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Industrial Data Acquisitions System Market 2024 - By Size, Share Analysis, Future Insights, Current Trends And Global Growth Outlook By 2033
Industrial Data Acquisitions System Market
Industrial Data Acquisitions System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $52.05 Bn In 2028 At A CAGR Of 6.3% :
The industrial data acquisitions system market size has grown strongly in recent years. It will grow from $38.48 billion in 2023 to $40.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to rising demand for wireless data acquisition systems, focus on industrial automation and digitization, stringent government regulations and standards, need for real-time monitoring and control, and demand for cloud-based data acquisition solutions.
The industrial data acquisitions system market size is expected to see strong growth in the next few years. It will grow to $52.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing complexity of industrial processes, expansion of industrial infrastructure, increased focus on energy efficiency and sustainability, rise in demand for predictive maintenance solutions and need for improved process efficiency and productivity. Major trends in the forecast period include technological advancements in data acquisition systems, increasing adoption of IoT and Industry 4.0 technologies, integration of AI and machine learning in data acquisition, expansion of industrial IoT ecosystems and product innovation.
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Industrial Data Acquisitions System Market Major Segments
The industrial data acquisitions system market covered in this report is segmented -
1) By Type: External Chassis And Modules, Plug-In Analog I/O boards, Software
2) By Channel: Less Than 32, 32-128, Greater Than 128
3) By End-User Vertical: Water And Waste Treatment, Power And Energy, Automotive, Education And Research, Aerospace And Defense, Paper And Pulp, Chemicals, Other End-User Verticals
Key Driver - Impact Of Factory Automation On The Industrial Data Acquisition System Market
The adoption of factory automation is expected to propel the growth of the industrial data acquisition system market going forward. Factory automation refers to integrating advanced machinery, robotics, artificial intelligence (AI), and digital technologies to automate production processes, optimize efficiency, and minimize human intervention in manufacturing environments. The increase in factory automation is due to the need to improve efficiency, reduce costs, enhance product quality, ensure regulatory compliance, and maintain competitiveness in the market. Automation in industrial data acquisition systems enables real-time collection, monitoring, and analysis of manufacturing data from various sensors and equipment, facilitating informed decision-making, process optimization, and predictive maintenance to enhance overall operational efficiency and productivity in industrial settings. For instance, in January 2022, according to a study conducted by the Department for Digital, Culture, Media & Sport (DCMS), a UK-based government department, and Capital Economics, a UK-based information services company, there is a projected substantial rise in AI technology adoption from 15.1% in 2020 to 22.7% in 2025, with an added 267,000 businesses integrating AI into their processes. It is anticipated that around 34.8% of businesses will have embraced AI, totaling approximately 1.3 million companies utilizing this technology, by 2040. Therefore, the adoption of factory automation is driving the growth of the industrial data acquisition system market.
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Prominent Trend - Innovative Solutions Driving Industrial Data Acquisition System Market Dominance
Major companies operating in the industrial data acquisition system market are developing data-acquisition systems for ships, such as Ship Connect, to stay at the forefront of the market. Ship Connect is a robust, flexible, and unified data-transmission framework that enables the processing and visualization of real-time and historical data both on board and ashore. For instance, in November 2021, METIS Cyberspace Technology SA, a Greece-based software company, unveiled the next generation of Ship Connect, an automated data-acquisition system tailored for ships. This enhanced version boasts a sturdy data-transmission framework, allowing seamless real-time and historical data processing and onboard and onshore visualization. By leveraging message queuing telemetry transport (MQTT) for streamlined data transfer and Google's Protocol Buffers for serialization, Ship Connect guarantees rapid, secure, and standardized data transmission, thus enabling sophisticated ship performance analytics.
Industrial Data Acquisitions System Market Players
Major companies operating in the industrial data acquisitions system market are Siemens AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., TE Connectivity Ltd., Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, Fluke Corporation, Keysight Technologies Inc., Endress+Hauser Group, Yokogawa Electric Corporation, Phoenix Contact GmbH & Co. KG, Advantech Co. Ltd., National Instruments Corporation, Weidmüller Interface GmbH & Co. KG, Digi International Inc., Dwyer Instruments Inc., Omega Engineering Inc., Beckhoff Automation GmbH & Co. KG, Campbell Scientific Inc., Dataforth Corporation, DEWETRON GmbH, HBM Inc., Lufft GmbH, Moxa Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the industrial data acquisitionssystem market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial data acquisitions system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Data Acquisitions System Market Report Structure
3. Industrial Data Acquisitions System Market Trends And Strategies
4. Industrial Data Acquisitions System Market - Macro Economic Scenario
5. Industrial Data Acquisitions System Market Size And Growth
…..
27. Industrial Data Acquisitions System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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