- Customers' desire for one-stop shops encourage product vendors to evolve into complete solution providers
LONDON, Oct. 22, 2014 /PRNewswire/ -- With the rapid emergence of new technologies, the demand for simple and easy-to-use solutions has grown in the global instrumentation software market. Acknowledging this need, instrumentation software companies are focusing on simplifying complicated technical tasks and processes as well as adding new functionalities.
New analysis from Frost & Sullivan, It's All About Software—Analysis of the Market for Global Instrumentation Software and Software Solutions for General Purpose Test Instrument, finds that the market earned revenues of $1.52 billion in 2013 and estimates this to reach $2.21 billion in 2018.
The functionality of instrumentation software has evolved throughout the last decade, with many software developers employing powerful formulas, advanced rendering, and intuitive user interfaces.
"The close integration of electronic test equipment and software is resulting in improved efficiency of the overall system," said Frost & Sullivan Measurement & Instrumentation Industry Analyst Prathima Bommakanti. "The faster changeover, enhanced accuracy, and higher placement rates will all help deliver greater production yields to customers."
Investments in R&D will give a significant boost to the participants at a time when market maturity and the economic downturn are limiting the sales of associated software. However, superior customer awareness and competitive prices are generating interest in add on and turnkey software.
Another important trend in the test instrumentation software market is the increasing heterogeneity in product/application mix at customer locations. Due to the resulting need for several types of software/products, customers tend to gravitate towards single-source suppliers that can provide the packages/services by themselves or through partnerships.
End users' preference for a one-stop-shop drives equipment vendors to provide the equipment in a manner that eliminates the need to procure software individually. They also tend to offer free updates of the software if there is no revision in its version.
"With the increase in complexity of DUT, customers in the global instrumentation software market are in a constant search for simple and easy-to-use solutions," noted Bommakanti. "Identifying this need, market participants are striving to ensure that their software offer high ease-of-use to their customers."
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It's All About Software—Analysis of the Market for Global Instrumentation Software and Software Solutions for General Purpose Test Instrument
SOURCE Frost & Sullivan