Market Overview:

The Global Data Acquisition (DAQ) System Market size was valued at USD 1.83 Billion in 2022 and is projected to reach USD 2.16 Billion by 2030, growing at a CAGR of 5.1% from 2023 to 2030.

A data acquisition (DAQ) system is an information system that collects, stores, measures, and shares information from different sources. It is made up of DAQ software and hardware, such as sensors, actuators, and a network that allows the data acquisition parts to talk to each other. It also has an analog-to-digital converter (ADC) that takes information from the outside world and turns it into discrete levels that the processor can easily understand. It works by conditioning the signals, then converting and storing the data.

The converted signals are turned into digital signals and stored in the computer's memory. It lets companies get useful information about the real world, which helps them improve their performance and bring in more money. It also gives an organization better control over its processes and operations and a faster way to deal with problems. It helps steel mills, utilities, and research labs improve the efficiency and dependability of their machines. It also makes data security better by automating different tasks and lowering risks. Also, DAQ systems are becoming more popular around the world because they make it easier for companies to keep an eye on their operations and processes without having to involve people.

COVID-19 Impact:

In 2020, the market for DAQ systems went down. This is because the governments of several big economies have put lockdowns in place to stop COVID-19 from spreading. With lockdown in place, manufacturing has been significantly slowed down. The main verticals for DAQ system solutions are aerospace and defense, as well as automotive and transportation.

In 2020, the COVID-19 pandemic caused a lot of countries, like the US, China, Japan, and South Korea, to stop making cars for a few weeks. Lockdowns caused by the pandemic affected the export of parts from China, the manufacturing stops in Europe, and the assembly plants in the US. Companies like GM, Ford, and Fiat Chrysler were forced to stop making things.

Companies like GM and Toyota have been trying to follow strict protocols to reduce the risk of infections. This has made it hard for companies to get back to normal levels of production and start rebuilding vehicle stocks. Even in the aerospace and defense vertical, there was a big drop. Due to the pandemic, more than 25 airlines filed for bankruptcy between April and June. This included major Latin American carriers like LATAM Airlines, regional powerhouses like South Africa Airways, and well-known US and European carriers like Air Berlin, Flybe, and Miami Air, among others. During the pandemic, all of these things affected the market for DAQ systems.

In addition, the outbreak and spread of COVID-19 has caused drop-in economic activity, which has changed the way that different economies use and supply power and energy, wireless communication, infrastructure, and construction. But since countries like China, India, the US, and Germany have put restrictions on ease of doing business and many countries are releasing vaccines, the manufacturing sector is expected to pick up slowly over the next few months, and the DAQ system market is expected to recover by the end of 2021.

Market Dynamics:

Market Trends:

At the moment, one of the main things that is helping the market is that more and more people want to automate business processes, which is driving up the demand for DAQ systems. A positive sign for the market is that the food and beverage (F&B) industry is using DAQ systems more and more to get real-time data that helps them find problems, cut waste, and avoid costly losses. Also helping the market grow is the fact that DAQ systems are being used more and more in agriculture to control and monitor irrigation systems based on real-world data from sensors. Aside from this, the growth of the market is also helped by the fact that more companies are using data-centric approaches in their production and operations to stay competitive. Also helping the market grow is the rising demand for industrial ethernet, which is great for dealing with factory noise, factory process needs, and harsh environments. Also, the growth of the market is being helped by the growing use of systems based on the internet of things (IoT) in different industries to keep track of inventory and send alerts if there are any problems.

Driving Factors:

• Rising Emphasis on Data Monitoring in End User Sectors

Data monitoring helps improve the quality of operations in the aerospace and defense, government, energy, and auto industries. It also helps find problems early on in the production process. Monitoring data also helps make equipment work better with less help from people. In the energy industry, monitoring data helps figure out how well assets like solar PV, wind turbines, and other power-generating equipment are doing.

For example, monitoring data from wind turbines has become a key part of making wind power in the US in recent years. British Petroleum says that in 2020, the total amount of energy made by wind in the US was 340.9 TWH, which was the most to date. Also, in 2020, China used more wind power than the United States as a whole. As wind power grows, wind turbines need to be constantly checked for things like vibrations, wind speed, and temperature to make sure they work well and reliably. In the aerospace industry, data monitoring helps analyze the flight's aerodynamics and confirm the design and safety parameters of the engine and other parts of the plane.

• Growth in Adoption of IoT and Machine to Machine Technologies

The use of data acquisition systems is driven by the need to track more real-time data, which is used for navigation or tracking, improving visibility, and controlling production activities. When IoT devices and data analytics are added to data acquisition systems, manufacturers will be able to track performance and improve quality, which will make the data system software run more efficiently as a whole. As the use of Internet of Things (IoT) devices and machine-to-machine communication (M2M) technologies grows in different industries, research and development (R&D) can look at more ways to use DAQ systems in the future.

• Rise in Investments in Automotive Sector

The growth of the data acquisition system market is likely to be driven in large part by the rise in investments in the automotive sector, which is driven by technology. This is because of data acquisition systems that let computers and mobile devices do virtual load tests. This helps test vehicles and parts in real-world conditions. The growth of the data acquisition data acquisition system market is also driven by autonomous driving, connectivity, and electric mobility. Data acquisition systems are expected to be used by Asia-Pacific manufacturing industries at a high rate because they can help improve the supply chain.

• Growing Advancements and Flexibility of DAQ Systems

Integration of control systems with DAQ solutions, which lets data be controlled in real time and viewed and analyzed after it has been recorded, is one of the main things driving growth in industry. Aside from that, the widespread use of supervisory control and data acquisition (SCADA) systems in the food and beverage (F&B) industry to improve food quality management is good for the need for DAQ systems. Using these systems with the Internet of Things (IoT) in home automation systems can also increase demand for products.

Restraints/Challenges:

• Cost and Complexity of DAQ Systems

People who buy DAQ systems are price-conscious, so they look for high-quality DAQ systems that don't cost too much. On the other hand, the cost of a DAQ system depends on important things like the number of sensors and channels and the need to make a DAQ system that can work in harsh environments. As new technologies are used to improve the design and development of DAQ systems, they are getting smarter. Because of this, testing needs to get better, and manufacturers need to keep making their equipment better so it can be used in a variety of ways.

• High Cost

Buyers of DAQ systems are price-conscious and look for high-quality, low-cost solutions. On the other hand, the cost of a DAQ system is based on important factors like the number of sensors and channels and the need to make a system that can work in harsh environments. The price will go up as the number of channels and speed go up. Because of technological breakthroughs in the design and development of this equipment, DAQ systems are becoming more complex. So, testing needs to be more reliable, and manufacturers need to keep improving their current equipment to meet the needs of different applications. DAQ system makers also have to meet a number of technical standards, which makes the price of a DAQ system go up.

• High Degree of Market Competition 

There is a lot of competition on the global market for data acquisition systems. Many companies are trying to come up with new systems that are innovative, high-quality, and good at customer service to meet the growing demand for applications. This is made worse by the fact that OEMs are now competing even more to be the first to use new technologies in the automotive, aerospace and defense, and energy sectors.

To stay competitive in the market, the engineers and designers of these technological solutions often have to test and improve their equipment. In the last few years, major OEMs in the aerospace and automotive industries in North America and Europe have put most of their efforts into developing ways to use 5G and IoT in manufacturing.

Opportunities:

• Surging Demand for High-Speed Connectivity Technologies Like 5G

5G technology is being used more and more in industries like aerospace, wireless communications, automotive, and manufacturing. For example, the current 4G technology is not fast enough to support the development and use of self-driving cars in the auto industry.

The image recognition system, voice detection system, and other digital devices used in the development of self-driving cars need 5G technology to help them connect quickly. In the same way, 5G technology is used in the aerospace industry to make avionics equipment more reliable by cutting down on latency and speeding up connections. Also, many countries have already put money into 5G technology to improve their digital infrastructure and keep up with the competition in the digital economy. South Korea, China, the United States, and Germany are all big countries that are putting 5G wireless infrastructure in place. People expect that these countries will offer opportunities for DAQ systems in a variety of end-user industries, such as wireless communication and infrastructure. During the forecast period, this is likely to open up new opportunities for the DAQ system market.

Strategic Development:

• In July 2021- A sales contract was made between Dewesoft and an Austrian company called ELIN Motoren GmbH. Every machine, motor, and generator that the company made had to be checked for vibration as part of the final inspection. When looking for a good DAQ system, it had to be portable, measure vibration and electrical power with only one system (raw data), and send data to the KS Tornado testbed without any problems during the test. The right answer was found by Dewesoft, which was the DewesoftX data acquisition software, and the need was met.
• In July 2021 - Spectris bought Concurrent Real-Time, a company that makes high-performance real-time computer systems, solutions, and software for the commercial and government markets. RedHawk Linux solutions from Concurrent Real-Time work with the most complicated hardware-in-the-loop and man-in-the-loop simulation, high-speed data acquisition, process control, and low-latency transaction processing applications in the world. This will make it easier for Spectris's offices in North America, Europe, and Asia to sell products and help customers.
• In February 2021 - Teledyne SP Devices, a business unit of Teledyne Technologies, put out the ADQ32. It is a fourth-generation modular data acquisition board made for high-throughput applications.
• April 2021 - The global customer experience platform Piano partnered with ID5, InfoSum, LiveRamp, and Usercentrics to extend its First-Party Data Acquisition solution. This solution integrates Piano's data management, identity, and customer journey orchestration capabilities and gives 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 - Explorium, an automated external data platform, announced the launch of its data acquisition product, Signal Studio, for advanced analytics and machine learning. This allows data and business analyst teams to quickly find and add the most relevant external data signals to their analytics pipeline.

Key Vendors:

Top market players are

• Advantech Co. Ltd.

Advantech is a leader in providing products, services, and solutions that are trusted and new. Advantech offers hardware, software, customer-centered design services, embedded systems, automation products, and support for global logistics. The goal is to make the world smarter by making Automation and Embedded Computing products and solutions that help people work and live smarter.

• National Instruments Corporation

National Instruments Corporation sells hardware and software for computer-based instrumentation to engineers and scientists. The company makes flexible application software and modular hardware that users can put together with computers, networks, and the internet to make computer-based measurement and automation systems.

• Schneider Electric SE

Schneider Electric SE (Schneider Electric), which used to be called Schneider Electric SA, is a company that develops technologies and solutions for distributing electricity. Its main business is energy management and automation. Its main products are automation and control products, low voltage products and systems, solar and energy storage, medium voltage distribution and grid automation, and critical power, cooling, and racks.

• ABB Ltd

ABB Ltd. (ABB) is a company that makes and sells technologies and solutions for electric power and automation. The company sells electrification, motion, and industrial automation products, systems, solutions, and services. Its solutions combine engineering know-how with software, and its services improve power reliability, boost industrial productivity, and save energy.

• Honeywell International

Honeywell International Inc. is a technology and manufacturing company with offices all over the world. The company makes and sells products and services for the aerospace industry. It also makes control, sensing, and security technologies for commercial buildings, as well as solutions for safety and productivity, specialty chemicals, advanced materials, process technology for refining and petrochemicals, and products and services that save energy.

• Siemens AG

Siemens is a company that makes technology for industry, infrastructure, transportation, and healthcare. From factories that use fewer resources, to supply chains that are more reliable, to buildings and grids that are smarter, to cleaner and more comfortable transportation, as well as better health care,

• Rockwell Automation Inc.

Rockwell Automation Inc. (Rockwell) is a company that makes systems for power, control, and information in the industrial automation field. The company offers connected components, midrange architecture systems, asset and consultancy management, engineered packages and panels integration, front-end engineering and design, integration services, manufacturing intelligence, and on-machine solutions.

• Keysight Technologies

Keysight Technologies Inc., or "Keysight," makes tools for designing and testing electronic systems. The company sells software design tools and services that are used to design, simulate, develop, make, install, deploy, test, optimize, and make sure that electronic systems are running safely.

• General Electric Ltd.

General Electric Company is a technology and financial services company with operations all over the world. Products and services offered by the company include aircraft engines, power generation, water treatment, and home appliances, as well as medical imaging, financing for businesses and consumers, and industrial products.

• Omron Corporation

Omron Corp. (Omron) makes and sells components for automation, electronics, social systems, and medical equipment. Sensors, relays, safety components, automation systems, switches, motion and drives, control components, robotics, power supplies, switches, relays, and connectors are all part of the company's product line.

• Yokogawa Electric Co.

Yokogawa Electric Corp (Yokogawa) is an electrical engineering and software company whose businesses are based on its measurement, control, and information technologies. The company sells a wide range of products, such as pressure transmitters, flow meters, process analyzers, control systems, programmable controllers, cockpit flat panel displays, engine meters, equipment for meteorological and hydrological monitoring systems, waveform measuring instruments, LCD drivers, and electric voltage, current, and power measuring instruments.

• Tektronix

Tektronix is the best in the world at testing, measuring, and keeping an eye on things. Tektronix has a wide range of products, such as oscilloscopes, random/function generators, and accessories. Their Quality Management System makes sure that the quality of their products and services is the same all over the world. This lets their customers design, build, deploy, and manage "next generation" global communications networks and internet technologies.

• AMETEK (VTI Instruments)

A part of AMETEK Programmable Power, VTI Instruments makes precise modular instruments and systems for distributing, acquiring, and monitoring electronic signals for the most demanding test applications in the world.

• Bustec

Bustec is one of the best places to get high-quality data acquisition and test products. All of the products are based on open platform standards that can be used on any computer. Bustec is the world leader in measuring accuracy and data throughput, and it also has the most channels of any product on the market right now.

Segmentation Analysis:

The market is segmented on the basis of component, application, speed, end-user and regions.

By Component Outlook:

The market is split into hardware and software groups based on the types of parts. In 2019, hardware made up the biggest part of the market, and this is likely to stay the case during the forecast period. The reason for the higher share is that there is more focus on data monitoring and more demand for accuracy and precision in measurement applications for different end-use industries.

• Hardware
• Software

By Application Outlook:

The market is divided into research and analysis, manufacturing and quality, asset condition monitoring, and design validation and repair based on the type of application. The research and analysis segment is expected to grow at the fastest rate over the forecast period. This is because industries like automotive, wireless communications, aerospace, and defense need more real-time analysis of data.

• Research & Development
• Field
• Manufacturing

By Speed:

Based on the velocity of the products, the market is divided into Low Speed (100 KS/S) and High Speed (>100 KS/S) groups. The High Speed (>100 KS/S) segment has the largest market share and is anticipated to grow at the quickest rate over the coming years. DAQ software is utilized to intelligently analyze, standardize, and report on vast amounts of data. In addition, it helps test vehicles and components under real-world conditions. These operations require speeds greater than 100 KS/S.

• Low Speed (<100 KS/S)
• High Speed (>100 KS/S)

By End-User:

Based on the type of end user, the market is divided into aerospace, defense and government services, automotive, energy, wireless communication and infrastructure, and others. During the forecast period, the automotive segment is expected to grow at the fastest rate. This is because more and more applications are being used in the industry, such as virtual load testing and collecting data on the road.

• Aerospace & Defence
• Energy & Power
• Wireless Communication
• Environment Monitoring
• Food & Beverage
• Healthcare
• Automotive & Transportation
• Others

Regional Insights:

In terms of geography, North America had the biggest market share in 2021. North America has a lot of early adopters of technology, so its data acquisition (DAQ) market has the largest market share and is expected to lead the market over the next few years. During the time frame of the projection, it is expected that the European area's market share will grow due to positive changes in government, a large increase in industrial automation, and new intelligent manufacturing ventures.

Also, the CAGR is expected to be high in the Asia-Pacific part of the world market. Use of new technologies like artificial intelligence (AI) and the Internet of Things, more production space, stricter rules for testing and measuring products, and a lot of help from the government for manufacturing. The Asia Pacific is the largest automaker in China. Data acquisition (DAQ) systems are becoming more important as more auto OEMs and factories move into the area.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The research study gives the most up-to-date information on the global data acquisition (DAQ) system market's drivers, challenges, and opportunities.
• The IMARC report is a thorough quantitative analysis of the data acquisition (DAQ) system market from 2022 to 2030
• It looks at different market segments, historical and current market trends, market forecasts, and market dynamics.