Data Acquisition (DAQ) Market Report 2023 Size is Expected to Grow USD 4.8 Billion with a Stellar CAGR of 6.2% - Report by Facts & Factors

NEW YORK, May 31, 2023 /PRNewswire/ -- As per Facts and Factors study, the data acquisition (DAQ) market size globally was nearly $2.1 billion in 2022 & is anticipated to hit nearly $4.8 billion by 2030 along with securing a CAGR of 6.2% over 2023-2030.

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Data Acquisition (DAQ) Market: Overview

Data acquisition is the method of sampling signals measuring real-world physical conditions and transforming it into online numeric values which can be effectively handled by a computer. The data acquisition systems transform analog waveforms into online processing values.

Various components of these systems include sensors, analog-to-digital converters, and signal-conditioning circuitry. Reportedly, the data acquisition application is controlled by programmable software that makes use of programming languages including LabVIEW, Java, C, C++, and C#.

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Key Insights:

• As per the analysis shared by our research analyst, the global data acquisition (DAQ) market is projected to expand annually at the annual growth rate of around 6.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global data acquisition market size was evaluated at nearly $2.1 billion in 2022 and is expected to reach $4.8 billion by 2030.
• The global data acquisition market is anticipated to record massive growth over the forecast period owing to a rise in the acceptance of data acquisition solutions in the power & energy, automotive & transportation, and aerospace & defense sectors.
• Based on application, the research & development segment is predicted to contribute majorly towards the global market share over the forecast timeline.
• In terms of components, the hardware segment is projected to account for a major share of the global market in 2023-2030.
• On the basis of end-user, the automotive segment is set to register the highest CAGR over the period from 2023 to 2030.
• Region-wise, the Asia-Pacific data acquisition (DAQ) market is projected to register the highest CAGR during the assessment period.

Facts and Factors published the latest report titled "Data Acquisition (DAQ) Market Size, Share, Growth Analysis Report By Component (Hardware and Software), By Application (Research & Development, Manufacturing & Quality, Design Validation & Repair, and Asset Condition Monitoring), By End-User (Automotive, Aerospace, Energy, Wireless Communication & Infrastructure, and Defense & Government Services), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 ? 2030" into their research database.

Industry Dynamics:

Global Data Acquisition (DAQ) Market: Growth Drivers

• The massive use of data monitoring tools in various sectors to boost the global market trends.

Growing focus on data monitoring across the end-use sectors for improving operational efficiency and early fault detection will prompt the global market demand. In addition to this, the industry 4.0 revolution and the launching of 5G network can bring a paradigm shift in the global data acquisition (DAQ) market across the globe. The rise in the acceptance of data acquisition solutions in power & energy, automotive & transportation, and aerospace & defense sectors will proliferate the growth of the market globally.

Apart from this, an increase in automated business processes is one of the major factors influencing the growth of the global market. The rise in the use of data acquisition tools in the food & beverages segment for gaining real-time data for detecting problems will prompt market expansion across the globe.

Global Data Acquisition (DAQ) Market: Restraints

• The growing complicatedness witnessed in the data acquisition systems hinders the global industry expansion.

High capital expenditure and complexity of data acquisition tools along with demand for high-quality low-cost DAQ systems can put brakes on the global data acquisition (DAQ) industry.

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Data Acquisition (DAQ) Market: Opportunities

• Introduction of the 5G network due to the huge need for high-speed network connections to open new growth avenues for the global market.

Humungous demand for high-speed network connectivity and the launching of 5G networks will open new growth opportunities for the global data acquisition (DAQ) market. Reportedly, equipment used in self-driven automotive including voice detection tools and image recognition tools requires the use of 5G networks for enhancing high-speed connection.

Data Acquisition (DAQ) Market: Challenges

• The need to produce new data acquisition tools can pr be a challenging task for the growth of the global industry.

The global data acquisition industry is highly competitive and manufacturers are trying to create new systems for fulfilling the escalating app demand. This has proved to be a big challenge to the global industry expansion.

Global Data Acquisition (DAQ) Market: Segmentation

• The global Data Acquisition (DAQ) market is sectored into components, applications, end-user, and regions.

In terms of components, the global data acquisition (DAQ) market is sectored into hardware and software segments. Furthermore, the hardware segment, which accounted for more than half of the global market share in 2022, is set to maintain its segmental dominance in the forecasting timeframe. The segmental surge in the coming eight years can be credited to a massive focus on data monitoring and burgeoning demand for accuracy and exactness in measurement in a slew of end-use sectors.

Based on the application, the data acquisition (DAQ) industry across the globe is divided into design validation & repair, research & development, manufacturing & quality, and asset condition monitoring segments. The research & development segment, which contributed about 53% of the global industry share in 2022, is slated to rule the global industry expansion even in the upcoming years. The growth of the segment in the coming years can be due to the immense need for real-time data analysis from the automotive, wireless communication, aerospace, and defense sectors.

On the basis of end-user, the global data acquisition (DAQ) market is divided into wireless communication & infrastructure, automotive, aerospace, energy, and defense & government services segments. Moreover, the automotive segment, which accounted for a major share of the global market in 2022, is predicted to register the fastest CAGR over the coming years. The segmental surge over the forecast timeline can be owing to the immense use of data acquisition tools including virtual load tests & on-road data acquisition.

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List of Key Players in Data Acquisition (DAQ) Market:

• Omron Corporation
• National Instruments
• Keysight Technologies
• Siemens AG
• Schneider Electric SE
• HBM Inc
• Yokogawa Electric Corporation
• Ametek Inc.
• Tektronix Inc.
• Emerson Electric Co.
• Fluke Corporation
• General Electric Company
• Honeywell International Inc.
• Brüel & Kjær
• Rockwell Automation
• Macrodyne Technologies Inc.
• Teledyne Technologies Incorporated.

Key questions answered in this report:

• What are the growth rate forecast and market size for Data Acquisition (DAQ) Market?
• What are the key driving factors propelling the Data Acquisition (DAQ) Market forward?
• What are the most important companies in the Data Acquisition (DAQ) Market Industry?
• What segments does the Data Acquisition (DAQ) Market cover?
• How can I receive a free copy of the Data Acquisition (DAQ) Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• Asia-Pacific Data Acquisition (DAQ) market to register the highest CAGR over the forecast period.

Asia-Pacific, which accounted for more than 57% of the global data acquisition (DAQ) market revenue in 2022, is anticipated to record the highest CAGR during the assessment timeline. The regional market expansion over 2023-2030 can be due to breakthroughs in technologies, a rise in the production units, and strict enforcement of laws by the government related to measuring & testing of products.

Apart from this, acceptance of new technologies including IoT and AI along with the presence of giant players in the region will uplift the regional market surge. Additionally, the humungous penetration of various automotive OEMs in the region with escalating production of vehicles will boost regional business trends. 

Furthermore, the North American data acquisition (DAQ) industry is set to witness massive growth in the forecasting years. The factors that are likely to determine the growth of the regional market include the presence of key players such as Siemens, National Instruments, Keysight, and Tektronix in the region.

Global Data Acquisition (DAQ) Market is segmented as follows:

Data Acquisition (DAQ) Market: By Component Outlook (2023-2030)

• Hardware
• Software

Data Acquisition (DAQ) Market: By End-User Outlook (2023-2030)

• Automotive
• Aerospace
• Energy
• Wireless Communication & Infrastructure
• Defense & Government Services

Data Acquisition (DAQ) Market: By Application Outlook (2023-2030)

• Research & Development
• Manufacturing & Quality
• Design Validation & Repair
• Asset Condition Monitoring

Data Acquisition (DAQ) Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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