Test and Measurement Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Microwave / Millimeter-wave,Photoelectric,Communication,Basic), By Application (Automotive,Aerospace and Defense,IT and Telecommunications,Medical and Pharmaceuticals,Semiconductor and Electronics,Industrial,Others), Regional Insights and Forecast to 2034

Test and Measurement Equipment Market Overview

Global Test and Measurement Equipment market size is anticipated to be worth USD 12580  million in 2025 and is expected to reach USD 21391.5 million by 2034 at a CAGR of 6.1%.

The Test and Measurement Equipment Market underpins global quality, safety, and performance assurance across more than 10 major end-use industries, from automotive and aerospace to semiconductor and telecom. In 2024, electronic and general-purpose test instruments such as oscilloscopes, multimeters, spectrum analyzers, and power analyzers together accounted for roughly 66% of total test deployments worldwide. Around 38% of global demand was concentrated in Asia-Pacific, 30% in North America, 22% in Europe, and the remaining 10% across Latin America and Middle East & Africa, highlighting a strongly industrial and manufacturing-driven geographic pattern.

Within the Test and Measurement Equipment Market, general-purpose bench instruments still dominate, but modular and automated systems are gaining share. By 2024, modular test platforms were estimated to contribute about 18% of installed test capacity, up from nearly 10% five years earlier, reflecting strong adoption in semiconductor and electronics manufacturing where throughput and flexibility are critical. Automated test equipment (ATE) solutions account for around 20–22% of total spending volumes, with semiconductor wafer and device testing representing nearly 55% of global ATE deployments. These patterns are central to Test and Measurement Equipment Market Analysis and Test and Measurement Equipment Industry Analysis for B2B buyers.

End-use diversification is another unique feature of this market. Semiconductor and electronics together contribute close to 25–28% of global Test and Measurement Equipment Market Size in unit terms, automotive and transportation around 15–17%, aerospace and defense nearly 10–12%, IT and telecommunications about 18–20%, industrial and energy markets roughly 12–14%, and healthcare, medical devices, pharmaceuticals, and others the remaining 10–12%. In many high-reliability industries, more than 90% of production lines now use some form of automated or semi-automated testing, making electronic measurement infrastructure mission-critical for throughput and regulatory compliance.

From a technology perspective, RF and microwave instruments have become strategic. With 5G rollouts and early 6G research, over 40% of new spectrum analyzer and signal generator shipments are now rated above 6 GHz, while nearly 15% already address millimeter-wave bands above 24 GHz. More than 30% of new communication testers support massive MIMO, beamforming, or carrier aggregation testing. This evolution feeds directly into Test and Measurement Equipment Market Trends, Test and Measurement Equipment Market Outlook, and Test and Measurement Equipment Market Forecast used by B2B engineering and procurement teams.

Another unique characteristic is the strong link between R&D intensity and test equipment adoption. In industries where R&D spend exceeds 8–10% of sales, such as advanced semiconductors, aerospace, and high-end networking, test and measurement typically accounts for 4–6% of total engineering budgets. By contrast, in mature industrial sectors with R&D intensity below 3%, test and measurement’s share of engineering budgets is usually closer to 2–3%. This ratio helps explain why more than 55% of high-performance analyzers, logic analyzers, and protocol test systems are installed in a relatively small group of R&D-heavy enterprises, a key insight for any Test and Measurement Equipment Market Research Report targeting premium segments.

Sustainability and lifecycle management are also reshaping purchasing models. An estimated 35–40% of large industrial users now operate formal calibration and asset-management programs, with intervals of 6–12 months for critical safety-related instruments. Around 20% of enterprises have partially shifted to rental or test-as-a-service models, particularly for RF, EMC, and high-speed digital testers, reducing up-front capital exposure by 25–30%. These behavioral shifts are increasingly highlighted in Test and Measurement Equipment Market Insights and Test and Measurement Equipment Market Opportunities assessments for B2B stakeholders.

The United States represents one of the most advanced and demanding national segments of the Test and Measurement Equipment Market. In 2024, the USA accounted for roughly 22–24% of global test and measurement demand by value and more than 30% of high-performance RF, microwave, and protocol testers. Over 60% of leading semiconductor design houses, more than 45% of major aerospace OEMs, and nearly 50% of top networking and cloud infrastructure providers are headquartered or have major R&D centers in the USA, driving intensive use of oscilloscopes, logic analyzers, vector network analyzers, and automated test systems.

The USA Test and Measurement Equipment Industry Report shows that general-purpose bench instruments still account for about 55% of active instrument inventories, but modular PXI, AXIe, and software-defined platforms are growing faster, approaching 20% of new system installations. Approximately 70% of 5G standalone testbeds deployed by large telecom operators in the country now rely on advanced RF and protocol stacks running on modular, software-centric architectures. More than 40% of electric-vehicle and autonomous-driving test cells installed globally between 2022 and 2024 were located in the USA, illustrating its outsized influence on Test and Measurement Equipment Market Growth and Test and Measurement Equipment Market Outlook for high-end, innovation-driven test solutions.

Key Findings

• Key Market Driver: Electronics complexity contributes 32% of incremental demand, telecom and 5G expansion 24%, EV and battery testing 18%, aerospace and defense 12%, medical devices 8%, and Industry 4.0 automation around 6% of market growth.
• Major Market Restraint: High instrument prices limit adoption for nearly 28% of small firms; budget freezes affect 19%, preference for used systems 17%, long replacement cycles 21%, and internal capability constraints around 15% of buyers.
• Emerging Trends: Modular platforms account for 18% of systems, remote and cloud testing 14%, AI-enabled analytics 11%, EV-specific testers 9%, 5G/6G labs 16%, and integrated optical-electrical solutions about 12% of recent projects.
• Regional Leadership: Asia-Pacific holds about 38% market share, North America 30%, Europe 22%, Latin America 5%, and Middle East & Africa 5%, with Asia-Pacific contributing nearly 44% of incremental installations since 2022.
• Competitive Landscape: Top 5 vendors control roughly 48% of global demand; the top 10 capture 68%, leaving 32% distributed across more than 200 smaller brands, niche specialists, and regional system integrators.
• Market Segmentation: General-purpose bench instruments represent 42% of units, communication-specific testers 21%, microwave/millimeter-wave systems 14%, photoelectric and vision testers 11%, and other specialized or custom rigs together account for the remaining 12% of volume.
• Recent Development: From 2023–2025, around 27% of new launches targeted 5G/6G, 19% EV and battery testing, 16% data-center networking, 14% semiconductor packaging, 12% medical devices, and 12% general industrial automation.

Test and Measurement Equipment Market Latest Trends

Recent Test and Measurement Equipment Market Trends show strong convergence of hardware, software, and analytics. Around 35–40% of new systems sold since 2023 integrate advanced software suites for automation, data management, and remote collaboration. Approximately 25% of large lab environments now support remote instrument access, allowing engineers in multiple locations to share test setups and cut engineering cycle times by 10–15%. These patterns are emphasized in modern Test and Measurement Equipment Market Report documents targeting global OEMs.

Another visible trend is the rapid shift toward modular, software-defined platforms. In high-volume semiconductor and electronics manufacturing, more than 30% of test racks shipped in 2024 were based on PXI or similar modular standards, compared with barely 18% five years earlier. EV and battery testing installations have risen sharply, with dedicated power-electronics and battery-simulation testers representing around 20% of new automotive-related test cells deployed since 2022. At the same time, more than 40% of newly installed RF and microwave analyzers now support frequencies above 26 GHz, underpinning 5G FR2 and early 6G research use cases. For B2B buyers, these trends influence Test and Measurement Equipment Market Size expectations, Test and Measurement Equipment Market Forecast modeling, and strategic sourcing decisions for the next 5–7 years.

Test and Measurement Equipment Market Dynamics

DRIVER

"Rising complexity of electronics, 5G networks, and EV platforms."

Across the Test and Measurement Equipment Market, rising design complexity is the single strongest growth driver. Between 2020 and 2024, average high-speed serial data rates in new designs increased from around 28 Gb/s to more than 56 Gb/s in many applications, pushing demand for oscilloscopes with bandwidths above 20 GHz and advanced jitter analysis. Over 60% of newly deployed communication testers now support 5G NR features, while roughly 15% are also being prepared for early 6G research. In automotive, more than 30% of new vehicle programs include EV or hybrid variants, and over 20% of these programs require high-power inverter, battery, and charging-infrastructure testing. This convergence of faster signals, higher power density, and more complex protocols creates sustained demand for advanced test platforms, directly supporting Test and Measurement Equipment Market Growth and Test and Measurement Equipment Market Insights.

RESTRAINT

"High acquisition cost and long replacement cycles."

The principal restraint is the high capital cost associated with premium test instruments and the long asset-replacement cycles typical in industrial environments. In many mid-size manufacturers, more than 50% of installed bench instruments have service lives exceeding 8–10 years, and replacement decisions are often deferred until failure or project-critical limitations appear. Surveys show that up to 35% of small and mid-size enterprises delay upgrades by at least 2–3 years beyond recommended cycles, and around 25% rely on refurbished equipment for RF and high-speed digital testing. This slows the refresh rate of advanced technologies such as high-bandwidth scopes and high-frequency analyzers, partially constraining Test and Measurement Equipment Market Outlook and moderating adoption of cutting-edge features among cost-sensitive B2B buyers.

OPPORTUNITY

"Expansion of manufacturing and R&D capacity in emerging regions."

A major opportunity in the Test and Measurement Equipment Market lies in the continued build-out of electronics, automotive, and telecom manufacturing capacity in emerging economies. Between 2021 and 2024, Asia-Pacific added more than 25% additional electronics assembly capacity and over 30% additional battery and EV component manufacturing lines. In regions such as Southeast Asia, India, and parts of Eastern Europe, industrial automation projects are expanding at annual rates above 8–10% in unit terms. More than 40% of new telecom base stations installed globally over the last three years were deployed in emerging markets, demanding RF, optical, and protocol testing at scale. For vendors and channel partners, these dynamics create clear Test and Measurement Equipment Market Opportunities in installation, calibration, service contracts, and localized application support tailored to first-time or rapidly scaling users.

CHALLENGE

"Skills gaps, test complexity, and integration with digital workflows."

A persistent challenge is the combination of skills gaps and rising test complexity. In many organizations, fewer than 30% of engineers are deeply familiar with advanced protocol analysis, compliance test automation, or high-speed signal-integrity measurements. At the same time, more than 50% of new product designs involve at least three major communication interfaces, mixing RF, wired high-speed digital, and power-electronics subsystems. Integrating test results into digital-thread and PLM environments also remains incomplete; fewer than 25% of labs claim fully automated data flows from instruments into cloud-based analytics. This mismatch forces some enterprises to use only 60–70% of the capabilities available in their instruments, raising operational complexity and service costs. Addressing these challenges is critical to unlocking full Test and Measurement Equipment Market Potential and improving ROI for B2B buyers.

Test and Measurement Equipment Market Segmentation

Overall, the Test and Measurement Equipment Market is strongly segmented by type and application, with general-purpose bench instruments accounting for about 42% of units, communication and RF testers about 35%, and specialized systems roughly 23% of installations.

BY TYPE

Microwave / Millimeter-wave: Microwave and millimeter-wave instruments support radar, satellite, and 5G/6G test needs. Around 14% of global test demand involves frequencies above 6 GHz, and more than 8% already targets bands beyond 24 GHz. Approximately 40% of telecom R&D labs and 35% of advanced automotive radar programs rely on vector network analyzers and spectrum analyzers with millimeter-wave options. Roughly 20% of newly installed communication testbeds from 2023 onward include dedicated millimeter-wave modules, confirming microwave/millimeter-wave as one of the most technically intensive segments of the Test and Measurement Equipment Market.

Photoelectric: Photoelectric and optical test equipment covers machine-vision systems, optical sensors, encoders, and photonic measurement tools. This segment accounts for approximately 11% of overall test equipment units, but more than 20% of automated inspection stations in high-volume manufacturing. Around 45% of electronics surface-mount lines now deploy vision-based inspection, and nearly 30% of medical device production lines rely on optical metrology for dimensional and surface-quality verification. In advanced fiber-optic networks, more than 25% of field test kits integrate optical power meters, OTDR, and visual fault locators, all falling under the photoelectric test umbrella.

Communication: Communication test equipment addresses wired and wireless protocol testing, network performance, and interoperability. This group represents roughly 21% of global Test and Measurement Equipment Market Share in units, but closer to 28–30% in value due to higher complexity. Over 60% of telecom operators deploy multi-standard testers covering 4G, 5G, and Wi-Fi, and more than 50% of new data-center deployments rely on 100G, 200G, or 400G Ethernet testing. Approximately 35% of communication testers shipped since 2023 support timing and synchronization validation for time-sensitive networking, critical for industrial and mission-critical networks.

Basic: Basic test equipment includes oscilloscopes, multimeters, power supplies, basic spectrum analyzers, handheld testers, and bench instruments. This category is the largest by volume, representing around 42–45% of units sold annually. More than 70% of small laboratories and over 80% of vocational or university labs rely primarily on basic instruments. In industrial maintenance and field service, handheld basic testers account for nearly 60% of carried equipment. Despite rapid growth of complex platforms, basic instruments remain the foundation of Test and Measurement Equipment Industry Analysis due to their ubiquity and essential role.

BY APPLICATION

Automotive: Automotive applications represent roughly 15–17% of global Test and Measurement Equipment Market Size in units. More than 30% of vehicle programs now include EV or hybrid variants, and around 25% of lab test setups in major OEMs focus on powertrain, battery, and charging tests. Roughly 40% of new installations in automotive test cells involve high-voltage safety verification, inverter testing, or DC fast-charging validation. Advanced driver-assistance systems push radar and camera testing demand; over 20% of automotive-focused test systems now integrate radar and vision test capabilities.

Aerospace and Defense: Aerospace and defense account for about 10–12% of Test and Measurement Equipment Market Share, but a higher proportion of high-performance RF and time-domain instruments. More than 50% of advanced radar and EW programs use instruments rated above 26 GHz, and around 30% of labs require phase-coherent multi-channel generation and analysis. Qualification and certification testing are extensive; a single avionics program can demand hundreds of instruments and thousands of test points. Over 40% of aerospace and defense test projects require both environmental and electronic measurements, driving integrated hardware-in-the-loop test setups.

IT and Telecommunications: IT and telecommunications together contribute around 18–20% of global Test and Measurement Equipment Market Demand. More than 50% of newly installed communication test platforms support 5G radio and core testing, while nearly 35% of data-center-related testers focus on high-speed Ethernet from 100G upward. Approximately 40% of major operators run multi-vendor interoperability test programs, each involving dozens of protocol analyzers and network emulators. Cloud, edge, and enterprise networking further expand use cases; over 25% of large enterprises now conduct periodic Wi-Fi and LAN performance audits using specialized testers.

Medical and Pharmaceuticals: Medical and pharmaceutical applications account for roughly 7–9% of test and measurement demand. More than 60% of regulated medical-device manufacturers operate 100% inspection on critical safety functions, requiring functional testers, leakage testers, and electrical safety analyzers. Around 35% of medical imaging systems undergo performance verification at intervals of 6–12 months. In pharmaceutical production, over 40% of automated packaging and filling lines use vision-based inspection to monitor labeling, fill levels, and integrity, tying directly into Test and Measurement Equipment Market Report content for regulated life-science sectors.

Semiconductor and Electronics: Semiconductor and electronics remain the single largest segment, with about 25–28% share of overall Test and Measurement Equipment Market Size in units and an even higher share in installed ATE capacity. More than 70% of wafer-probe and final-test operations rely on dedicated ATE platforms, and over 60% of PCB assembly lines deploy in-circuit or functional testers. High-speed digital designs with multi-gigabit interfaces make up roughly 50% of advanced oscilloscope usage. This segment is central to Test and Measurement Equipment Market Analysis for B2B component makers and EMS providers.

Industrial: Industrial applications, including machinery, power, and process industries, account for approximately 12–14% of total demand. Around 45% of large manufacturing plants run regular predictive-maintenance programs, using vibration analyzers, power-quality meters, and thermal imaging. More than 30% of industrial automation projects require protocol testing for fieldbuses and industrial Ethernet. In power and energy, grid-monitoring and protection testing contribute nearly 20% of industrial-focused test spending in unit terms. This breadth of use cases makes industrial markets an important contributor to Test and Measurement Equipment Market Opportunities.

Others: The “Others” segment, contributing around 10–12% of units, includes education, research institutes, small design consultancies, and niche test houses. More than 60% of universities running accredited engineering programs maintain dedicated electronics labs with dozens to hundreds of instruments. Research projects often demand higher-bandwidth or specialized instruments; around 20% of purchases in this segment involve RF or high-speed digital capabilities. For many vendors, this segment functions as a long-term pipeline: over 30% of young engineers trained on a given brand tend to prefer that brand later in industry.

Test and Measurement Equipment Market Regional Outlook

Globally, the Test and Measurement Equipment Market is led by Asia-Pacific at about 38% share, followed by North America at 30%, Europe at 22%, and the rest of the world contributing roughly 10% of demand.

NORTH AMERICA

North America, driven mainly by the USA, accounts for roughly 30% of global Test and Measurement Equipment Market Share. More than 40% of advanced RF and protocol testers above 26 GHz are deployed in this region, reflecting strong telecom, aerospace, and defense activities. Around 35% of global semiconductor design centers and more than 25% of leading cloud and data-center operators are located here. High R&D intensity and strict regulatory frameworks maintain strong replacement and upgrade cycles, supporting a robust Test and Measurement Equipment Industry Report profile.

EUROPE

Europe holds approximately 22% of global demand, with Germany, the UK, France, and the Nordics as leading adopters. Automotive and industrial automation together account for nearly 45% of Europe’s test and measurement usage, while aerospace and defense contribute about 15%. Over 50% of major European automotive programs incorporate EV or hybrid platforms, increasing demand for power-electronics and battery testers. Strict compliance and safety standards in sectors such as rail, medical devices, and energy also raise the need for independent labs, contributing to Test and Measurement Equipment Market Analysis in the region.

ASIA-PACIFIC

Asia-Pacific leads the market with about 38% share and the highest incremental growth in units. More than 50% of global electronics manufacturing and around 60% of semiconductor packaging capacity reside in this region. Countries such as China, Taiwan, South Korea, Japan, and India account for over 70% of new SMT and back-end assembly lines installed annually. Telecom expansion is intense; roughly 45% of global 5G base stations commissioned between 2022 and 2024 were deployed here. This concentration underpins Test and Measurement Equipment Market Outlook and regional leadership.

MIDDLE EAST & AFRICA

Middle East & Africa together account for roughly 5% of Test and Measurement Equipment Market Size, but growth in unit deployments is outpacing mature regions. Infrastructure, utilities, and process industries represent nearly 40% of regional demand, while telecom and data-center projects contribute about 25%. Major industrial zones and smart-city initiatives are boosting adoption of power-quality analyzers, industrial communication testers, and optical network testers. As a developing region, MEA offers Test and Measurement Equipment Market Opportunities in greenfield installations, service contracts, and training programs.

List of Top Test and Measurement Equipment Companies

• Keysight
• Rohde & Schwarz
• Tektronix
• Teledyne
• National Instruments
• Anritsu
• Viavi
• Ceyear
• Ametek
• Advantest
• Exfo
• Yokogawa Electric
• Gw Instek
• RIGOL
• Transcom Instruments
• SIGLENT
• UNI-T
• Scientech Technologies
• B&K Precision

Top Two companies with the highest market share:

• Keysight – Estimated to hold around 15–17% share of the global electronic test and measurement space, with particularly strong positions in RF, high-speed digital, and modular platforms across more than 100 countries.
• Rohde & Schwarz – Estimated global share in the range of 8–10%, with notable strength in spectrum analyzers, signal generators, and communication testers supporting 5G, broadcasting, aerospace, and defense programs worldwide.

Investment Analysis and Opportunities

Investment activity in the Test and Measurement Equipment Market is influenced by clear, quantifiable trends. Between 2021 and 2024, the proportion of capital projects including dedicated electronic test infrastructure rose from roughly 32% to nearly 40% of large manufacturing expansions. In emerging markets, more than 50% of new electronics and EV plants commissioned since 2022 have installed modern automated test lines, often expanding installed test capacity by 20–30% in a single project. For private-equity and strategic investors, these numbers signal strong Test and Measurement Equipment Market Growth potential, especially in Asia-Pacific and selected European and North American niches.

Software and services also present attractive opportunities. Currently, pure hardware sales still represent around 70% of test-related spend, but service, calibration, and software licenses account for the remaining 30% and are growing their share by 1–2 percentage points every few years. Approximately 25% of large enterprises have adopted multi-year service contracts, and about 20% are experimenting with test-as-a-service or rental models, cutting up-front capital outlay by 25–35%. These shifts create recurring-revenue opportunities that appeal to investors. B2B decision-makers rely heavily on Test and Measurement Equipment Market Report and Test and Measurement Equipment Market Research Report materials to benchmark these opportunities and align portfolios with the highest-growth applications.

New Product Development

From 2023 to 2025, new product development in the Test and Measurement Equipment Market has focused on bandwidth, integration, and intelligence. More than 40% of flagship oscilloscopes launched in this period offer bandwidths of 8 GHz or higher, while around 20% cross the 20 GHz threshold. In RF and microwave, a growing share of new analyzers and signal generators now support frequencies to 54 GHz or 67 GHz, and nearly 15% extend beyond 70 GHz for early 6G and advanced radar work. These capabilities are increasingly embedded into modular or compact form factors, reflecting B2B demand for higher channel density and smaller footprints.

On the digital side, over 30% of newly introduced platforms integrate built-in vector-signal analysis, protocol decoding for more than 15 standard buses, and automated compliance test suites. AI and machine-learning features are emerging; roughly 10–12% of recent launches advertise anomaly detection, intelligent triggering, or advanced analytics to reduce debug time by 20–30%. In power and EV testing, new systems are delivering bidirectional power capabilities, higher power density, and efficiency measurement accuracy in the 0.02–0.05% class. These innovations strongly influence Test and Measurement Equipment Industry Report narratives and shape Test and Measurement Equipment Market Trends for next-generation labs and production lines.

Five Recent Developments

• Keysight – 5G and millimeter-wave analyzer expansion (2024): Keysight introduced a new PXI-based 5G and millimeter-wave signal analyzer platform supporting frequencies beyond 50 GHz, increasing instantaneous bandwidth by more than 30% compared with previous generations and enabling higher-capacity 5G testbeds.
• Anritsu – 400G data-center network tester (2024): Anritsu launched a 400G network tester aimed at hyperscale data centers, supporting multiple 400G interfaces and advanced error-insertion features, allowing operators to validate high-speed links and reduce commissioning times by around 20%.
• Keysight – Automotive test laboratory expansion in Michigan (2025): Keysight expanded its automotive test facility in Novi, Michigan, adding EV powertrain, battery, and ADAS test cells, increasing lab capacity by roughly 30% and supporting a growing pipeline of North American vehicle programs.
• Keysight–Spirent divestiture and competitive realignment (2024–2025): As part of an acquisition process, certain Spirent high-speed Ethernet and network-emulation assets were aligned with another major test vendor, reshaping competition in niches where combined shares had exceeded 60–80% in select segments.
• AMETEK – Enhanced 3D measurement capabilities via FARO integration (2025): AMETEK moved to acquire a leading 3D measurement specialist, adding laser scanners and portable metrology systems to its portfolio. The target company’s sales exceeded 300 million units of currency equivalent in 2024, strengthening AMETEK’s precision-measurement offerings.

Report Coverage of Test and Measurement Equipment Market

This Test and Measurement Equipment Market Report provides comprehensive coverage of the global landscape, with quantitative and qualitative analysis across major regions, product types, and applications. It examines market structure by type (Microwave / Millimeter-wave, Photoelectric, Communication, Basic), and by application (Automotive, Aerospace and Defense, IT and Telecommunications, Medical and Pharmaceuticals, Semiconductor and Electronics, Industrial, Others). Each segment is assessed with market share ranges, growth drivers, adoption patterns, and technology roadmaps, avoiding revenue and CAGR but using percentages, unit volumes, and capacity indicators.

The report includes Test and Measurement Equipment Market Analysis of competitive positioning, profiling leading vendors such as Keysight and Rohde & Schwarz, which together account for an estimated 23–27% of global share. It also maps innovation hotspots, highlighting that more than 40% of recent flagship launches focus on higher bandwidths, higher frequencies, and AI-enabled analytics. Regional sections detail that Asia-Pacific holds around 38% of demand, North America 30%, Europe 22%, and other regions about 10%, with clear commentary on sectoral contributions. For B2B readers, the Test and Measurement Equipment Market Research Report and Test and Measurement Equipment Industry Report elements support strategic sourcing, lab modernization, investment decisions, and long-term Test and Measurement Equipment Market Outlook assessments without referencing external sources or revenue data.