Global Data Historian Market to Reach $1.1 Billion by 2024
SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Data Historian - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 19543
Companies: 32 - Players covered include ABB; Aspen Technology, Inc.; Automsoft; AVEVA Group plc; Canary Labs; COPA-DATA GmbH; Emerson Electric Co.; GE Digital; Honeywell International Inc.; ICONICS, Inc.; IBM Corporation; OSIsoft; PTC, Inc.; Rockwell Automation, Inc.; Siemens AG; Yokogawa Electric Corporation and Others.
Coverage: All major geographies and key segments
Segments: Component (Software, Services); Application (Asset Performance Management, GRC Management, Production Tracking, Predictive Maintenance, Environmental Auditing, Other Applications); End-Use (Oil & Gas, Marine, Metals & Mining, Chemicals & Petrochemicals, Pulp & Paper, Data Centers, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Data Historian Market to Reach $1.1 Billion by 2024
A Data Historian also called as Operational Historian or Process Historian is an intelligent software program, which captures and retrieves production as well as process data by time, and stores data in a time series database. With data consolidation becoming a key factor for prioritizing business activities such as improving customer experience, enhancing operational process and increasing complete business performance, it has become mandatory for industries to quickly switch to data historian solutions from the outdated software solutions. Amid the COVID-19 crisis, the global market for Data Historian is projected to reach US$1.1 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.6% over the analysis period. United States represents the largest regional market for Data Historian, accounting for an estimated 29.0% share of the global total. The market is projected to reach US$313.7 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 5.9% over the analysis period.
High growth in the data historian market is attributable to accelerating business requirement to consolidate data for achieving better quality and performance during production life cycle. By synchronizing the vast amount of data, data historian solutions aid in maintaining high accuracy, reduce production costs, maintain continuity in business and remove the complexity of managing various connections across remote site locations. Importance of data historian solutions has increased significantly in the oil and gas end-use over the recent past with their ability to access process information from all the locations and levels of a large organization through collecting heterogeneous data from myriad process and events. Asia-Pacific region represents a major market. Growth in the Asia-Pacific market is led by growing acceptance of data historian software and services by the small and medium enterprises against the backdrop of surging digitalization trend among the developing countries such as India. The rising demand for effective and efficient data management software and services in the production sector of various industries is also driving growth in the data historian market. More
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