The Business Research Company's Data Acquisition System market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 28, 2022 /PRNewswire/ -- The data acquisition system market consists of sales of data acquisition systems by entities (organizations, sole traders, and partnerships) that can measure and record physical or electrical properties to understand the system's performance. DAQ systems are computer-based measurement systems that help in measuring an electrical or physical phenomenon such as current, voltage, pressure, temperature, or sound. These systems capture and store data from an actual system for further scientific and engineering review.
The global data acquisition (DAQ) system market size is expected to grow from $1.64 billion in 2021 to $1.75 billion in 2022 at a compound annual growth rate (CAGR) of 6.5%. TBRC's data acquisition (DAQ) system market forecast sees it reaching $2.25 billion in 2026 at a CAGR of 6.6%.
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Data Acquisition (DAQ) System Industry Growth
The increasing demand for automation is significantly driving the growth of the data acquisition system market. Automation refers to the application of technologies with minimal human intervention for producing and delivering goods and services. The majority of the industrial sectors are adopting automated technologies to cut back errors, reduce repetitive tasks, and lower processing costs. The increasing demand for automation in the industries is directly promoting the increased use of DAQ systems. For instance, according to the Future of Jobs Survey 2020, World Economic Forum, an international non-governmental and lobbying organization, 50% of business leaders are planning to adopt automation of repetitive tasks and 85% of business leaders said that automation will give more time to focus on the important goals to the company. Therefore, the increase in demand for automation is driving the growth of the data acquisition system market.
Data Acquisition Market Regional Outlook
North America was the largest region in the data acquisition system market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global data acquisition (DAQ) system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Data Acquisition (DAQ) System Market Segmentation
- By Type: Peripheral Component Interconnect (PCI), LAN Extensions for Instrumentation (LXI)/ Ethernet, VME Extensions for Instrumentation (VXI), PCI Extensions for Instrumentation (PXI), Universal Serial Bus (USB), Standalone
- By Component: Hardware, Software
- By Speed: High-Speed (>100 KS/S), Low-Speed (<100 KS/S)
- By Application: Research and Analysis, Manufacturing and Quality, Asset Condition Monitoring, Design Validation and Repair
- By End-User: Aerospace and Defense, Energy and Power, Automotive and Transportation, Wireless Communication and Infrastructure, Water and Wastewater Treatment, Healthcare, Food and Beverages
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