Newark, NJ, May 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global embedded data acquisition device market is expected to grow from USD 646.26 million in 2021 to USD 1145.83 million by 2030, at a CAGR of 6.57% during the forecast period 2022-2030.
The rising need to develop innovative solutions for real-world problems in the healthcare, automotive, and other fundamental sectors will be achieved by analyzing relevant data gathered on a real-time basis. Gathering data manually is time-consuming and prone to human errors, which increases the costs of such data collection processes. The elaborate data collection procedure also requires a certain degree of accuracy while gathering data to produce precise and actionable results. Embedded data acquisition devices allow stakeholders to collect accurate data on a real-time basis with accuracy and precision, and it is faster, efficient, and effective. The growing need for developing products, and services that are customer-centric can be effectively designed or curated based on data gathered from the market. Products and services developed on such principals and backed by pragmatic evidence are more likely to perform well in the market and raise revenues for the market players. Thereby, the demand for collection of data will contribute to the rising demand of embedded data acquisition devices. The increasing demand for data-centric solutions to expand the market size, volume, and penetration across sectors will drive the global embedded data acquisition devices market. However, installing such devices requires a large sum of capital investment which may hamper the market's growth. Variables like the amount of data to be fed into the devices, the processing, and the quality of output demanded affect the device's price, including the high maintenance costs. Similarly, the lack of awareness about such efficient devices in under-developed regions of the world will restrict the market's growth. The utilization of embedded data acquisition devices in environmental studies will provide lucrative opportunities for the market as the growing concern about environmental degradation has increased the focus on data-driven sustainability and conservation measures. Studies backed with concrete data collected with accuracy and precision by such devices can persuade governments to change their environmental policies and market players to improve their production practices towards more sustainable growth.
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Competitive Strategy
To enhance their market position in the global embedded data acquisition device, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Teledyne SP Devices, a subsidiary of Teledyne Technologies, announced the launch of its new device called ADQ32. ADQ32 is a fourth-generation modular data acquisition board. The product enables buyers to process vast amounts of data efficiently.
Market Growth & Trends
Data collection, organization, and interpretation are fundamental to every sector globally; the applications, software, and systems utilized have become equally essential. Data acquisition is critical to developing technologies, products, or services relevant to the audience. Automated systems used to collect data are now well equipped to handle large amounts of data without losing any essential elements and processing them to provide accurate and precise actionable insights. New technological advancements have enabled the recovery of lost data without compromising the integrity of the contents. The embedded systems and devices industry is also witnessing a rise in line with technological improvements, better networking, and system synergies. Embedded devices for data acquisition will rise exponentially in the forecast period due to the growing automation and digitization of economies. Embedded data acquisition devices are faster, accurate, reliable, and deliver precise results. The rising internet penetration and adoption of connected smart devices will also contribute to the growth of the embedded data acquisition device market. The advent of IoT will improve device interoperability, sensor capabilities for better data capture, and faster transmission.
Key Findings
- In 2021, the 32-channel type segment dominated the market with the largest market share of 41.34% and market revenue of 267.16 million.
The type segment is divided into 32 channel types, 64 channel types, and 128 channel types. In 2021, the 32-channel type segment dominated the market with the largest market share of 41.34% and market revenue of 267.16 million.
- The environmental monitoring segment is expected to grow at the fastest CAGR of 7.52% over the forecast period.
The application segment is divided into environmental monitoring, healthcare, automotive & transportation, aerospace & defense, power & energy, & others. Over the forecast period, the environmental monitoring segment is expected to grow at the fastest CAGR of 7.52%.
- In 2021, the software segment accounted for the largest share of the market, with 61.46% and a market revenue of 397.19 million.
The component segment is divided into hardware & software. In 2021, the software segment accounted for the largest share of the market, with 61.46% and a market revenue of 397.19 million.
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Regional Segment Analysis of the Embedded Data Acquisition Device
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global embedded data acquisition device, with a market share of around 38.04% and 245.83 million of the market revenue in 2021. The Asia Pacific is expected to grow the fastest during the forecast period. The embedded data acquisition device market in the Asia Pacific has been expanding rapidly. China dominates the embedded data acquisition device market in the Asia Pacific. India & China are the emerging manufacturing hub of the world. Rapid digitization and automation based on data-driven policies are anticipated to drive the market for global embedded data acquisition devices in the region.
Key players operating in the global embedded data acquisition device are:
- Measurement Computing Corporation
- North Atlantic Industries, Inc.
- KEYSIGHT TECHNOLOGIES
- ARGUS EMBEDDED SYSTEMS PVT. LTD.
- Advantech
- ADLINK Technology, Inc.
- Micromega
- DEWSOFT
- DEWETRON GmbH
- ASTRONOVA, Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Market Quest has segmented the global embedded data acquisition device based on the below-mentioned segments:
Global Embedded Data Acquisition Device Market by Type:
- 32 Channel Type
- 64 Channel Type
- 128 Channel Type
Global Embedded Data Acquisition Device Market by Application:
- Environmental Monitoring
- Healthcare
- Automotive & Transportation
- Aerospace & Defense
- Power & Energy
Global Embedded Data Acquisition Device Market by Component:
- Hardware
- Software
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About the report:
The global embedded data acquisition device market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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