Communication test equipment (CTE) market is expected to register a CAGR of 6.7 over the forecast period(2021 - 2026).

- The growing volumes of data is one of the significant factors contributing to the growth of the CTE market. This is evident the mobile data traffic per smartphone per month expected to grow at a CAGR of 14% from 6.8 GB (gigabyte) in 2018 to 15 GB in 2024 according to Ericcson.
- Through extensive research and development, the players in the industry have been able to further the technology. These developments are expected to contribute to the growth of the market over the forecast period.
- For instance, GW Instek introduced its C-1200 Multi-Channel LoRa Tester for Transmitter and Receiver Tests. In terms of LoRa Transmitter, C-1200 provides tests including spectrum analysis, time domain, FEI (Frequency Error Indicator), and TOA (Time-On-Air) while LoRa Receiver, tests provide PER (Packet Error Rate), sensitivity, and. BER (Bit Error Rate).
- The increasing investments in the aerospace and defense systems by the governments and the related regulated authorities to provide support and upgrades for the pre-existing equipment and machinery is expected to provide a boost to the CTE market over the forecast period.
- In September 2019, According to the Pentagon Huntington Ingalls Industries was awarded a USD 30.8 million contract to provide modernization and procurement of material, equipment, spares, repair parts, and test equipment for operational nuclear-powered aircraft carriers; command, control, communications, computers, intelligence, surveillance and reconnaissance upgrades amongst others.

Key Market Trends

Telecommunications is Expected to witness a Significant Growth

- The increasing initiatives by the government and the related regulatory bodies in order to beef up preparedness for the upcoming technologies and security that allow them to provide a better experience is expected to fuel the CTE market growth over the forecast period.
- For instance, The Department of Telecommunications (DoT) has demanded mandatory testing and certification from the local authorized agencies for telecom equipment imported or sold in India.
- 5G is expected to unleash a massive IoT ecosystem that would allow networks to serve for billions of connected devices making it essential for the providers to have CTEs that would enable them to provide smooth and uninterrupted connectivity. According to Ericsson's Mobility Report of June 2019, More than 10 million 5G subscriptions are projected worldwide by the end of 2019. This in itself is indicative of the fact that there lies a lucrative opportunity for the communications test equipment providers which could boost the market over the forecast period.

North America is Expected to Hold Significant Share

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- North America is expected to dominate the market over the forecast period, owing to the presence of some major players in the region such as Texas Instruments Incorporated, Exfo Inc. amongst others.others coupled with the extensive research and development activities that have resulted in the wide-scale adoption of the communication test equipment market in the region.
- The government is increasingly investing in the aerospace and defense sector to upgrade the pre-existing infrastructure that allows them to gain an edge over the potential threats and allows them to be ready for the future.
- For instance, in September 2019, KBR announced that it was awarded two contract modifications totaling almost USD 40 million to upgrade remote tracking stations in the Air Force Satellite Control Network (AFSCN). This is expected to boost the adoption of the CTE market over the forecast period.
- Also, the region is one of the pioneers in the roll out of 5G is expected to witness a surge in the 5G subscriptions over the forecast period thereby propelling the vendors in the 5G market to possess communication test equipment that allows them to better serve their consumers.
- According to the Ericcson's Mobility Report of June 2019, the region is expected to hold close to 270 million 5G subscriptions accounting for more than 60 percent of mobile subscriptions.

Competitive Landscape

The competitive rivalry amongst the players in the communications test equipment market is high owing to the presence of some key players such as Exfo. Spirent, Texas instruments, amongst others. The research & development activities conducted by the players to innovate their offerings has allowed them to gain a competitive advantage over others. These players have been able to gain a stronger foothold in the market by entering into strategic partnerships, mergers & acquisitions.

- September 2019 - Anritsu announced the launch of its popular Radio Communication Test Station MT8000A with upgraded 5G Protocol Test functions. Previously, an external 5G RF fading simulator was required which is now used as n internal fader in the MT8000A, supporting either 2CC 4x4 MIMO tests with one MT8000A unit or 8CC 2x2 MIMO tests with two units.

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The virtual sensor market is expected to register a CAGR of 31% over the forecast period (2021 - 2026). Virtual sensing techniques are also called soft sensing, proxy sensing, inferential sensing, or surrogate sensing and are used to provide feasible and economical alternatives to the costly physical measurement instrument. A virtual sensor uses the information available from other measurements and process parameters to calculate an estimate of the quantity of interest.

- The major growth drivers responsible for the growth of the virtual sensor market include predictive maintenance and potential reduction in the time and cost compared to physical sensors, and rising adoption of the IoT cloud platforms. There is increasing use of predictive maintenance techniques by manufacturing facilities globally. Increase in efficiency and considerable reduction in time and cost is helping companies opt for virtual sensors than physical sensors.
- The factors hindering the growth of the virtual sensor market are lack of awareness related to the costs and benefits of the adoption of virtual sensors.

Key Market Trends

Manufacturing Expected to Have Significant Growth

- The manufacturing sector is expected to have significant growth for virtual sensor market. Industrial digitalization is considered to be one of the important criteria for optimizing the manufacturing processes of robots, industrial machines, and processing set-ups.
- Process industry-manufacturers have adopted virtual sensors along with AI and IoT or Original Equipment Manufacturers (OEMs) as the use of these technologies collectively enables machinery designing without using design prototypes, process optimization, remote monitoring, and timely data delivery in the manufacturing plants, which is an essential factor that drives the virtual sensors market for discrete industries.

North America Expected to Have Significant Market Share

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- North America is expected to have a significant market share for the virtual sensor market. North America region comprises of developed countries such as the US and Canada and is considered the most advanced region in terms of adopting digital technologies.

- This region is an important hub for consumer electronics products, especially smartphones and wearable devices, in which the sensor technology is used prominently. It is an important market for medical devices for health monitoring applications. The region has the highest number of end users for healthcare wearable devices.
- Due to technological advancements and the willingness to adopt innovative technologies among enterprises, there is a growth of the virtual sensor market in the region. There is a wide presence of key industry players in this region, further offering virtual sensor solutions, and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.

Competitive Landscape

The virtual sensor market is fragmented with several sensor manufacturers, and they strive to maintain a competitive edge in the market, thereby intensifying the competition in the market. Various innovations are taking place in the market, thus enhancing the growth of the market.

- May 2019 - Elliptic Labs launched inner beauty AI Virtual Smart Sensor, which gives the full screen and cleaner design to OnePlus 7 series smartphones. The INNER BEAUTY AI Virtual Proximity Sensor uses sophisticated software to detect proximity, erasing the need for traditional hardware components while simultaneously enhancing the design and advancing sensor capabilities.

- November 2018 - General Electric launched Predix Edge to help businesses simplify edge-to-cloud computing and enable them to secure the progress of their Industrial Internet of Things (IIoT) initiatives from pilot to production.
- February 2018 - Honeywell announced its latest smart building technology, which connects building personnel with data analytics to help drive operational improvements and efficiencies.

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The advanced IC substrate market (henceforth, referred to as the 'market studied') was valued at USD 7.73 billion in 2020, and it is expected to reach USD 10.49 billion by 2026, with a CAGR of 5.3% over the forecast period 2021-2026.​ Players are continuously advancing over the packaging technologies to answer their stringent requirements with a smaller footprint, higher performances, and lower power consumption. The demand for consumer electronics and mobile communication devices drives electronics manufacturers to deliver ever-more compact and portable products.

- The advanced substrate industry follows miniaturization trends, greater integration, and higher performance, thereby, making huge investments by several players across the ongoing ED and SLP packaging and showing an increased interest in such technologies.

- The higher power density and board integration result in thermal benefits, thereby, enabling further improvements in system reliability. Such technology brings huge value to the market due to extended adoption across automotive applications.
- It is also driving across the telecom and infrastructure segment, where ED is a suitable substrate solution for increased hardware efficiency. Due to this, players are investing huge amounts in new plants where ED is expected to be the main product constituent.

- The advent of 5G, which influenced the demand in 2018, is expected to be continued, as the use of FCBGA in 5G base stations and HPCs is increasing in countries that adopt the communication technology, worldwide.
- With the COVID-19 outbreak, the IC substrate production came to an abrupt end in China from February 2020 to March 2020. Thus, this influenced the demand for the product, worldwide, and influenced the price. With the increasing number of cases in the United States, the North American electronics industry is under pressure due to the lack of raw materials and products, as the global supply chain is disrupted.

Key Market Trends

Rising Application of Advanced Substrates in Manufacturing of IoT Equipment to Drive the Market Growth

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- The global demand for IoT is augmented by the consumer and industrial sectors, as the growing application of the technology is driving the demand from both sectors. According to the Internet & Television Association, by 2020, the global growth of IoT was expected to reach 50.1 billion units. ​
- The growth in demand is augmenting the vendors to produce IoT specific chipsets. Some of the major IoT chipset vendors operating in the market include Altair, Huawei, Intel, Qualcomm, Samsung, and Sierra, among others. Moreover, Qualcomm's networking solutions for Wi-Fi environments, such as Pro 1200, are embedded with FCBGA.

- With the increase in sheer numbers of IoT devices, the chip requirement for building IoT devices is expected to skyrocket over the forecast period. Moreover, the innovation in reducing energy consumption, combined with the miniaturization of chips, is likely to be the priority of manufacturers. ​
- The growth in IoT is helping IC substrate manufacturers. For instance, Apple is moving to adopt TSMC's antenna in package technology and ASE's FC_AiP process, to package mmWave antenna for its 5G iPhones and 5G iPads set to launch in 2020. The growth in IoT has resulted in greater use of the latest semiconductor packages that can enhance the performance of ICs and minimize the cost in various instances. ​

Asia Pacific to Register the Fastest Growth During the Forecast Period

- The growth of the semiconductor packaging manufacturer in the region correlates with the end user's growth in the region as the fastest-growing market for smartphones, thereby, witnessing a rising investment in renewable and automotive (EVs specifically), among various others.

- Some of the prominent players across the region have invested in the advancement in IC fabrication technology. For instance, in 2018, Taiwan-based Powertech Technology announced an investment of more than USD 1.68 billion in the country, in an advanced factory, to ride on the next technology wave of high-performance computing and connected cars. This is set to fuel innovation in the advanced IC substrates in the applications mentioned above.

- Moreover, investments in the smartphone segment in the Asia Pacific countries are expected to drive the demand for advanced IC substrates. For instance, in 2018, Samsung inaugurated its new mobile phone manufacturing facility in Uttar Pradesh, India, as the world’s largest mobile devices manufacturing factory.

Competitive Landscape

The advanced IC substrates market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with advancements in IC packaging technology, new players are increasing their market presence, thereby, expanding their business footprint across emerging economies.

- June 2019 - TTM Technologies Inc. announced that it agreed to acquire certain manufacturing and intellectual property assets from i3 Electronics Inc. This is to strengthen its advanced technology PCB capabilities and IP portfolio for emerging applications in the aerospace and defense end market and high-end commercial customers.

- June 2019 - Kyocera Corporation and Vicor Corp. collaborated on developing next-generation, power-on-package solutions to maximize performance and minimize time-to-market for emerging processor technologies. As a part of the collaboration between the two technology leaders, Kyocera may integrate power and data delivery to the processor with organic packages, module substrates, and motherboard designs. Vicor Corp. is expected to provide power-on-package current multipliers, enabling high density, high current delivery to processors.

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The North American dashboard camera market was valued at USD 67.2 million in 2020, and it is expected to reach USD 169 million by 2026, registering a CAGR of 15.4% during the forecast period (2021-2026). With more than 143 million Americans commuting daily, there’s no doubt that car accidents are bound to happen. The market studied has expanded rapidly over the last few years due to a considerable rise in the number of accidents and thefts, which have led to the government mandating the installation of dashcams.

- Driving assistance systems have gained popularity recently, owing to the drastic rise in the number of accidental fatalities that have been reported in the last decade. The demand for better assistance systems to categorically judge imminent dangers, and guide drivers, have emerged as a viable product in the automotive sector. Driver assistance systems are currently being used in the luxury cars segment predominantly. Many connected car vendors are developing driver assistance technology (expected to be commercialized during the forecast period). For instance, BMW developed Driving Assistance Plus (driving assistance system) for its models. They are also developing camera-based ADAS technology, in partnership with Bertrandt.

- Autonomous cars with dashboard cameras offer increased data transparency, which is expected to relieve public fears and lead to safer deployments of driverless technology. Currently, most of the fully autonomous vehicles are in their testing phase. Several automobile industry giants, like BMW, Daimler, Volkswagen Group, and Volvo, among others, are testing their self-driving cars. Autonomous cars are already in use across the United States. In January 2020, Nextbase launched of the 622GW 4K model dashcam adding to the list of first-ever features in the market-leading range (Emergency SOS, Alexa Built-In) with 4K HD recording, Enhanced Night Vision, Extreme Weather Mode, Digital Image Stabilization, what3words, ultra-fast 5GHz Wi-Fi, and more.

- According to the estimations by Insurance Information Institute (III), each year, property and casualty insurance companies lose an average of USD 34 billion to fraud. As per the National Insurance Crime Bureau (NICB), auto insurance fraud makes up the largest share of that loss. Insurance Information Institute estimated that the cost of insurance fraud (property, casualty, and auto) is USD 30 billion per annum in the United States alone. According to the Insurance Bureau of Canada, fraudulent auto insurance claims cost about USD 1.6 billion per year in Ontario alone. Thus, in the United States and Canada, where large magnitudes of auto insurance fraud occur, supporting the proliferation of dashboard cameras can save billions.

- The restrictions put in charge to limit the diffusion and impacts of COVID-19 have had a widespread effect on people's lives and the way people travel in their vehicles. The pandemic has affected all forms of transport, including cars and public transport in cities, to buses, planes, and trains globally. Global activities related to road transport was almost 50% below the 2019 average by the end of March 2020. Moreover, Puerto Rico, a United States territory with stringent restrictions in place, prohibits residents from going anywhere besides the supermarket or pharmacy after 9 p.m. or risk a USD 5,000 fine or six months in jail. Taking all these instances into account, the dashboard camera market is expected to be significantly affected until the traveling restrictions are eased in the region.

Key Market Trends

Dual-channel Dashboard Camera to Drive the Market Growth

- Multi-lens dashboard cameras serve a lucrative segment to invest in, majorly for dashboard camera manufacturers, thereby, driving an increasing preference for dual-channel dashboard cameras, over single-channel dashboard cameras. Demand for multi-channel dashboard cameras was restricted in the past, due to the complication of processing, as video streaming of the two views were captured and recorded simultaneously.
- Dual-channel dashboard cameras use two camera modules, in which, one is equipped outward, to record incidents that occurred in front of the vehicle. In contrast, another is used to record the interior of the car. These are expected to gain high traction due to their implementation in private taxi services, such as Uber, Lyft, and Bookmycab. These devices are energy efficient and provide recording features of both internal and external environments of vehicles.

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- The systems comprise two cameras with high-resolution feed for front and rear video recording. These devices have built-in GPS and Wi-Fi, which will support the live location tracking feature, which allows the owner to access the device using smartphone applications. The availability of impact and motion detection features aids in speed detection and vehicle accidents, thereby further providing alerts to drivers.

- Also, these camera modules are used for security applications, when a vehicle is parked, as its application includes recording video evidence of theft and hit-and-run accidents. According to AT&T, the annual accident rate for commercial fleets is approximately 20%. Fleet accidents have one of the most expensive injury claims for business, with an average cost of about USD 70,000 per accident. This has emphasized on the need to manage the commercial fleet, as well as to claim insurance and abide by employee policies rightly.

United States is Expected to Hold Major Share

- Various companies and startups have made significant investments to increase their presence in the region and aid the adoption rate. The existing companies are innovating new products to expand the product portfolio to gain market traction and increase their market share.
- For instance, in May 2019, Garmin Ltd launched the new Dash Cam 46/56/66W and the Dash Cam Mini, the latest additions to its popular dashboard camera lineup. The new series includes an ultra-compact design, high-resolution video, an extra-wide field of view, GPS, and voice control; the drivers can easily find a Garmin dash cam that is tailored to their specific needs.

- Similarly, a group of startups in the United States have developed an innovative business model, wherein the drivers are offered monetary rewards for installing dashboard cameras in their vehicles. As a result, an increasing number of ride service providers across North America, such as Lyft and Uber, have started deploying in-car DVRs to record their rides.

- The 2020 Hyundai Sonata, which was first displayed at the North American auto show, has five cameras installed throughout the car, four of which are used to provide the driver with an enhanced view of the vehicle's exterior.

- Also, Cadillac's new CT5 compact sedan has a hands-free driving assistant that can navigate most of the highways in the United States on its own. It was unveiled at the auto show, and there's a camera on top of the steering column that monitors the driver awareness.

- In addition, the current lack of direct discounts from insurance companies for the installation of dashcams is estimated to have an impact on the low interest of the US consumers. However, stringent regulations mandated by the government, due to the growing number of accidents in the United States, are expected to propel the growth.

Competitive Landscape

The North American dashboard camera market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring start-ups working on dashboard camera technologies to strengthen their product capabilities. Some of the key development in the market are:

- In January 2020 - Garmin Ltd, announced the Garmin Dash Cam Tandem, its first dual-lens dash camera that offers drivers complete video coverage of their surroundings due to two 180-degree field of view lenses that record in tandem day and night. The dash cam high-definition 1440p front-facing camera lens with Garmin Clarity HDR can capture crisp footage showing critical vehicle details.

- In January 2020 - Thinkware unveiled a few new products in Las Vegas and one of which is the T700, their most connected dash cam to date that uses LTE Cat 4 technology to transmit videos and the company announced to launch of QXD Mega 4CH - a Full HD 4-channel dashcam system that covers front and rear, as well as left and right of the vehicle to give the most comprehensive coverage of the surroundings of the car later in 2020.

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