-- DAQ products based on open architecture to drive market growth, finds Frost & Sullivan
MOUNTAIN VIEW, California, Dec. 18, 2014 /PRNewswire/ -- Increased intelligence and sophistication of mechanical and electrical products is causing a parallel rise in demand for data acquisition (DAQ) hardware and software. Notably, the complexity of mobile computing devices and explosion of mobile data content is driving demand for high data throughput rates. This spurt in data transfers makes a strong case for advanced DAQ products.
New analysis from Frost & Sullivan, Analysis of Global Data Acquisition Hardware and Software Market, finds that the market earned revenues of $1.34 billion in 2013 and estimates this to reach $2.15 billion in 2020. It covers the segments of Ethernet, USB, PXI, VXI, standalone/proprietary, PCI/PCIe, and software. Ethernet and USB-based DAQ products are expected to generate more than 50 percent of the total DAQ revenue.
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"Vendors are optimistic about high product uptake as customers look to capture and analyze as much data as possible to maximize product designs," said Frost & Sullivan Measurement & Instrumentation Industry Manager Sujan Sami. "In addition, with multinationals working toward remote monitoring from a centralized location, demand for Ethernet, USB and standalone DAQ products is on the rise."
Customers have shown marked preference for DAQ solutions based on open architectures as they are easily upgraded and enable the use of third-party vendors. This option is especially attractive now as companies look to lower capital expenditure.
However, despite its relevance in the current market, end users still do not possess necessary skill sets or engineering knowledge to make the most of DAQ tools. Therefore, it is important for vendors to educate them on the full features and functionalities of DAQ products.
Apart from customer awareness, growing need for predictive maintenance is also expected to give a push to the market.
"Infrastructure growth in various regions including Latin America, China and India, and the desire of these regions to keep up with international standards is stoking demand for more quality checks and maintenance," noted Sami. "As continuous monitoring helps extend the life of the infrastructure, DAQ hardware and software have an important role to play in the present market as well as in the future."
Analysis of Global Data Acquisition Hardware and Software Market is part of the Test & Measurement Growth Partnership Service program. Frost & Sullivan's related studies include: It's All About Software: Analysis of the Market for Global Instrumentation Software and Software Solutions for General Purpose Test Instrument, Wireless Communications Offer Opportunities and Challenges for Electronic Test Equipment, PXI Market to Change the Face of the Test & Measurement Industry and Global Radio Frequency Testing Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of Global Data Acquisition Hardware and Software Market
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