Data Acquisition System Market Size, Share, and Trends 2024 to 2033

Data Acquisition System Market (By Component: Hardware, Software; By Speed: High-speed, Low-speed; By Industry Vertical: Automotive & Transportation, Healthcare, Food & Beverage, Aerospace & Defense, Power & Energy, Manufacturing, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 4554
  • Category : ICT

Data Acquisition System Market Size and Forecast

The global data acquisition system market size was USD 2.04 billion in 2023, calculated at USD 2.14 billion in 2024 and is expected to reach around USD 3.35 billion by 2033, expanding at a CAGR of 5.08% from 2024 to 2033.

Data Acquisition System Market Size 2024 to 2033

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Data Acquisition System Market Key Takeaways

  • The North America data acquisition system market size reached USD 690 million in 2023 and is expected to attain around USD 1,160 million by 2033, poised to grow at a CAGR of 5.33% between 2024 and 2033.
  • North America registered the largest revenue share of the data acquisition system market in 2023.
  • Asia Pacific is anticipated to showcase significant growth with the fastest CAGR in the market in the upcoming period.
  • By component, the hardware segment dominated the market in 2023 and is expected to grow significantly during the forecast period.
  • By component, the software segment is expected to expand notably in the market over the forecast period.
  • By speed, the high-speed segment dominated the market in 2023 and is expected to grow at a rapid pace during the forecast period.
  • By industry vertical, the aerospace & defense segment held the largest segment of the market in 2023.
  • By industry vertical, the power & energy segment will grow at the fastest rate in the market over the forecast period.

U.S. Data Acquisition System Market Size and Growth 2024 to 2033

The U.S. data acquisition system market size was exhibited at USD 490 million in 2023 and is projected to be worth around USD 810 million by 2033, poised to grow at a CAGR of 5.15% from 2024 to 2033.

U.S. Data Acquisition System Market Size 2024 to 2033

North America registered the largest revenue share of the data acquisition system market in 2023. The growth of the region is driven by the increasing adoption of modern data-collecting technologies, increasing investments in the automotive sector, increasing popularity of IoT and machine-to-machine technologies, rising deployment in industrial automation, and supportive governmental policies. North America plays a vital role in driving developments in the data acquisition system market; several industries, such as aerospace, automotive, telecommunications, manufacturing, and healthcare, are leveraging the potential of data acquisition solutions to improve efficiency, streamline operations, boost productivity, and enhance performance.

The region has a strong technological ecosystem, which increases the demand for the data acquisition system market the forecast period. Furthermore, growing awareness of environmental issues drives the demand for sophisticated DAQ systems in the region. DAQ systems play a vital role in monitoring pollution levels, air and water quality, weather patterns, and others. To implement corrective measures and address environmental challenges, accurate data collection is important.

Data Acquisition System Market Share, By Region, 2023 (%)

Asia Pacific is anticipated to showcase significant growth with the fastest CAGR in the data acquisition system market in the upcoming period owing to the robust industrial sector development, favorable government framework, and increasing usage of emerging technologies, including artificial intelligence (AI) and the Internet of Things (IoT). In addition, the ongoing research and development activities in several industries, such as electronics, healthcare, aerospace, automotive, and others, are expected to boost the demand for sophisticated DAQ systems.

Market Overview

The process involved in gathering signals that quantify physical conditions as they exist in the real scenario and then transforming them into digital numeric values for the computer to analyze effectively is broadly known as data acquisition. Data acquisition (DAQ) is considered a crucial tool for measuring real-world physical situations and converting them into a digital format for computer processing. A data acquisition system is widely used to collect and process data from various sources. DAQ measures an electrical or physical phenomenon such as pressure, voltage, strain, frequency, vibration, angles, current, temperature, sound, and others.

A DAQ system consists of sensors, DAQ measurement hardware, and a computer with programmable software such as LabVIEW, Assembly, BASIC, Fortran, Lisp, Pascal, Java, C, C++, C#, and others. Earlier, traditional methods such as tape recorders or paper charts were used where signals were recorded in analog form, but now, in the era of digitalization, DAQ converts signals into digital form for storage on hard disk drives, ROM, flash media, and others. It’s an innovative and new way of capturing and processing real-world data using computers.

Data Acquisition System Market Growth Factors

  • The rising demand for automation coupled with rising advancement in sensor technologies is anticipated to boost the growth of the data acquisition system market during the forecast period.
  • The increasing need for real-time data analysis across various industries is expected to fuel the market’s growth.
  • The growing focus on data monitoring in several end-user sectors is projected to be a significant growth opportunity for the data acquisition system market.
  • The rising environmental concerns and stringent regulations are estimated to accelerate the market for advanced DAQ systems.
  • The rising demand for 5G and other high-speed connectivity technologies is anticipated to contribute to the growth of the market in the coming years.

Data Acquisition System Market Scope

Report Coverage Details
Market Size by 2033 USD 3.35 Billion
Market Size in 2023 USD 2.04 Billion
Market Size in 2024 USD 2.14 Billion
Market Growth Rate from 2024 to 2033 CAGR of 5.08%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Component, Speed, Industry Vertical, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Data Acquisition System Market Dynamics

Driver

Increasing adoption of emerging technologies

The increasing adoption of emerging technologies is expected to boost the expansion of the data acquisition system market during the forecast period. The rapid advancements in sensor technologies and Internet of Things (IoT) integration, as well as data acquisition systems, facilitate efficient data collection and processing capabilities, booting the innovation of cutting-edge technologies. The rising need for monitoring real-time data, improving visibility, and controlling production activities increases the demand for data acquisition systems.

The data acquisition system market has witnessed the rising adoption of the Internet of Things (IoT), artificial intelligence (AI), and machine-to-machine communication (M2M) technologies across various industries, which has driven the growth of DAQ systems. Data acquisition systems analyze data accurately and identify possible patterns and trends that might become difficult or impossible for humans. These systems also help enterprises to reduce errors, lessen repetitive tasks, and lower processing costs.

Data acquisition systems find applications across various industries such as automotive, aerospace & defense, manufacturing, energy, healthcare, environmental monitoring, and others. Every industry has a unique requirement for data collection, analysis, and reporting, and data acquisition systems play an indispensable role in meeting these diverse needs. Therefore, considering these factors, the use of data acquisition systems contributes to the growth of the data acquisition system market.

Restraint

High cost

The high cost associated with the implementation of the data acquisition system is anticipated to hamper the market's growth. The data acquisition solutions require a high investment. Several small and medium-sized companies are often discouraged from adopting these emerging technologies due to budget constraints. In addition, the lack of IT infrastructure and lack of awareness of sophisticated data acquisition systems in lower and middle-income countries is likely to limit the expansion of the global data acquisition system market.

Opportunity

Rapid growth of the automotive sector

The robust growth of the automotive sector is projected to offer lucrative opportunities to the data acquisition system market during the forecast period. Data acquisition systems are rapidly gaining popularity in the automotive sector owing to the fast-growing industry segments such as advanced driver assistance systems (ADAS), connected cars, E-mobility, and autonomous driving.

DAQ is versatile, and automotive engineers use DAQ systems for several purposes, including controlling test processes, characterizing products, and monitoring processes or products. In recent years, technology has reshaped the automotive industry rapidly. As companies are focusing on innovating and streamlining their offerings, the data acquisition system market is likely to experience substantial growth during the forecast period.

Component Insights

The hardware segment dominated the data acquisition system market in 2023 and is expected to grow significantly during the forecast period. Hardware components are considered the foundation for data collection and have diverse requirements for several applications in industries. The capture and conversion of real-world data are possible with reliable and accurate hardware. Hardware includes physical components and devices crucial for collecting, converting, and transmitting data from the real world into digital formats. Hardware components such as sensors, analog-to-digital converters (ADCs), actuators, signal conditioning devices, and other communication devices.

The software segment is expected to expand notably in the data acquisition system market over the forecast period. Data acquisition software is essential for capturing, storing, and organizing data. The software can be custom-coded in different programming languages to align with the specific needs. It allows the users to effectively configure, monitor, and analyze the data collected by the system. Thereby driving the segment’s growth.

Speed Insights

The high-speed segment dominated the data acquisition system market in 2023 and is expected to grow at a rapid pace during the forecast period. The growth of the segment is majorly driven by the rising applications of high-speed data acquisition systems across various industries, including automotive, telecommunications, aerospace, healthcare, and defense. High-speed plays a crucial role when there is a requirement to collect and process data rapidly as well as accurately. It enables companies to obtain real-time and valuable information quickly, which ultimately assists them in making informed decisions.

The continuous innovations in software and hardware technologies are likely to enhance the speed and accuracy of data acquisition systems. In the case of more complex data, it increases the need for high-speed systems to handle diverse data types efficiently. Moreover, the rising adoption of industrial automation and IoT-based technologies is expected to propel the demand for high-speed data acquisition systems to collect and analyze sensor data in real-time. Such factors drive the growth of the segment.

Industry Vertical Insights

The aerospace & defense segment held the largest segment of the data acquisition system market in 2023 owing to the increasing need for rigorous testing of aircraft, which allows real-time monitoring to survive various parameters and severe weather conditions. The aerospace and defense industry deals with various systems like aircraft and defense equipment, where accurate and real-time data acquisition is important. To meet the stringent regulatory and safety standards increases the adoption of sophisticated data acquisition solutions to ensure reliable and accurate data collection. DAQ systems ensure that aerospace components meet demanding functional criteria and also ensure the safety, reliability, and effective performance of aerospace technologies.

The power & energy segment will grow at the fastest rate in the data acquisition system market over the forecast period. DAQ systems play a vital role in the energy sector for effectively monitoring asset performance, including wind turbines, solar PV, and power-producing machinery, which ensures that power generation equipment operates optimally. Thereby bolstering the growth of the segment during the forecast period.

Data Acquisition System Companies

Data Acquisition System Market Companies

  • Keysight Technologies
  • Agilent Technologies
  • Yokogawa Electric Corporation
  • Advantech Co., Ltd.
  • Phoenix Contact GmbH & Co. KG
  • Emerson Electric Co.
  • Teledyne Technologies Incorp
  • Honeywell International Inc.
  • orated
  • Spectris PLC
  • Campbel Scientific
  • General Electric
  • Brilel & Kjaer
  • Fluke Corporation
  • Siemens Digital Industries Software
  • National Instruments Corporation
  • AstroNova, Inc.

Recent Developments

  • In January 2023, Axiometrix Solutions’ imc Test & Measurement brand introduced its new modular data collection system, IMC ARGUSfit. The imc ARGUSfit base unit and extra amplifier and fieldbus interface modules, such as the FD, can be quickly snapped together to enable maximum flexibility in automotive and machine testing and monitoring.
  • In June 2022, Advantech announced the launch of the iDAQ line of data collection modules. The iDAQ series is a new modular data acquisition module and chassis series that includes the iDAQ-900 chassis as well as the iDAQ-700 and 800 DAQ modules.

Segments Covered in the Report

By Component

  • Hardware
  • Software

By Speed

  • High-speed
  • Low-speed

By Industry Vertical

  • Automotive & Transportation
  • Healthcare
  • Food & Beverage
  • Aerospace & Defense
  • Power & Energy
  • Manufacturing
  • Others

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global data acquisition system market size is expected to increase USD 3.35 billion by 2033 from USD 2.04 billion in 2023.

The data acquisition system market is anticipated to grow at a CAGR of over 5.08% between 2024 and 2033

The major players operating in the data acquisition system market are Keysight Technologies, Agilent Technologies, Yokogawa Electric Corporation, Honeywell International Inc., Advantech Co., Ltd., Phoenix Contact GmbH & Co. KG, Emerson Electric Co., Teledyne Technologies Incorporated, Spectris PLC, Campbel Scientific, General Electric, Brilel & Kjaer, Fluke Corporation, Siemens Digital Industries Software, National Instruments Corporation, AstroNova, Inc., and Others.

The driving factors of the data acquisition system market are the increasing adoption of emerging technologies and rising environmental concerns and stringent regulations.

North America region will lead the global data acquisition system market during the forecast period 2024 to 2033.

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