According to the new market research report “ Data Historian Market by Application (Production Tracking, Environmental Auditing, Asset Performance Management, and GRC Management), Component (Software/Tools, Service), Deployment Mode, Organization Size, End-user, and Region – Global Forecast to 2023 “, published by MarketsandMarkets™, the global data historian market size is expected to grow from USD 914.9 million in 2018 to USD 1,271.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period.
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The key forces driving the data historian market include increasing industrial data volumes and demand for consolidated data for process and performance improvement.
The oil and gas end-user segment to hold the largest market size during the forecast period.
Among end-users, the oil and gas end-user segment is expected to continue to hold the highest market share during the forecast period. Major factors driving the data historian market include the increasing demand for consolidated data for the process and performance improvement. Additionally, it helps in cutting excessive costs while providing improved agility and scalability, overcoming the operational challenges.
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The cloud deployment model to grow at a higher CAGR during the forecast period.
The cloud deployment model is witnessing an increasing demand, due to its cost-effectiveness and easy availability. Cloud-based solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies, the cloud-based deployment model will record a high growth rate, as compared to the on-premises deployment mode. Moreover, cloud-based solutions provide agility and flexibility.
APAC to constitute the highest market share and to grow at the highest CAGR.
In terms of market share, APAC is expected to continue its dominance during the forecast period. Companies in mature markets have already adopted the technology and investing in R&D for innovations in the data historian software and services. Hence, data historian software and service providers in the region are expected to record a majority of the revenues in the market. Moreover, the market in the region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in major APAC countries, such as Australia, China, and India, and the growing demand for cost-effective data management software and services among the Small and Medium-sized Enterprises (SMEs) will be major market growth drivers during the forecast period.
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