The global data acquisition system market size is estimated to grow by USD 560.39 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.6% during the forecast period. Moreover, the growth momentum will accelerate. The increasing demand for monitoring in end-user industries is notably driving the market growth, although factors such as data acquisition system complexity and CAPEX may impede the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

 

Global Data Acquisition System Market – Market Dynamics

Key factor driving market growth

• The increasing demand for monitoring in end-user industries is notably driving market growth. 
• By minimizing human involvement, data monitoring helps improve operational quality and early fault detection during production in the aerospace, defense, government, energy, and automotive sectors.
• Data monitoring helps the energy sector assess the performance of assets such as solar power plants, wind turbines, and other power-generating machinery.
• Moreover, data monitoring is used in the aerospace industry to validate the design and safety parameters for the engine and other aircraft components and analyze the flight aerodynamics characteristics. 
• Thus, the increasing demand for data monitoring from the end-user industries will augment the growth of the market during the forecast period.

Major challenges hindering the market growth

• Data acquisition system complexity and CAPEX are the major challenges impeding the market growth. 
• Technological advances in the design and development of these data acquisition devices have made data acquisition systems increasingly complex.
• The resulting need for higher test capabilities compels manufacturers to upgrade their current technology to meet their application needs.
• Data collection system manufacturers must comply with numerous technical standards, which increases the cost of data collection systems.
• Such factors may hinder market growth during the forecast period.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Global Data Acquisition System Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (power and energy, automotive, aerospace and defense, education and research, and others) and type (hardware and software). 

• The power and energy segment will account for a significant share of the market growth during the forecast period. The power and energy sector uses data collection systems to collect, store and analyze information about power generation, distribution, and consumption. These systems typically include sensors, data loggers, and software that can track various variables such as voltage, current, power, energy, and temperature. Such factors will increase the segment growth in this market during the forecast period.

Geography Overview
By geography, the global data acquisition system market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global data acquisition system market.

• North America is estimated to contribute 36% to the growth of the global market during the forecast period. Data collection systems are widely used in the manufacturing industry to monitor and improve production processes and increase productivity and efficiency. Additionally, many companies are spending significantly on research and development to advance their data collection system technology to make it more effective and affordable, which is fuelling market expansion. As a result, the North American data collection system market is expected to witness strong growth during the forecast period, owing to many factors such as IoT, energy efficiency, and government regulations.

Insights on the market contribution of various segments, including country- and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Global Data Acquisition System Market – Leading trends influencing the market 

• Increasing demand for 5G and other high-speed connectivity technologies is the primary trend in the market.
• Several countries have started investing in 5G technology to improve their digital infrastructure and stay competitive in the digital economy.
• Major countries implementing and deploying 5G wireless infrastructure include South Korea, China, the United States, and Germany.
• These countries are expected to offer opportunities for data collection systems in various end-user industries such as wireless infrastructure and telecommunications.
• Such factors are expected to open new opportunities in the market during the forecast period.

Insights on market drivers, trends, and challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) - Request a sample report!

What are the key data covered in this Data Acquisition System Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the data acquisition system market between 2023 and 2027
• Precise estimation of the data acquisition system market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the data acquisition system market across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of data acquisition system market vendors