The global market for DAQ is projected to have considerable CAGR of around 6.5% during the forecast period. Data acquisition and conversion systems are used to acquire analog signals from one or more sources and convert these signals into digital form for analysis or transmission by end devices such as digital computers, recorders, or communications networks. The analog signal inputs to data acquisition systems are most often generated from sensors and transducers which convert real-world parameters such as pressure, temperature, stress or strain, flow and others, into equivalent electrical signals. The market for DAQ is mainly driven due to integration of industry 4.0 in automotive and aerospace & defence industry and growing automation in various industry. For instance In 2016, Boeing, an American multinational manufacturer of airplanes began to use this technology as part of a new; advanced manufacturing process for building its 777 fuselages. The technology was put in place to improve employee safety and product quality. Moreover, growing demand of automated DAQ systems and increasing trend towards high speed connectivity solutions such as 5G technology further provide substantial opportunity to the market.   

 Segmental Outlook  

The global DAQ market is segmented based on product type and industry. Based on the product type, the market is further classified into hardware and software. The software segment is projected to have considerable growth owing to the growing demand of  bundled and 3rd party software solutions due to cost-effectiveness and easy of operation across various industries. Moreover the hardware of the DAQ systems include external chassis, modules, and plug-in I/O boards and others   On the basis of industry the market is further segregated into automotive, aerospace & defence, energy & power, environmental monitoring, food & beverages, telecom, and others(healthcare).  

 Global DAQ Market Share by Industry, 2019(%)

Global DAQ market to be driven by Automotive Industry

Among Industry, the automotive industry segment held a considerable share in the market. The market mainly driven due to the growing automation and implementation of industry 4.0 in automotive manufacturing industry. The automotive industry constantly uses advanced technologies to bring innovative, efficient and safe vehicles to the market, while constantly working to reduce manufacturing costs. Currently, these technologies comprise AI and high-performance computing. Over the decades, the industry has invested significantly in high-performance computing (HPC) systems to power modeling, design and simulation applications. The automotive industry is highly dynamic and needs extreme flexibility from the manufacturers of the automotive industry. With the emerging competition in the automotive industry, the manufacturers are focusing on smart production systems, integrated with flexible logistics systems. With the innovative combination of hardware and software, the manufacturers create unique productive cooperation between human beings and robots, which supports the smooth flow of everyday operations. As a result, the adoption of industrial robots in the automotive industry further propels the market growth.

 Regional Outlook 

Geographically, the global DAQ market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global market during the forecast period. The market growth is attributed to the significant adoption of DAQ in economies such as China, Japan, India, South Korea, Thailand, and Australia. Further, growth in the industry vertical in these countries and increasing adoption digital solution in various industries such as automotive, aerospace and defence is also driving the market growth. The uptake of industrial robots by Asia-Pacific region is accelerating at a rapid growth; the operational stock rose 70% to 887,400 units during 2010-2015, as per the International Federation of Robotics.  

Global DAQ Market Growth, by Region 2020-2026

North America to hold a considerable share in the global DAQ market

Geographically, North America is projected to hold a significant market share in the global DAQ market. Major economies which are anticipated to contribute to the North America DAQ market are the US and Canada. North America is dominating the DAQ market owing to wide adoption of DAQ solutions, significant presence of DAQ vendors and growing industrial automation. The favorable government initiatives in product development and innovation along with the collaboration between the private and government sector to develop AI technology in the region further spurs the regional growth of the market. In February 2019, the President signed an Executive order 13859, Maintaining American Leadership in AI. The signing of the order was aimed to launch the American AI initiative in order to promote and protect AI technology in the US. The automotive industry in the US is also leading towards the innovation. New R&D initiatives are transforming the industry to respond better to the opportunities. According to the Auto Alliance, of the $105 billion spent on R&D globally, almost $18 billion is spent in the US in 2018. 

 Market Players Outlook

The key players in the DAQ market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include AMETEK Inc., Fortive, Keysight Technologies, National Instruments Corp., OMRON Corp., Teledyne Technologies, Inc., Tektronix, Inc., Siemens AG, and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global DAQ market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.