The global Data Acquisition market size was worth around USD 1.70 billion in 2021 and is predicted to grow to around USD 2.58 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.12% between 2022 and 2028. The report analyzes the global Data Acquisition market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global Data Acquisition market.
Global Data Acquisition Market: Overview
A data acquisition (DAQ) system uses a variety of sensors to gather data in the form of analogue signals about physical phenomena like voltage, current, temperature, pressure, and sound. Analog-to-digital converters (ADC) and signal conditioning circuitry are included, which prepare the incoming signals for further examination and analysis. When producing commercial goods like cars, planes, heavy machinery, and medical devices, it offers excellent control and quick reaction to failure. It consequently finds use in a variety of fields, including quality management, combustion analysis, process control, and research and development.
In 2020, the DAQ market will be shrinking. This is because lockdowns were imposed by the governments of numerous significant economies to stop the spread of COVID-19. Activities related to manufacturing have been impacted by the lockdown. The two main categories of DAQ solutions are automotive & transportation and aerospace & defense. In 2020, the pandemic forced many economies, including the US, China, Japan, and South Korea, to temporarily halt the production of automobiles. The pandemic-lockdowns had an influence on Chinese part exports, factory halts in Europe, and US assembly parts.
Key Insights
- As per the analysis shared by our research analyst, the global Data Acquisition market is estimated to grow annually at a CAGR of around 6.12 % over the forecast period (2022-2028).
- In terms of revenue, the global Data Acquisition market size was valued at around USD 1.70 billion in 2021 and is predicted to grow to around USD 2.58 billion by 2028.
- Due to a variety of driving factors, the market is predicted to rise at a significant rate. Factors such as growing industrial automation requirements, increasing investments in infrastructure and renewable energy power plants are the factors driving the growth of data acquisition (DAQ) market.
- Based on offering, the hardware segment was predicted to show maximum market share in the year 2021
- Based on vertical, the aerospace & defense segment was predicted to show maximum market share in the year 2021
- On the basis of region, North America was the leading revenue generator in 2021.
Global Data Acquisition Market: Growth Drivers
Rising emphasis on data monitoring in end-user sectors.
Data monitoring enhances the operational quality and aids in early defect detection throughout the production stage in the aerospace & defense, government, energy, and automobile industries. Additionally, with the least amount of human involvement, data monitoring increases the operating efficiency of equipment. Data monitoring is useful in the energy business for assessing the operation of assets like solar PV, wind turbines, and other power-producing machinery. For instance, in recent years, the monitoring of wind turbine data has become crucial to the operations of wind power generating in the US. British Petroleum estimates that in 2020, the US generated the most wind energy ever with a total of 340.9 TWH. In 2020, the US came in second place to China in terms of overall wind consumption. In order to operate efficiently and consistently, wind turbines must be continuously monitored for factors like vibrations, wind speed, and temperature. Data monitoring is used in the aerospace industry to validate the design and safety parameters for the engine and other aircraft components as well as to analyze the flight aerodynamics characteristics.
Global Data Acquisition Market: Restraints
CAPEX cost and complexity of Data Acquisition Systems
Customers of DAQ systems are incredibly cost-conscious and seek affordable, higher-quality DAQ equipment. However, important factors like sensor counts, channel counts, and the requirement to design a DAQ system to withstand challenging working environments all affect a DAQ system's price. The price will increase as channel count and speed increase. Due to technological improvements in the design and development of this equipment, DAQ systems are getting more and more sophisticated. Higher testing capabilities become necessary as a result, and manufacturers are constantly forced to update their current technology to meet the requirements of certain applications. The need for DAQ system manufacturers to follow multiple technical standards drives up the price of a DAQ system.
Global Data Acquisition Market: Opportunity
Surging demand for high speed connectivity technologies like 5G
Manufacturing, wireless communication, aerospace, and other sectors are increasingly implementing 5G technologies. For instance, existing 4G technology in the automotive industry is too slow to allow the creation and uptake of autonomous vehicles. The image recognition system, speech detection system, and other digital devices utilized in autonomous vehicle development need 5G technology to increase high speed connectivity. Several significant nations are implementing and building 5G wireless infrastructure, including South Korea, China, the US, and Germany. Opportunities for DAQ systems in many end user industries, such as wireless communication and infrastructure, are anticipated to arise from these nations.
Global Data Acquisition Market: Challenges
High Degree of Market Competition may pose Challenges for Small-Scale Players
The demand for data-gathering systems is increasing, and there is fierce competition in this industry. Many manufacturers are working to create new systems through innovation, quality, and service to satisfy this demand. The growing competition among OEMs to incorporate new technical developments in the automotive, aerospace & military, and energy sectors is another factor driving this. To be competitive in the market, the engineers and designers of these technical solutions frequently need to test and enhance their machinery. Large OEMs in the aerospace and automotive sectors in North America and Europe have recently placed a major emphasis on their development efforts on the deployment of 5G and IoT in manufacturing. For instance, leading aircraft producers like Airbus and Boeing employ IoT technology to execute advanced analytics, which improves manufacturing performance through real-time tracking and sophisticated simulations to ascertain the equipment lifecycle.
Global Data Acquisition Market: Segmentation
The global Data Acquisition market is segmented based on offering, speed, vertical, and region
Based on offering, the market has been segmented into hardware and software. Throughout the anticipated years, the DAQ hardware category will continue to hold the biggest market share. The movement toward USB and Ethernet-based front-end systems, which provide PC computing power and functionality, is speeding up adoption rates. Hardware can be installed in the motherboard or attached to the computer via a communication interface, such as a USB. These elements are causing this segment's demand to increase.
Based on Speed, the market is segmented into Low Speed (<100 KS/S), High Speed (>100 KS/S). The High Speed (>100 KS/S) segment, which currently has the largest market share, is also anticipated to grow at the fastest rate over the course of the forecasted years. Large amounts of data are intelligently analyzed, standardized, and reported using DAQ software, which also helps test vehicles and components under actual performance scenarios. These procedures require high speed, greater than 100 KS/S.
Based on vertical, the market has been segmented into Aerospace & Defense, Energy & Power, Wireless Communication, Environment Monitoring, Food & Beverage, Healthcare, Automotive & Transportation, Others. Through the projected period, the aerospace & defense category will hold the biggest market share. DAQ systems are used for shipping out flight experiments to obtain real-time data from ground experiments made up of playback-acquired data in a real-time on-flight simulator for research and development and vision and navigation data from the auto-pilot board.
Recent Developments:
- April 2021- The global customer experience platform Piano entered into a partnership with ID5, InfoSum, LiveRamp, and Usercentrics to extend its First-Party Data Acquisition solution, that integrates its data management, identity, and customer journey orchestration capabilities and provides one system and one view that collects, unifies and activates user data across the entire digital ecosystem, preventing data leakage and poor ad performance while improving customer experience.
- April 2021 - An automated external data platform, Explorium, announced the launch of its data acquisition product, Signal Studio, for advanced analytics and machine learning that allows the data and business analyst teams to quickly find and integrate the most relevant external data signals into their analytics pipeline.
North America to lead the market growth during the projection period
With market share of over 35% held by companies like National Instruments, Keysight, Tektronix, and Siemens, the North American data acquisition market has been expanding considerably. However, by choosing the suitable hardware and software, it has become possible to meet the growing demand for intelligent manufacturing using Industrial Internet of Things (IIoT) designs. The area is a great example of implementing more efficient production methods that produce flawless results.
The architecture and data collection took up roughly 80% of the manufacturers' time on average. Adopting IIoT can assist reduce the time needed for data collecting, leaving 20% of the time for data processing. For this to happen, the IIoT needs to become widely used in the area. The vendors have implemented a number of strategies to develop an IIoT ecosystem.
Additionally, the United States is home to over 13 significant automobile manufacturers and has long been one of the world's top automotive markets. One of the largest revenue producers for the nation's manufacturing sector has been the automotive manufacturing industry.
Global Data Acquisition Market: Competitive Analysis
The global Data Acquisition market is driven by players like National Instruments, Keysight Technologies, Fortive, Ametek, Teledyne Technologies, Yokogawa, Siemens, Schneider Electric, Honeywell International, Emerson, Rockwell Automation, and others.
Global Data Acquisition Market Scope and segmentation
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Details
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Market Size in 2021
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USD 1.70 billion
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Estimated Market Size in 2028
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USD 2.58 billion
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CAGR Growth Rate
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6.12 % CAGR
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Historical Year
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2016 to 2021
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Forecast Years
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2022-2028
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Segmentation
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Offering, Speed, Vertical and Region
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By Offering
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By Speed
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- Low Speed (<100 KS/S)
- High Speed (>100 KS/S)
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By Vertical
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- Aerospace & Defense
- Energy & Power
- Wireless Communication
- Environment Monitoring
- Food & Beverage
- Healthcare
- Automotive & Transportation
- Others
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Report Coverage
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Revenue forecast, company share, growth factors, and recent trends
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Free customization scope (equivalent to 5 analysts working days)
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If you want detailed information, that is not currently within the scope of the report, we will provide it to you as part of the customization process.
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Frequently Asked Questions (FAQs):
Which key factors will influence Global Data Acquisition market growth over 2022-2028?
- With developing technologies & the time of Industry 4.0 where all industry is being automated, scanning for digital alternatives for Analog systems, this factor is the boosting force behind the Data Acquisition (DAQ) Market.
What will be the value of the Global Data Acquisition market during 2022-2028?
- According to Market Research, the global Data Acquisition market size was worth around USD 1.70 billion in 2021 and is predicted to grow to around USD 2.58 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.12% between 2022 and 2028.
Which region will contribute notably towards the Global Data Acquisition market value?
- The global Data Acquisition market is anticipated to generate the highest revenue from North America. The North American market for data acquisition has been growing significantly, with players such as National Instruments, Keysight, Tektronix, and Siemens, accounting for over 35% of the market.
Which are the major players leveraging the Global Data Acquisition market growth?
- The global Data Acquisition market is driven by players like National Instruments, Keysight Technologies, Fortive, Ametek, Teledyne Technologies, Yokogawa, Siemens, Schneider Electric and among others.