Data Historian Market to New Heights, Estimated Value of 2.6 Billion by 2032 with a CAGR of 7.7% – By PMI
Prophecy Market Insights latest research report on the Data Historian Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Sept. 14, 2023 (GLOBE NEWSWIRE) — Data Historian Market Overview:
As per an Extensive Research Report by Prophecy Market insights (PMI), “Data Historian Market Information By Component, Organization, Application, End User and Region – Forecast till 2032” The Data Historian industry shall develop from USD 1.2 Billion in 2022 to USD 2.6 Billion by 2032, with 7.7% CAGR from 2022 to 2032.
A data historian is a software application or system used in industrial and process automation to collect, store, retrieve and analyze historical data various sources within a facility or industrial process. It plays a critical role in industries such as manufacturing, energy, utilities, and more, where accurate and organized data is essential for process monitoring, analysis, optimization, and compliance.
As industries continue to adopt IIoT technologies, the demand for data historians is expected to increase. Data Historian Market play a crucial role in collecting, storing, and analyzing the vast amount of data generated by IoT devices and sensors in industrial environments. Data historians are becoming integrated with advanced analytics and machine learning tools, allowing organizations to extract valuable insights from historical data.
Data Historian Market: Market Scope
The Data Historian market focuses on software and technology used to store and analyze historical data, primarily in industrial sectors like manufacturing and energy. Its primary purpose is to help organizations optimize processes and make informed decisions based on past data. The market’s growth is driven by Industry 4.0 adoption and IoT integration, while challenges include data security and integration complexities. Future trends involve cloud-based solutions and AI-driven analytics.
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“According to Our Latest Research Report on the Global Data Historian Market reveals that the industry is experiencing substantial growth worldwide. The report provides a comprehensive analysis of the market’s current size, trends, share, and economic analysis, as well as a forecast for the year up to 2032”
Key Highlights –
- In May 2023, dataPARC, supplier of industrial analytics and manufacturing decision support, announced the release of its next-generation data historian platform, aimed at delivering federated plant Data Historian Platform operations data to engineering, technology, and operations teams. The new solution boasts improved performance, enhanced security, and broadened manufacturing intelligence capabilities. Notably, the platform’s open design supports other vendor historians and enables seamless integration with third-party cloud AI, ML, and data warehousing applications, fostering enhanced efficiency and adaptability in the constantly evolving manufacturing sector.
Market Competitive Landscape:
The important manufacturers of data historian includes:
- General Electric Company
- ABB Ltd.
- The Emerson Electric Company
- Siemens AG
- AVEVA Group plc
- Honeywell International Inc.
- Rockwell Automation, Inc.
- OSIsoft, LLC
- ICONICS, Inc.
- International Business Machines Corporation
- Yokogawa Electric Corporation
- PTC, Inc.
- Inductive Automation
- Canary Labs
- Open Automation Software.
Data Historian Market Insights and Analysis:
Cloud-based data historian solutions offer scalability, flexibility, and cost-effectiveness. More organizations are expected to transition to cloud-based data historians for easier access to data and improved collaboration across distributed teams. Edge data historians, deployed at the edge of networks, enable real-time data processing and analytics, reducing latency and supporting faster decision-making. This trend aligns with the growth of edge computing applications.
Data Historian Market: Market Drivers
The Data Historian market is driven by the widespread adoption of Industry 4.0 principles and the integration of Internet of Things (IoT) technologies in industrial processes, enabling organizations to optimize operations and make data-driven decisions. Regulatory compliance requirements, a growing focus on operational efficiency, and the increasing use of predictive analytics further propel the demand for Data Historians. Additionally, the shift to cloud-based solutions, the incorporation of Artificial Intelligence (AI) and Machine Learning (ML), and improved data visualization techniques are key drivers shaping the future of this market.
Data Historian Market: Market Restrains
The Data Historian market faces challenges including data security concerns due to the sensitive nature of stored information, integration complexities with existing systems, the substantial upfront costs of implementation, the need for a skilled workforce to manage and interpret data, and the daunting task of handling large volumes of data generated by IoT devices and sensors, which can strain storage and retrieval capabilities.
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- By Component – Software/Tools and Services.
- By Deployment Type – Cloud and On-premises.
- By Organization Size – Small and Medium-sized Enterprises and Large Enterprises.
- By Application – Production Tracking, Environmental Auditing, Asset Performance Management, GRC Management, Predictive Maintenance, and Others.
- By End-user– Oil and Gas, Marine, Chemicals and Pharmaceuticals, Paper and Pulp, Metal and Mining, Utilities, Data Centers, and Others.
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