The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Historian Software Market Report. The growth sectors of the Data Historian Software Market Report are identified with precision for a better growth perspective.
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.
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.
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.
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.
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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