A significant rise in big data has contributed to the adoption of data monitoring in manufacturing. With the growing digitalization across the globe, big data is on a continuous rise. Big data is quickly becoming a significant element of the fourth generation of ERP (Enterprise Resource Planning) technology. According to the World Economic Forum, the connected world is producing data at a pace that is unprecedented in human history. Big data’s ability to engage data, people, and processes is assisting to create a new era for manufacturing. Currently, data is no longer utilized for covering past activities; it is aiding the manufacturers in foreseeing risk, predicting future, improve customer experience, and understand their extended value chain.
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Manufacturers expect big data analytics to have a huge impact on company’s performance. According to HBR (Harvard Business Review) several researchers have discovered a potential connection between robust data management strategy and companies’ financial performance. This enables businesses to reach the market faster with products and services that are efficiently associated with customer needs. It can aid businesses to effectively understand the information contained in the stored data and enables to identify the most essential data that is highly imperative to business decisions.
For data tracking and capture, manufacturers now have access to more resources. Data is being obtained from conventional sources including classic consumer surveys, as well as more innovative applications such as the IoT and smart sensors to capture machine readings. With AI, executives all through the organization are accessing real-time data for every facet of a product manufacturing, from cycle times and inventory counts to warranty claims. With big data analytics, data can be utilized to analyze, identify, and foster growth opportunities by allowing manufacturers to identify new geographic regions to target, expand into niche markets, , foster customer intimacy, innovate, improve product life-cycle, increase value-add, and improve profit margins. Manufacturers can use data to precisely forecast the engineering refinements, impact of design and speed product innovations. With the accurate data and tools for analysis, they can predict the new products’ sales impact, as well as its risks. To remain competitive, manufacturers are embracing big data analytics, which is driving significant growth to the DAQ market.
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Increasing industrial automation boosting the DAQ market growth
The rising demand for human-robot collaboration in manufacturing sector for overall cost reduction is substantially driving the market. Robots are playing an imperative role in the manufacturing sector. The rise of AI industrial robots witnessed a hefty expansion in developed countries and certainly seems to be inevitable being driven by a range of production demands, including continued adaptation to the proliferation of automation and the IoT, increased resource efficiency, and need for safer and more simplified robotic technologies to work in collaboration with humans. According to IFR (International Federation of Robotics), there are more than 1 million industrial robots at work in industrial units across the globe. Therefore the growing industrial automation further boost the data monitoring services thus contributing to the market growth.
Global DAQ Market Segmentation
By Product Type
- Hardware
- Software
By Industry
- Automotive
- Aerospace & Defence
- Energy & Power
- Environmental Monitoring
- Food & Beverages
- Telecom
- Others (Healthcare)
