The Worldwide Data Historian Industry is Expected to Reach $1.3 Billion by 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 24, 2020--
The “Data Historian Market by Application (Production Tracking, Environmental Auditing, Asset Performance Management, and GRC Management), Component (Software/Tools, Services), Deployment Mode, Organization Size, End User, and Region - Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global data historian market size is expected to grow from USD 1.1 billion in 2020 to USD 1.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period.
A data historian solution, also referred to as process historian or operational historian, is a software program that deals with time-series data. A time-series database stores data pieces in the order they were received. In other words, a time series database is optimal for retrieving a piece of data that changes over time. Process historians fall under the category of industrial software due to the critical role they play in the success of analysis and decision-making.
Process historians are complex pieces of software that are used to store and analyze vital processes and industrial data. They record manufacturing data over a specific amount of time from different parts of the industry for the user to analyze. Moreover, data historian solutions help integrate confidential business data obtained from a wide range of external and internal sources under a controlled, auditable environment. These solutions enable organizations to implement a uniform corporate solution for handling the internal review processes, incident reports, and audit findings.
The oil and gas pipeline sector has been impacted due to a weak demand and low oil and gas prices as a result of COVID-19. While the worsening financial situation is resulting in a delay of upcoming pipeline projects, measures to curb the spread of pandemic have impacted operations of existing pipelines. While pipeline and piping systems remain in operation throughout the current COVID-19 pandemic, understandably some repair and maintenance scopes have been delayed. When normal operations resume, it will be even more essential to plan effectively with early engagement from the supply chain and ensure the use of the safest and most efficient tools on the market.
The services segment to grow at a higher CAGR during the forecast period
The data historian services segment has been segmented into 2 types, namely, managed services and professional services. The professional services segment has been further classified into consulting services, and support and maintenance services. These services form an integral part of the software life cycle, which mainly comprises product upgradation, maintenance, training, and consulting. In this digital economic era, enterprises are evolving and demanding new ways to improve their Return on Investment (RoI) and optimize their business. Services boost the growth of organizations and assist them in generating higher revenues. Enterprises are becoming service-oriented to streamline their operations and optimize business resources. Support, which is also a part of the post-sales services, is a major contributor to the data historian market size. Organizations have realized the importance of data historian services and also look for additional services to maintain and improve their production.
The oil and gas segment to have the largest market size during the forecast period
Oil and gas is a multi-billion dollar industry and needs regular optimization of business processes. Technologies today enable the generation and collection of vast amounts of data, which is used for gaining additional insights to decide upon better process and asset performance monitoring to accelerate revenues. Oil and gas explorations require the potential care of machinery and instruments.
Moreover, the exploration areas are usually away from the land, and it is necessary to maintain the relevant equipment. As mentioned above, the oil and gas is a multi-billion-dollar industry, even the smallest breakdown in production equipment leads to heavy losses. Hence, companies operating in this industry greatly rely on the past data to analyze any machine’s condition to avoid future breakdowns by using the predictive maintenance capabilities of the deployed data historian solution.
The environmental auditing segment to grow at a higher CAGR during the forecast period
Pollution is an unavoidable consequence of modern industrial technologies, which are impacting humans’ health and the economic well-being. Environmental auditing can be referred to as the process of analyzing the impact of industries on the environment. It has become necessary to perform environmental audits to make industries aware of the use of better and cleaner technologies. Data historian solutions help in understanding the previous use of the industrial site through the collected historical plant data, which can be further analyzed to identify the glitches and rectify them to build cleaner manufacturing environment. Moreover, these solutions can be used to identify potential cost-savings from waste minimization and other activities.
- Increasing Demand for Consolidated Data for Process and Performance Improvement
- Rising Industrial Big Data
- Growing Investments in Analytics
- High Deployment Costs
- Legal Concerns and Data Privacy Issues
- Growing Need for Industrial 360 Hypervision
- COVID-19 Pandemic Increases Need for Remote Monitoring and Management of Assets and Business Processes
- Growing Impact of IIoT
- Cumulative Growth Analysis
- Aspen Technology
- Canary Labs
- Inductive Automation
- Industrial Video & Control
- KX Systems
- Livedata Utilities
- Open Automation Software
- Rockwell Automation
- Savigent Software
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INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY DATA MANAGEMENT
SOURCE: Research and Markets
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PUB: 12/24/2020 07:04 AM/DISC: 12/24/2020 07:04 AM