“The overall DAQ system market is expected to grow at a CAGR of 5.0% from 2019 to 2024”
The data acquisition systems market was valued at USD 1.8 billion in 2019 and is expected to reach USD 2.2 billion by 2024, at a CAGR of 5.0% between 2019 and 2024. Major factors driving the DAQ system market include the increasing demand for industrial mobility for remotely managing the process industry, the increasing adoption of cloud computing in data acquisition system, the increasing infrastructure development in terms of smart cities and transportation, and the rising adoption of Industry 4.0, Industrial Internet of Things (IIOT) and Smart Factory, using the data acquisition system. Mature market in North America and Europe is one of the key factors restraining the growth of the market.
“The R&D application market for DAQ system is expected to continue hold the largest share during the forecast period”
The R&D application is expected to hold the largest market share during the forecast period. R&D is carried out by all resident companies, research institutes, universities, and government laboratories all over the world. In R&D, DAQ systems acquire component parameters and characteristics of prototypes and preproduction models. Heavy investments in R&D, constant need for innovation, and development of the products will tend to grow the demand for data acquisition systems in R&D application.
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“The market for automotive & transportation vertical is expected to witness highest growth from 2019 to 2024”
The DAQ system market for automotive & transportation is expected to grow at the highest CAGR during the forecast period. Compared to other sectors, the test process involved in the automotive industry consists of a set of test solutions that are very articulated within the production line. During testing data acquisition software is used to intelligently standardize, analyze, and report a large amount of data. Autonomous driving, connectivity, and electric mobility are all aspects that are expected to drive the demand for DAQ systems in automotive industry during the forecast period.
“APAC is likely to grow at a significant CAGR during the forecast period”
APAC is expected to continue lead the DAQ system market and also expected to be the fastest growing region. This is mainly attributed due to the increase in the number of manufacturing plants in various sectors, such as automotive, textiles, power, and pharmaceuticals. China, Japan, South Korea, and India offer some of the prolific automotive equipment manufacturers in APAC. Therefore, there is a continuous demand for the DAQ system market in APAC.
Break-up of the profiles of primary participants:
- By Company Type: Tier 1 – 56%, Tier 2 – 23%, and Tier 3 – 21%
- By Designation: C-Level Executives – 75% and Managers – 25%
- By Region: Americas – 40%, Europe – 23%, APAC – 26%, and RoW –11%
A few DAQ system ecosystem players are as follows: National Instruments (Texas), Keysight Technologies (US), Siemens (Germany), HBM (Germany), Yokogawa Electric (Japan), ABB Ltd (Switzerland), Honeywell International (US), Rockwell Automation (US), AMETEK Inc (US), Emerson Electric (US), and Omron Corporation (Japan).
This research report segments the global DAQ system market on the basis of product, class, technology, vertical, and geography. The report discusses major drivers, restraints, challenges, and opportunities pertaining to the DAQ system market and also includes value chain. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall DAQ system market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.