Data Historian Market Expected to Expand at a Healthy CAGR of nearly 8% Over the Forecast Period 2020-2030 - Persistence Market Research

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27 Oct, 2020, 14:18 GMT

NEW YORK, Oct. 27, 2020 /PRNewswire/ -- A data historian solution helps in recording data that is acquired during a process, and retrieves it in time. In other words, data historian software can store data efficiently with low disk storage requirement and fast retrieval. This software is used in many applications for data centers, chemical plants, automobiles, pharmaceutical manufacturing, water management, paper and pulp, and oil and gas, among others. A major application of data historian software is in oil and gas companies, who use the predictive maintenance capabilities of data historian solutions.

As per a report by PMR, the global data historian market generated a market revenue of US 1.1 Bn in 2019, and is expected to expand at a healthy CAGR of nearly 8% over the forecast period (2020-2030).

Key Takeaways from Data Historian Market Study

  • South Asia & Pacific is expected to create lucrative growth opportunities for players in the data historian market, attributable to rapid growth of automobile and manufacturing industries in the region.
  • Growing demand for consolidated data for process and performance improvement is creating new growth opportunities for data historian software and service providers.
  • Key players in the data historian market are focusing on acquisitions to complement their product portfolios, to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
  • Amidst the COVID-19 pandemic, the data historian market is anticipated to grow 7% - 7.5% in 2020.

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"Data historian software and service providers can increase revenues by upgrading existing products to improve operational historian efficiency, reduced operating costs, and adopt technologies such as IOT and cloud computing for next-generation data historian solutions. Key players are focusing more on continuous developments and implementation of new solutions such as plant data historian software and hyper historian software for high-speed data collection, which is proliferating opportunities for the data historian market," says a PMR analyst.

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Hyper Historian Software to Boost Market Growth

Growing development of hyper historian software helps implement various features in data historian software - robust, high-performance, and scalable. It is designed for the most mission critical applications demanding the highest level of availability, high compression, and low CPU and memory usage.

  • For instance, in November 2019, ICONICS, Inc. launched Hyper Historian Version 10.96 with multiple features and benefits such as new data exporter, improved logging, AssetWorX Integration, and others.

Development of such advanced hyper historian software is expected to increase opportunities for the data historian market space.

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More Valuable Insights on Data Historian Market

A new market research report published by Persistence Market Research (PMR) on the global data historian market includes global industry analysis of 2015–2019 and opportunity assessment for 2019–2030. The report provides valuable insights on the basis of solution (data historian software [cloud-based and on-premise], services (professional services [integration & implementation, consulting & advisory, education & training, support & maintenance, and managed services]), application (asset utilization monitoring, production tracking, condition-based maintenance, electronic batch records analytics, quality analytics, risk and audit management, others), and industry (energy & utilities, pharmaceuticals, paper & pulp, chemicals, marine, data centers, metal & mining,    and others), across six major regions.

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