The total information and communication technology goods (including computers, peripheral devices, communication and consumer electronic components among other IT goods) exports registered a growth rate of 11.5% in 2017 as against 10.5% in 2012.
CRIFAX added a report on ‘Global Functional and Testing Tools Market, 2020-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The emergence of new technological innovations including recent technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) finding their usage across both industrial and residential applications and rapid pace of digital transformation taking place across various industries is estimated to drive the growth of the global Functional and Testing Tools market over the forecast period (2020-2027). The manufacturing industries are predicted to invest about USD 340 billion on digital transformation in 2020. Investments in robotics, autonomous and freight operations are estimated to generate revenues of USD 128 billion in the same year. With transformation of business models happening on account of emergence of AI, IoT and Robotics, the global Functional and Testing Tools market is estimated to observe significant growth over the next 6-7 years.
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The introduction of 5G network is anticipated to provide various business opportunities as well as tap additional sources of revenue for the telecom industries, on account of increase in speed and responsiveness of the wireless networks.
With growing demand for mobile data along with increased video streaming services, the adoption of 5G services in North America is estimated to cross 45% by 2023. The rollout of 5G network combined with IoT connectivity which includes connected cars, connected homes or connected cities is predicted to change the way the telecom operators perform their tasks. United Nations Conference on Trade & Development (UNCTAD) in its report stated that the percentage of total information and communication technology goods (including computers, peripheral devices, communication and consumer electronic components among other IT goods) exports had grown from 10.5% in 2012 to 11.5% in 2017. As of 2017, Hong Kong held the largest share of 51.7% in ICT goods exports among four nations, which was followed by Philippines (35.9%), Singapore (32%) and Malaysia (31%).
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Moreover, growth of the global economy along with several efforts taken by countries such as China, Japan, United States of America, Germany, Netherlands, Korea and other ICT goods exporting nations is anticipated to aid the growth of the IT and Telecom sector.
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Functional and Testing Tools market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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