The Data Acquisition (DAQ) market growing at a CAGR of 6.07%, is currently valued at $ 2.26 billion in 2015 and is estimated to cross $ 3.03 billion by 2020. The market primarily driven by the adoption of Ethernet, interoperable abilities, the proliferation of opens source software standards and the need to cut down on the distribution losses being incurred so far.
However, the market has significant constraints in the availability of skilled labour. An advanced technology such as this requires highly specialized skill in computer languages such as PASCAL, FORTRAN etc. Also, the cost consideration is a major bone of contention in the market. The widespread popularity of wireless technology is creating severe security issues.
Opportunities in the domain lie in the wireless data acquisition system technology with stress on paperless chart recorders and modular DAQ systems. There is also a rising demand for smart sensors and data loggers in the market. The market is moving towards PCI, PXI and VXI interfaces. Additionally, the smart grid sensors technology seems to be the future of the DAQ technology as well.
The focus today is on a mobile and cloud DAQ ensuring better interface with better visualizations tools and abilities than the earlier prototypes.
The demand for DAQ solutions is cutting across different markets and segments, with concentration on suppliers to leverage a larger market share and margin. The market is concentrating on moving into niche markets with the use of marketing initiatives. New applications in the pressure, level and flow sensors domain to collect data in the energy and power and medical infrastructure domain is fuelling the growth in the industry.