The market for Field Device Management Market is expected to reach USD$ 1.22 Bn in 2027.
Globally, the field device management market is expected to grow with a CAGR of more than 6.7% during the forecast period from 2019 to 2027, starting from US$ 1.22 Bn in 2018.
The global field device management market is growing based on factors such as the growing importance of industry 4.0 and the smart factory, growing demand for field device management systems, increasing focus on reducing operational and maintenance costs, and growing investments in the development of IoT and automation solutions. In the early days, field device management was a paper-based process that was dependent on manually tracking smart field devices; however, not all traditional asset management systems support the field device management function. To improve this situation, technological advancements are proving to be an asset.
Globally, industries are shifting from traditional technologies to smart and automated systems. Digital transformation is considered to be the most appropriate change at the field device level of sensors and actuators with digitally capable devices. This helps industrial organizations transform from reactive to predictive maintenance and also enables them to optimize asset management strategies to improve operations and reduce costs.
The growing adoption of intelligent field device management systems also helps to reduce waste, improve safety, and increase operational efficiency. However, factors such as a lack of a skilled workforce and growing concerns with data privacy and cybersecurity are expected to have a negative impact on the growth of the field device management market during the forecast period.
In 2018, field device management software dominated the global market by holding the largest market share and is expected to grow at a prominent rate during the forecast period. The growth of this segment mainly depends on the growing adoption of automation technologies in various industries, including Industry 4.0 and the IoT. Field devise management software can be used to conduct preventive maintenance and management tasks on the devices.
These tools help to classify and manage the information gathered, such as inspection memos, inspection schedules, and configuration information for the systems. Moreover, field device management software solutions help to access smart devices remotely and provide field data about the machine, which can be used for predictive maintenance. Such advantages contribute to the high utilization of field device management software and, thus, drive the growth of this market.
North America dominates the field device management market, holding the largest market share of nearly 35% of the total revenue generated worldwide. North America, especially the US, has a major role to play in the high market size of field device management systems in this region.
As the industrial environment is experiencing a technological boom, the adoption of field device management systems is rapidly growing in the US. Moreover, most of the companies operating in this market are based in the US and have a huge customer base in the local and international markets, which largely contributes to the existing market size in this regional segment. However, based on the opportunities offered by emerging nations in Asia-Pacific, the Middle East, and Africa, these regions are expected to experience rapid growth in the coming few years.
Developments in industries such as energy & power, oil & gas, and chemicals in the Asia-Pacific region drive the demand for FDM solutions for the continuous monitoring of processes and machinery in these industries. Moreover, the expansion of international players in this region also enhances the growth rate of field device management systems in this region.
Some of the prominent players operating in the field device management market include Honeywell International Inc., Schneider Electric SE, ABB Group, Siemens AG, Rockwell Automation, Emerson Electric Co., Yokogawa, Mitsubishi Electric, Omron Corporation, FANUC Corporation, Valmet Oyj, Metso Oyj, Hamilton Company, Endress+Hauser, Phoenix Contact, Festo, Hach, Omega Engineering, Azbil Corporation, and Weidmüller, among others.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The field device management market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global field device management market based on components, communication protocol, deployment model, industry verticals, and geography. Key segments covered in the report are as follows:
The market for Field Device Management Market is expected to reach USD$ 1.22 Bn in 2027.
The Field Device Management Market is expected to see significant CAGR growth over the coming years, at 6.7% .
The report is forecasted from 2019 -2027.What is the base year considered for Field Device Management Market?
The base year of this report is 2018.
Yokogawa, Mitsubishi Electric, Omron Corporation, FANUC Corporation, Valmet Oyj, Metso Oyj, Hamilton Company. are some of the major players in the global market.