Overview and Scope
An industrial data acquisition system is a comprehensive technology and service framework used in industrial settings to collect, process, and analyze real-time data from machinery, equipment, and methods, enabling monitoring, control, optimization, and decision-making. It enhances industrial efficiency, productivity, and reliability by identifying faults, optimizing processes, ensuring safety, and facilitating compliance with regulatory standards.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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.
The industrial data acquisitions system market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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