CHICAGO, Dec. 8, 2020 /PRNewswire/ -- According to a new market research report "Data Historian Market by Application (Production Tracking, Environmental Auditing, Asset Performance Management, and GRC Management), Component (Software/Tools, Services), Deployment Mode, Organization Size, End User, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Data Historian Market size is expected to grow from USD 1.1 billion in 2020 to USD 1.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period.
Increasing demand for consolidated data for process and performance improvement, rising big industrial data, and growing investments in analytics driving the adoption of the Data Historian Market.
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Need to analyze machines condition to avoid future breakdowns by using the predictive maintenance capabilities driving the growth of chemicals and petrochemicals to end-user during the forecast period
Data historian solutions collect real-time data from automation and other systems to store time-stamped data at high speed and maintain the sequence of data. The Track and Trace (TnT) serialization initiative to preserve historical data in the chemical and petrochemical industry is creating a greater need for capturing historic production records. This is to help maintain the quality of drugs and avoid the counterfeiting of products. Additionally, it also helps in identifying the root cause of the problem in preventing any undesirable event in the production sequence. Data historian solutions and services offer new insights to enhance controls and also deliver information about the process and the equipment needed to rectify maintenance issues.
Rising demand for consolidated data to monitor products and performance improvement to drive the growth of the product tracking segment to hold a larger market size
Production tracking is the most critical process in any manufacturing plant. Efficient production tracking enables quality improvement using root cause analysis, better monitoring and reporting, and improved supervision over raw material to avoid wastage. Data historian solutions collect, store, analyze, and represent information from over a diversified production floor and data source to enable users to get real-time manufacturing intelligence outcomes. For example, OSIsoft, through its PI historian platform, delivers robust manufacturing intelligence solutions, which include Overall Equipment Effective (OEE), product tracking and genealogy, electronic batch record reports, and asset utilization monitoring for better production tracking throughout the production life cycle.
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North America to dominate the market during the forecast period
In North America, enterprises belonging to various end-user segments have been significantly using data historian solutions. Therefore, this region is expected to dominate the market to provide growth opportunities to data historian solution providers. The region is the major and the fastest adopter of technologies, such as AI and SCADA. Moreover, tremendous growth in customer-generated data is expected in this region in the coming years. Organizations operating in this region are highly dependable on this data, and hence are likely to adopt solutions that would enable the consolidation of data, which is collected in silos. Furthermore, migration facilitates technologies, such as the integration of big data and BI tools toward data management, which further simplifies other business-related operations.
The US and Canada are the major countries that contribute to the growth of the Data Historian Market in North America. North America has witnessed rapid adoption of digitalization technologies and high levels of consumer usage as compared to the other developed regions.
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The major vendors in Data Historian Market are GE (US), ABB (Switzerland), Emerson (US), Siemens (Germany), AVEVA (UK), Honeywell (US), Rockwell Automation (US), OSIsoft (US), ICONICS (US), IBM (US), Yokogawa (Japan), PTC (US), Inductive Automation (US), Canary Labs (US), Open Automation Software (US), InfluxData (US), Progea (Italy), Kx Systems (US), SORBA (US), Savigent Software (US), Automsoft (Ireland), LiveData Utilities (US), Industrial Video & Control (US), Aspen Technology (US), and COPA-DATA (Austria).
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