficient motors is rising, in order to reduce the operating costs. 

The other major factor driving the sale of electric motors in APAC is the soaring deployment of electric vehicles, as they are an eco-friendly mode of transportation. Thus, the APAC electric motor market is predicted to grow from $50,948.1 million in 2017 to $77,876.8 million by 2023, with a CAGR of 6.9% during the forecast period (2018–2023).

There are various types of electric motors available in the market, namely direct current (DC) motors, alternating current (AC) motors, and hermetic motors. Amongst these, AC motors recorded high uptake during the historical period (2013–¬2017), primarily due to the surging adoption of environment-friendly electric vehicles and rising demand for industrial machinery. 

Furthermore, these variants require lower power and maintenance. Hermetic motors, owing to the ballooning demand for heating, ventilation, and air conditioning (HVAC) equipment from the thriving construction sector, are expected to register the fastest increase in sales, in the coming years.

Electric motors are widely used in motor vehicles, HVAC equipment, transportation and aerospace sector, industrial manufacturing, and residential buildings. Out of these, the adoption of electric motors is expected to be the highest in motor vehicles in the foreseeable future, which would be a result of the booming vehicle manufacturing sector in China. 

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Moreover, the flourishing automobile sector in other regional countries, such as India and Japan, is predicted to cause a huge upswing in the demand for electric motors in the coming years. 

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How are Innovations in Industrial Processes Driving Machine Condition Monitoring Equipment Market?

Now that industries have been established in almost every corner of the world for manufacturing numerous different types of products, innovation and advancements are bound to happen for making industrial processes more efficient. Some of the challenges which are being faced by firms at the present time include high labor cost, demographic change, resource & energy inefficiency, rising operational cost, and surging capital. 

For chemical factories, stringent regulations are being imposed by regulatory bodies for minimizing chemical contamination and ensuring the safety of workers through legislations including OHSAS 29 CFR 1910.107 and OHSAS 18001, which are imposing heavy penalties for the violation of the prescribed norms.

The equipment collects and analyses certain signals from motor in order to identify developing faults and inefficiencies. The process helps in avoiding unplanned downtime. According to a P&S Intelligence report, the global machine condition monitoringequipment market reached a value of $2.2 billion in 2017 and is projected to generate a revenue of $3.2 billion by 2023, advancing at a 6.8% CAGR during the forecast period (2018–2023).

Attributed to this, several companies are increasingly making use of plant automation solutions for ensuring regular monitoring of plant operations and processes. This is done by using machine condition monitoring equipment. Condition monitoring is a vital tool for predictive maintenance of machines. 

Various types of monitoring are motor current signature analysis, corrosion monitoring, ultrasound emission, thermography, lubricating oil analysis, and vibration monitoring. Out of these, the largest demand for condition monitoring equipment in 2017 was created for vibration monitoring, which is ascribed to the rising requirement for vibration monitoring in important applications including chemical and manufacturing industries that are highly prone to defects. 

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Fixed and portable are two types of monitoring systems, between which, fixed systems are predicted to become more popular as they provide more detailed analysis and monitoring in comparison to portable systems.

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Improved legislation to support research and education efforts makes sure growth of quantum computing market

The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 2020–2030 (forecast period), to ultimately reach $64,988.3 million by 2030. Machine learning (ML) is expected to progress at the highest CAGR, during the forecast period, among all application categories, owing to the fact that quantum computing is being integrated in ML for improving the latter’s use case.

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Government support for the development and deployment of the technology is a prominent trend in the quantum computing market, with companies as well as public bodies realizing the importance of a coordinated funding strategy. For instance, the National Quantum Initiative Act, which became a law in December 2018, included a funding of $1.2 billion from the U.S. House of Representatives for the National Quantum Initiative Program. The aim behind the funding was to facilitate the development of technology applications and quantum information science, over a 10-year period, by setting its priorities and goals.

Moreover, efforts are being made to come with standards for the quantum computing technology. Among the numerous standards being developed by the IEEE Standards Association Quantum Computing Working Group are the benchmarks and performance matrix, which would help in analyzing the performance of quantum computers against that of conventional computers. Other noteworthy standards are those related to the nomenclature and definitions, in order to create a common language for quantum computers.

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In 2019, the quantum computing market was dominated by the quantum annealing category, on the basis of technology. This is because the physical challenges in its development have been overcome, and it is now being deployed in larger systems. That year, the banking, financial services, and insurance (BFSI) division held the largest share in the market, on account of the rapid expansion of this industry. Additionally, banks and other financial institutions are quickly deploying this technology to make their business process streamlined as well as secure their data.

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Offering

1.3.2 Market Segmentation by Deployment Type

1.3.3 Market Segmentation by Application

1.3.4 Market Segmentation by Technology

1.3.5 Market Segmentation by Industry

1.3.6 Market Segmentation by Region

1.3.7 Analysis Period

1.3.8 Market Data Reporting Unit

1.3.8.1 Value

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents

2.2.1.1 By region

2.2.1.2 By industry participant

2.2.1.3 By company type

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Assumptions for the Study

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