Industry 4.0 is making it imperative for manufacturing industry to adopt efficient processes with application of novel technologies. With more and more new technologies obviating the need for manual oversight, manufacturers must take care of the product quality as just the speed of production is not enough to be successful. Hence, the demand for precision measuring tools has increased more than ever. The overall test and measurement equipment market is expected to become worth USD 32.3 billion by 2024, growing at a CAGR of 3.90 percent.