Press release
Data Acquisition (DAQ) System Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Data Acquisition (DAQ) System Market
The data acquisition (daq) system market size is expected to see strong growth in the next few years. It will grow to $2.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increased demand for wireless daq solutions, advancements in wireless communication, precision agriculture, expansion of telehealth services, globalization of research and development. Major trends in the forecast period include advancements in sensor technologies, cloud integration for data storage and analysis, enhanced data visualization and analytics tools, compact and modular daq systems, customization and flexibility in software interfaces..
Market Overview -
The data acquisition (DAQ) system refers to a system that can measure and record physical or electrical properties to understand the system's performance. DAQ systems are computer-based measurement systems that help in measuring an electrical or physical phenomenon such as current, voltage, pressure, temperature, or sound. These systems capture and store data from an actual system for further scientific and engineering review.
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Rising Automation Initiatives Fueling Growth The Impact Of Demand On The Data Acquisition (DAQ) System Market
The increasing demand for automation is significantly driving the growth of the data acquisition (DAQ) system market. Automation refers to the application of technologies with minimal human intervention for producing and delivering goods and services. The majority of the industrial sectors are adopting automated technologies to cut back errors, reduce repetitive tasks, and lower processing costs. The increasing demand for automation in the industries is directly promoting the increased use of data acquisition (DAQ) systems. For instance, in October 2023, according to Cavintek Inc., a US-based firm that offers workflow automation and productivity applications, over 80% of business leaders said they were speeding up productivity automation and expanding the use of remote labor. 43% of firms plan to reduce their workforce by utilizing automation technologies. Therefore, the increase in demand for automation is driving the data acquisition (DAQ) system market growth.
Competitive Landscape -
Major companies operating in the data acquisition (daq) system market report are Siemens AG, National Instruments Corporation, Keysight Technologies, ABB Group, Fortive Corporation, Emerson Electric Company, Rockwell Automation Inc., General Electric Company, Schneider Electric, Honeywell International Inc., Agilent Technologies Inc., Advantech Co. Ltd., Yokogawa Electric Corporation, ADwin by Jäger Computergesteuerte Messtechnik GmbH, Data Translation Inc., Campbell Scientific Inc., Teledyne Technologies Incorporated, Tektronix Inc., Texas Instruments, Thermo Fisher Scientific Inc., Vishay Precision Group, Yokogawa Test & Measurement Corporation, Zhejiang Top Cloud-Agri Technology Co. Ltd., Campbell Scientific Australia Pty. Ltd., DGH Corporation, Diversified Technical Systems Inc., ESI Group, Fluke Calibration, HBM Test and Measurement, HIOKI E. E. CORPORATION, IMC Test & Measurement GmbH
Innovative Product Developments In The Data Acquisition (DAQ) System Market
Product innovations are the key trends gaining popularity in the data acquisition (DAQ) system market. The market players are developing innovative products for their market growth strategy. For instance, in November 2021, METIS Cyberspace Technology SA, a US-based Data Acquisition for maritime industry company, launched Ship Connect, the next-generation automated data-acquisition system to enable the development of ship performance analytics and enhance data transfer and monitoring. The system optimizes network bandwidth and transfers the readings to the METIS cloud platform from vessel equipment, making them immediately available for analysis.
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Key Segments -
The data acquisition (daq) system market covered in this report is segmented -
1) By Type: Peripheral Component Interconnect (PCI), LAN Extensions For Instrumentation (LXI)/ Ethernet, VME Extensions For Instrumentation (VXI), PCI Extensions For Instrumentation (PXI), Universal Serial Bus (USB), Standalone
2) By Component: Hardware, Software
3) By Speed: High-speed (>100 KS/S), Low-speed (
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