Considering an optimistic scenario, where the global market is valued at $23.73 billion in 2024, it is expected to grow at a CAGR of 8.27% to $52.51 billion by 2034, according to a report from ResearchAndMarkets.com.
With the 5G subscriber base expected to surge from 664 million in 2021 to an estimated 4.39 billion within five years, the momentum for 5G is clear, the report noted. This rapid adoption, underpinned by 5G’s low-latency capabilities for extensive machine-to-machine communication and the need for devices to meet 5G NR compliance, is significantly driving demand for advanced wireless testing solutions.
Asia/Pacific is set to lead the wireless testing market, largely fuelled by initiatives such as India’s recent launch of an experimental license module for 5G labs, the report stated. This move by India’s Department of Telecommunications facilitates the establishment of 5G use case labs nationwide, enabling extensive testing and development in 5G technologies.