Market Research Future (MRFR) reveals that the global data historian market can reach a valuation of USD 1,406.23 million by 2024. The market can also note a growth rate of 6.9% during the forecast period (2019–2024).
Top Drivers and Key Barriers
A data historian solution is used to record the data obtained during a process and gathers it by time. The software helps store data in an efficient manner with fast retrieval and need for low disk storage. Various industries make use of the control systems are generally the data historian software. Data historian software finds widespread use in processes like chemical plants, datacenters, pharmaceutical manufacturing, automobile, paper and pulp, water management, oil and gas, etc.
Furthermore, the data historian software has the ability to record data on network bandwidth, fluid levels, fan temperature, pressure level, limit switches and valve positions. The data historian software forms an integral component of any corporation, given its use to manage mounting data volumes to bring down the storage cost, enhance productivity and maintain smooth flow of the business. These qualities have led to strong demand for data historian over the years. One of the significant applications of the data historian software is in the oil and gas companies, which make extensive use of predictive maintenance features of the data historian solution.
The data historian software is able to synchronize the data, thereby reducing the complexity and maintaining numerous connections across various site locations. This factor is believed to be stimulating the growth of the data historian market across the globe. In addition, the surging need to acquire needed data at the right point of time in order to prevent any accident in the processes, can also induce the growth of the data historian market.
Regional Analysis
The geographical analysis of the global data historian market has been covered in this report for the regions, such as Europe, Asia-Pacific, North America, and the Rest of the World (RoW). These segments based on region are further assessed on the level of countries for deeper market insight. North America is presumed to hold its pole position over the forecast period. Increasing shift towards digitization in the region is supposed to augment the regional market. In addition, the availability of advanced technologies in the region is also supposed to expedite the growth rate of the data historian market in the years to come. Key players such as Honeywell International Inc., General Electric Company, IBM Corporation, etc. are expected to accelerate revenue generation in the region. It is prognosticated to drive the proliferation of the data historian market in the forthcoming years.
Competitive Dashboard
ABB Limited (Sweden), General Electric Company (US), AVEVA Group (UK), Honeywell International Inc. (US), Siemens AG (Germany), IBM Corporation (US), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), Aspen Technology (US), PTC Inc. (US), ICONICS (US), Rockwell Automation, Inc. (US), OSIsoft, LLC (US), Canary Labs, Inc. (US), Automsoft International Ltd (Ireland), and COPA-DATA GmbH (Austria) are the key participants of the global data historian market.
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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, Service), Deployment Mode, Organization Size, End-user, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the global Data Historian Market size expected to grow from USD 914.9 million in 2018 to USD 1,271.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period.
The key forces driving the Data Historian Market include increasing industrial data volumes and demand for consolidated data for process and performance improvement.
Additionally, it helps in cutting excessive costs while providing improved agility and scalability, overcoming the operational challenges.The cloud deployment model to grow at a higher CAGR during the forecast periodThe cloud deployment model is witnessing an increasing demand, due to its cost-effectiveness and easy availability.
Cloud-based solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere.
The growing technology expenditures in major APAC countries, such as Australia, China, and India, and the growing demand for cost-effective data management software and services among the Small and Medium-sized Enterprises (SMEs) will be major market growth drivers during the forecast period.Request Sample Pages of this report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=163342189Major vendors providing Data Historian Market include General Electric, ABB, Emerson Electric, Siemens AG, AVEVA Group, Honeywell, Rockwell Automation, OSIsoft, ICONICS, IBM, Yokogawa, PTC, Inductive Automation, Canary Labs, Open Automation Software, InfluxData, Progea, Kx Systems, Sorbotics, Savigent Software, Automsoft, LiveData Utilities, Industrial Video & Control, Aspen Technology, and COPA-DATA.About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
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