Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) — The “Data Historian Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
The global data historian market is forecasted for significant expansion, expected to burgeon from its current valuation of USD 1.15 billion in 2023 to an impressive USD 1.64 billion by 2028, marking a CAGR of 7.32% over the forecast period from 2023 to 2028. This report offers a comprehensive analysis of market dynamics, shapes, and trends that are influencing the future growth trajectory of this market.
Key Drivers Behind the Data Historian Market Growth
The report identifies a myriad of factors propelling the market’s upward trend, including the ever-increasing quantities of data produced by IoT devices, cloud applications, stringent regulatory environments necessitating robust data storage mechanisms, and the sophisticated insights derived from historical data analysis. These elements are playing crucial roles across diverse sectors, especially in data-intensive industries like financial services.
Developments Fostering Market Expansion: Spotlight on Data Centers and Industry 4.0
- Investments in data centers, which are anticipated to rise sharply, extend critical support to the data historian market, especially with India’s investments projected to escalate from USD 3.8 billion in 2021 to an estimated USD 4.6 billion by 2025 according to NASSCOM.
- The digital transformation and Industry 4.0 tide that are sweeping across enterprises globally have been fundamental, stirring up a burgeoning demand for data historian solutions geared towards more efficient and stable plant operations along with in-depth analytical capabilities.
- The pandemic’s ambivalent impact on the sector has been noted as well, having both spurred demand for data storage and analysis solutions, and, concurrently, having introduced a degree of hesitancy in new technology investments. Remote work challenges have accentuated the necessity for robust data collection and management.
Emerging Trends: Cloud Deployment Taking Center Stage
The advent of cloud deployment is charted as a pivotal influence on the data historian market growth, providing both scalable infrastructure and ease of integration with cloud-based data analytics tools. This shift towards cloud infrastructure is particularly evident in the BFSI industry, where the growing reliance on digital payment services has increasingly moved data services to the cloud.
The North American landscape continues to hold the lion’s share in the market, with a significant portion of vendor investments and data center activity driving the data historian market. Tech giants in the region are channeling substantial resources into data centers, pushing the envelope for data historian deployment. For example, Google’s robust investment agenda underscores North America’s commitment to scaling up its data infrastructure capabilities.
Market Landscape: Competitive and Innovative
In the competitive terrain of the data historian market, players are strategizing through collaborations, mergers, acquisitions, and continued product innovation to claim a more substantial footprint. Demonstrating this dynamism, recent collaborations and product launches show that industry leaders are actively advancing their services to meet evolving historical data management needs.
A selection of companies mentioned in this report includes:
- General Electric Company
- Siemens AG
- Honeywell International Inc.
- Emerson Electric Co.
- AVEVA Group plc
- Rockwell Automation Inc.
- OSIsoft LLC
- Open Automation Software
For more information about this report visit https://www.researchandmarkets.com/r/ifx1y2
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