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Data Acquisition System Market Size

  • Report ID: GMI9302
  • Published Date: Apr 2024
  • Report Format: PDF

Data Acquisition System Market Size

Data Acquisition System Market was valued at around USD 2 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032.

A significant driver for the data acquisition (DAQ) system market is the increasing adoption of Internet of Things (IoT) devices and sensors across industries. As IoT deployments continue to grow, there is a rising need for DAQ systems to collect, process, and analyze data from diverse sources in real time. DAQ systems enable organizations to monitor and manage IoT-generated data efficiently, leading to improved decision-making, operational efficiency, and innovation across various sectors such as manufacturing, healthcare, transportation, and energy. Advancements in sensor technology, connectivity, and data analytics are further fueling the demand for DAQ systems, as organizations seek to leverage data-driven insights to gain a competitive edge and address evolving business challenges.

Cutting-edge electronic technologies lead to inexpensive sensing and monitoring capabilities. For instance, Arduino, an open-source hardware project 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 an advanced system in the future. In April 2021, Piano, the global customer experience platform, formed a partnership with ID5, InfoSum, LiveRamp, and Usercentrics to extend its First party DAQ 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.

Compatibility issues with legacy systems arise when integrating modern DAQ systems with existing infrastructure that may use outdated hardware, software, or communication protocols. This mismatch can lead to interoperability challenges, data loss, and reduced system performance. Legacy systems may lack support for newer DAQ technologies or standards, making it difficult to seamlessly integrate them into the existing environment. Additionally, legacy systems may have limited scalability and flexibility, hindering their ability to adapt to evolving business requirements and technological advancements. Addressing compatibility issues requires careful planning, testing, and the potential implementation of intermediary solutions or middleware to facilitate communication between legacy and modern systems. Organizations may also need to invest in upgrading or replacing outdated components to ensure smooth integration and maximize the benefits of modern DAQ systems.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

Data acquisition (DAQ) system industry size was worth USD 2 billion in 2023 and is projected to expand at over 5% CAGR from 2024 to 2032, owing to the increasing adoption of IoT devices and sensors across numerous industries.

The software segment in the data acquisition (DAQ) system market is estimated to depict over 6% CAGR between 2024 and 2032, due to their ability to configure measurement parameters, setup data logging schedules, and manage data storage.

North America data acquisition (DAQ) system industry accumulated more than 33% revenue share in 2023 and is predicted to grow at notable CAGR between 2024 and 2032, on account of the continuous technological advancements driven by significant R&D investments.

Yokogawa Electric Company, ABB Group, AMETEK Inc., Emerson Electric Co., Fortive Corporation, General Electric (GE) Company, and Honeywell International Inc.

Data Acquisition System Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 13
  • Tables & Figures: 285
  • Countries covered: 21
  • Pages: 230
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