Data Historian Market —
The global data historian market is likely to gain popularity. The market is projected to witness an upswing in terms of valuation. An assessment presented by Market Research Future (MRFR) reveals that the global data historian market is supposed to strike 6.9% CAGR across the review period 2019 to 2024. It is also highlighted that the valuation of the data historian market is supposed to reach USD 1,406.23 Mn by 2024.
Data historian is a software program designed to record daily information about a unit. It is gaining popularity as it eliminated human intervention. Thus, the human resources can be channelized towards more important tasks. This, in turn, is assumed to guide the growth of the data historian market in the foreseeable future. In addition, it reduces and avoids the probability of human error drastically. It is supposed to catapult the data historian market on its growth trajectory. Increasing applications across units such as manufacturing, production, etc. is poised to boost market growth.
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The product has found applications across industries such as food & beverages, metal, oil & gas, energy & power, automotive, and among others. Rising applications is anticipated to have a favorable influence on the growth curve of the data historian market. Many of the end-user industries are into the production of different types of products. This has necessitated the deployment of the software to maintain proper records. This factor is expected to augment the data historian market in the forthcoming years. Rising investments in digitization, coupled with the governments’ initiatives, is prognosticated to lead the proliferation of the data historian market.
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.
On the basis of component, the data historian market is divided into software and services. The sub-segments of the service segment are managed services and professional services.
On the basis of deployment, the segments of the data historian market are cloud-based and on premise.
On the basis of application, data historian market has been segmented into predictive maintenance, production tracking, asset performance management, environmental auditing, and others.
On the basis of time series database type, the data historian market has been segmented into operational and open source.
On the basis of end-user, data historian market has been segmented into data centers, marine, oil and gas, chemicals and pharmaceuticals, metals and mining, paper and pulp, utilities, and others.
The global data historian market is estimated to grow at a significant rate in the future. The geographical analysis of the data historian market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America dominates the global data historian market, by region, due to the early adoption of the data historian software program by various industries to predict their functionality with the help of the previous years' data. Additionally, there are various key manufacturers, organizations, and enterprises are present in the region which use these software and services to enhance the working functionality and analyze their profits against the past statistics. Based on the countries, the region has been segmented as the US, Mexico, and Canada. The US accounts for the largest market share due to presence of various key players including Aspen Technology (US), Emerson Electric Co. (US), PTC Inc. (US), Rockwell Automation, Inc., and others.
Europe accounts the second-largest market share in the data historian market due to presence of various industries such as automotive, metal & mining, chemical, and others which is driving the market. Additionally, the presence of various countries such as the UK, Germany, France, Italy, and others in the region are the major contributors to the global data historian market. Additionally, the increasing utilization of sensor-based devices has also increased the data generation across various manufacturing industries in the region, therefore there has been increasing demand for the data historian software for analyzing the performance of their units. Additionally, there are various companies which offer data historian software/tools, and services in the region such as ABB Limited (Sweden), AVEVA Group (UK), Siemens AG (Germany) and others, that accelerates the growth of the market.
Asia-Pacific is expected to be the fastest-growing region during the forecast period due to increasing advancement in terms of technology, urbanization, and digitalization. Additionally, the SMEs and large enterprise are also using this software to predict the future functionality by analyzing the historical data and functionality of the organization. Moreover, the increasing number of manufacturing units in the region is also driving the market. China is expected to be the dominating country in the region whereas India is accounted to be the fastest-growing country during the forecast period.
The prominent players in the software data historian market ABB Limited (Sweden), AVEVA Group (UK), General Electric Company (US), Honeywell International Inc. (US), IBM Corporation (US), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), Aspen Technology (US), Emerson Electric Co. (US), PTC Inc. (US), Rockwell Automation, Inc. (US), ICONICS (US), OSIsoft, LLC (US), Automsoft International Ltd (Ireland), Canary Labs, Inc. (US), and COPA-DATA GmbH (Austria) among others.
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Name: ABHISHEK SAVANT
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Organization: Market Research Future
Release ID: 88963069