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Top Market Shifts Transforming the Data Acquisition (DAQ) System Market Landscape: Key Insights
Data Acquisition (DAQ) System Market
What Is the Expected CAGR for the Data Acquisition (DAQ) System Market Through 2025?
The market for data acquisition (DAQ) systems has seen robust growth in the past few years. The market is projected to expand from $1.91 billion in 2024 to $2.03 billion in 2025, at a compound annual growth rate (CAGR) of 5.9%. This significant growth in the previous period is due to factors such as advancements in telecommunications infrastructure, research and development in life sciences, the need for energy efficiency, environmental surveillance and regulation, and test and measurement requirements.
What's the Projected Size of the Global Data Acquisition (DAQ) System Market by 2029?
In the coming years, the market size of the data acquisition (DAQ) system is anticipated to experience robust growth, escalating to $2.92 billion by 2029 with a compound annual growth rate (CAGR) of 9.6%. This growth during the forecasted period can be credited to a surge in demand for wireless DAQ solutions, progression in wireless communication, precision farming, the proliferation of telehealth services, and the internationalization of research and development. Key trends during this forecasted period encompass advancements in sensor technologies, the integration of cloud for data storage and analysis, improved data visualization and analytical tools, compact and modular DAQ systems, as well as customization and adaptability in software interfaces.
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Top Growth Drivers in the Data Acquisition (DAQ) System Industry: What's Accelerating the Market?
The escalating need for automation is substantially contributing to the expansion of the data acquisition (DAQ) system market. Automation is the application of cutting-edge technologies to produce and deliver products and services with less human involvement. Numerous industrial sectors are turning to automated advancements to minimize errors, eliminate monotonous tasks, and decrease processing charges. This growing industrial desire for automation directly fuels the increasing utilization of data acquisition (DAQ) systems. For example, Cavintek Inc., a US-based enterprise providing workflow automation and productivity tools, stated in October 2023 that above 80% of business leaders are hastening productivity automation and broadening the use of remote workforces. Around 43% of companies aim to minimize their staff by employing automation solutions. Hence, the escalating need for automation propels the growth of the data acquisition (DAQ) system market.
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What Trends Will Shape the Data Acquisition (DAQ) System Market Through 2029 and Beyond?
Innovations in product design are becoming a dominant trend within the data acquisition (DAQ) system market. To drive their market expansion strategy, market players are generating innovative offerings. For instance, Hottinger Brüel & Kjær (HBK), a Denmark-based firm specializing in measurement and testing solutions, unveiled their new data acquisition ecosystem, HBK FUSION, and HBK ADVANTAGE, in November 2022. This pioneering ecosystem is designed to improve measurement productivity and simplify the workflows for engineers in charge of product development and certification. The HBK FUSION hardware offers high data throughput and channel density, while the HBK ADVANTAGE software comprises a user-friendly interface to support efficient data acquisition.
What Are the Main Segments in the Data Acquisition (DAQ) System Market?
The data acquisition (DAQ) system market covered in this report is segmented -
1) By Type: Peripheral Component Interconnect (PCI), LAN Extensions For Instrumentation (LXI) Or 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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