The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Historian Market. The growth sectors of the Data Historian Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) reveals that the global data historian market can reach a valuation of USD 1,406.23 million by 2024. The market can also note a growth rate of 6.9% during the forecast period (2019–2024).
Top Drivers and Key Barriers
A data historian solution is used to record the data obtained during a process and gathers it by time. The software helps store data in an efficient manner with fast retrieval and need for low disk storage. Various industries make use of the control systems are generally the data historian software. Data historian software finds widespread use in processes like chemical plants, datacenters, pharmaceutical manufacturing, automobile, paper and pulp, water management, oil and gas, etc.
Furthermore, the data historian software has the ability to record data on network bandwidth, fluid levels, fan temperature, pressure level, limit switches and valve positions. The data historian software forms an integral component of any corporation, given its use to manage mounting data volumes to bring down the storage cost, enhance productivity and maintain smooth flow of the business. These qualities have led to strong demand for data historian over the years. One of the significant applications of the data historian software is in the oil and gas companies, which make extensive use of predictive maintenance features of the data historian solution.
The data historian software is able to synchronize the data, thereby reducing the complexity and maintaining numerous connections across various site locations. This factor is believed to be stimulating the growth of the data historian market across the globe. In addition, the surging need to acquire needed data at the right point of time in order to prevent any accident in the processes, can also induce the growth of the data historian market.
The global market for data historian has been extensively analyzed with regard to segments like component, deployment, organization size, application, time series database type and end user.
Given the component segment, the market includes software and services. The service segment comprises professional services and managed services.
Deployment-wise, the market has been split into cloud-based and on-premise
Considering the organization size, the market can be broken down into large enterprises and small and medium enterprise (SMEs). The large enterprises across the globe are concentrating on focusing on efficient data management, which is expected to expand the business growth. Therefore, the large enterprises segment is expected to take the lead in the market during the review period.
Data Historian Market is assessed to reach USD 1,406.23 million by 2024, registering a CAGR of 6.9% …
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