While Brexit may be causing considerable consternation for UK businesses, not all markets and sectors are struggling. In fact, some are projecting sustained growth in the next few years, with the market for equipment and software testing offering a relevant case in point.
According to the “Global General Purpose Test Equipment Market 2019-2023”, the GTPE space is set to grow at a compound annual growth rate (CAGR) of 4.93% between 2019 and 2023, while this figure could rise further in the longer-term.
This betrays the investment that tech firms are making in testing equipment, as they look to gain a competitive advantage over their rivals. Here are some of the reasons why the companies that make this equipment are growing to dominate the tech space:
Firms are Increasingly Reliant on Technology
We live in an age of ecommerce, with the most recent statistics suggesting that 18% of all retail purchases in the UK will occur online this year.
Ecommerce businesses operate almost entirely online, so operators need to ensure that they have constant Internet access that enables them to convert sales, track orders and offer the type of customer service that consumers demand in the modern age.
In order to analyze their wireless capabilities and identify any potential connectivity issues ahead of time, there’s a growing demand for testing equipment that appraises performance across Wi-Fi, Bluetooth, and Zigbee.
This guarantees the speed and the reliability of your Internet connection, and this can make the difference between successful and failed e-commerce ventures.
Testing Equipment Underpins the Delivery of Products and Services
When we think of equipment (and software) testing, it’s important that we don’t become preoccupied with the idea of this as a standalone market.
After all, testing equipment is used across an array of different sectors, while it also plays a crucial if an underrated role in the delivery of various products and services.
In the case of hardware testing equipment, for example, this ensures the functionality of specific machinery and that it complies with the necessary safety standards.
When using testing software solutions, businesses can make sure that they tailor the ideal customer experience for anyone visiting their website. Not only this, but this enables them to test apps, websites, and online tools on an assortment of different devices.
- Testing Equipment and Software can Save Firms Money
On a similar note testing equipment and software also has the potential to save businesses huge sums of money.
So while you’ll be required to invest some of your hard earned capital in order to access testing equipment, this can translate into long-term cost and efficiency savings.
This has also increased the level of demand for testing equipment, as companies across a number of industries are always looking to streamline operational processes and increase efficiency into the bargain.
This is particularly important in competitive markets, where even small cost savings can have an extremely positive impact on your margin.