Data Historian Market To Gain $1,271.1 Million by 2023

Data Historian Market

MarketsandMarkets forecasts the Data Historian Market size to reach USD 1,271.1 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period (2018–2023). Major growth drivers of the data historian market include a growing demand for consolidating the business data for better performance and quality improvement.

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Data historian helps in monitoring production throughout the life cycle. Data historian solutions play an important role in collecting, storing, and making the stored data available to users across an enterprise. The solutions synchronize the data, and thus eliminate the complexity of maintaining multiple connections across distant site locations. It analyzes the historical data to identify and rectify the potential issues that may occur causing unplanned breakdown hampering production. With the increasing availability of advanced devices and technologies, numerous agencies are leveraging the benefits of statistics for operational excellence and predictive analysis, which help accelerate business growth.

Many organizations across verticals utilize data historian solutions and services to ensure better and optimized business productivity. The data historian solutions synchronize the data, and thus eliminate the complexity of maintaining multiple connections across distant site locations. Reduced complexities help plant managers and engineers analyze and tune control loops, investigate incidents, and detect changes in equipment behavior. Real-time decisions and advanced analytics are expected to drive the adoption of data historian solutions. Hence, the data historian solutions have become important for integrating data from various sources. These solutions help to make better operational decisions for process and performance improvement.

Major applications of the data historian market include production tracking, environmental auditing, asset performance management, GRC management, and predictive maintenance. Production tracking is expected to witness the highest CAGR, followed by environmental auditing during 2018–2023. Major global end-users, such as oil and gas, marine, metal and mining, utilities, and other industries like food and beverages, heavy engineering, automotive, and railways, use data historian solutions. The data centers segment is expected to grow at the highest CAGR during the forecast period.

The region-specific market analysis includes industry trends, market potentials, and market forecasts by component, application, deployment mode, organization size, and end user. The market is witnessing a rapid growth in emerging regions of Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). APAC is expected to have the highest market share over the next 5 years, followed by North America. APAC is expected to be the fastest-growing region in the data historian market during the forecast period. Globally, the adoption of data historian solutions is increasing due to the growing amount of business-critical data and increasing number of SMEs in the APAC region. Companies such as ABB (US), GE (US), Aveva (US), Siemens (US), and other major vendors offer a competitive product portfolio across these regions.

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