As NDT software sales are predominantly tied to testing and inspection requirements across industries, the shift toward electric vehicles (EVs) and renewable energy will augment growth prospects.
"Industry 4.0 technologies, such as cloud computing, artificial intelligence (AI), and machine learning (ML), will enhance existing NDT techniques, paving the way for non-destructive evaluation (NDE) 4.0," said Ram Ravi, industry principal at Frost & Sullivan. "The need for more reliable and accurate inspection data will drive the adoption of Industry 4.0 technologies."
The company expects the NDT testing software market to reach $853.7 million by 2026 from $503.8 million in 2021, registering expansion at a compound annual growth rate (CAGR) of 11.1 percent.
"Perpetual licensing has been the predominant business model for software in the NDT sector. Additionally, the emergence of Industry 4.0 is expected to drive interest in newer business models, encouraging NDT vendors to offer software as a subscription,” he says.
Opportunities for growth in this market will depend on how well NDT software developers adapt to the following factors:
- Strengthening their software offering by integrating AI/ML and providing enhanced value to customers.
- Offering software that is simple and easy to use for customers and that easily integrates with existing systems.
- Developing robotic inspection solutions in-house or partnering with or acquiring companies offering these products.
- Providing a closed-loop architecture that facilitates data collection and processing for manufacturing.