Big brands (Keysight, Tektronix, Fluke, LeCroy, R&S, NI, etc) are losing market to new low-cost players, and this will accelerate this process.
Are they? In what market segments?
In all market segments where a non-big-brand device is being purchased.
I would guess that the big brands are not selling products in the low cost market where they have no products (and never have) and aren't attempting to compete.
A while ago, very few people considered buying a scope other from a big brand.
A few years ago, the low-cost chinese scopes (as Rigol or Siglent) are the bestsellers for the Entry Scope market (even in American Colleges and Companies).
The low-cost scope profits feed the R&D for mid-range and high-end scopes. It's clear to see a trend, soon the big brands will be surpassed in all devices (PSU, AWG, DSO, SA, DMM, etc) and segments (low <200MHz, mid <1.5GHz, high >1.5GHz).
IMHO, the FIRST manufacturer to release the Hardware Design and the Code in a "GPLv3" license, and support the community to improve it, will "Dominate" (conquer the passion) from the Open-Source Communities and Crowdsourcing Market.
AFAIK, there is no market for Developing APPs for Instruments and today All bench instruments have firmware and options, think about how much customization could be done for every single instrument (to show more information, to do more tasks, new features and statistics graphics, etc), this would be a good reason to replace the current device to a "Smart"(PSU, AWG, DSO, SA, DMM) like the SmartPhones replaced a lot of devices (including the Phone).
The manufacturer could be concerned just to Make the Hardware and selling services, like an App Certification (similar to Google Play or App Store).
An inspiration maybe could be Tesla that opened all the patents and is free to use any improvements made to its technology by another party.
https://www.vennershipley.co.uk/insights-events/does-teslas-open-source-patent-philosophy-mean-they-are-free-to-use/https://electrek.co/2015/11/10/a-number-of-companies-are-now-using-teslas-open-source-patents-and-it-has-some-interesting-implications/IMHO, Keysight could do that with the "Keysight Smart Bench Essential instruments".