Data Acquisition Market Size

Data Acquisition Market Analysis

The Data Acquisition Market size is estimated at USD 2.41 billion in 2024, and is expected to reach USD 3.40 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).

Data acquisition systems play an essential role in real-time decision-making in the industrial sector. As companies develop toward a data-centric approach in production and operations to maintain a competitive edge while promoting the users to access the data at any time, irrespective of the location, data acquisition systems have evolved from mere processing systems to the key to achieving the full benefits of automation.

• One of the primary drivers of the data acquisition market is the promising growth of Ethernet. Industrial Ethernet has grown faster than traditional field buses during the last few years and has overtaken field buses.
• This demand has been augmented by the growing need for faster internet speeds, seamless integration of factory installations, the adoption of IoT, and industrial controls. Such trends have been instrumental in driving the demand for data acquisition systems.
• Moreover, the adoption of factory automation and smart manufacturing across the world is a major growth driver of the data acquisition market. These include tracking multiple system parameters and monitoring many data sources while exchanging data in real-time, including PLCs, databases, maintenance applications, and existing data acquisition systems, to gain greater visibility of the machine and floor operations.
• Although North America dominated the market for data acquisition systems, good government reforms, strong industrial automation adoption, and smart manufacturing initializes are expected to boost the market in the European region to attain a more significant market share over the forecast period. This development is anticipated to be backed by the economies of Germany and the United Kingdom, which are adopting the next generation of industrial solutions.
• Additionally, advances in electronic technologies led to inexpensive sensing and monitoring capabilities. An Open-Source Hardware project called Arduino has been used, along with low-cost sensors, to develop several inexpensive, automated sensing and data logging systems for research purposes. This is suggestive of potential yet increased open-source DAQ software investment for developing the advanced system in the future.
• The pandemic forced a transition for several industries and enterprises and primed the market for a switch into fully monitored operations and the increased prescience obtained through well-designed systems. Most critical systems began implementing data acquisition systems to improve their efficacies.