Field Device Management Market Size Expected to Reach USD 2,237.1 Million in 2028 – Reports and Data
Field Device Management Market Size – $ 1,423.0 Million in 2020, at 5.8% CAGR, Market Trends – Modern Systems Integration for Better Automation
NEW YORK, NY, USA, Dec 27, 2021 /EINPresswire.com/ – Growing number of smart factories and growing demand for field device management systems are key factors driving the market revenue growth
According to the latest report from Reports and Data, the global field device management market size is expected to reach USD 2,237.1 million in 2028 and register a CAGR of 5.8% over the forecast period. The growing need for field device management (FDM) systems and automation, and the growing investments by large enterprises in developing more advanced FDM solutions are key factors in the market revenue growth. Field device management is the process of configuring and maintaining tools for intelligent field systems to diagnose and troubleshoot applications. The intelligent field devices are powered by Foundation Fieldbus & Hart, Profibus and Profinet protocols. These devices connect FDM clients to a variety of dispersed FDM servers to serve a large number of devices. Field Device Management Systems are in high demand among smart factories and Industry 4.0 due to the benefits offered, such as full control and control of all machines in the manufacturing plant, and saving of time by minimizing the number of perfect trips. Consumers can remotely manage, diagnose, customize and commission field devices using field device management systems. Real-time equipment data monitoring is facilitated by centralized communication.
The growing adoption of Industry 4.0 is driving increased demand for field device management as an increasingly important segment, as it facilitates lifecycle management and cross-platform compatibility. FDM also includes wireless expense management, which helps reduce operating and maintenance costs. These management systems are increasingly integrated with mobile equipment management solutions, due to the development and adoption of industrial automation and smart factories. It enables centralized control and monitoring of the device fleet in a warehouse or distribution center, which is one of the major drivers of market revenue growth.
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Some highlights of the report
• Software segment accounted for the largest revenue share in 2020. The use of automation technology in many industries, Industry 4.0 and Internet of Things is driving the segment’s revenue growth. Preventive maintenance and device management tasks can be performed with field device management software. Inspection schedules, inspection notes, and system configuration information can all be classified and managed with these technologies.
• On-premise segment is expected to grow at a significant revenue CAGR in the global Field Device Management market during the forecast period, owing to increasing cybersecurity concerns. Deploying Field Device Management onsite gives the data center full control over the system, as well as increased integration and security.
• The processing industries segment is expected to register rapid revenue growth rate during the forecast period. Process industries are taking their performance to the next level with Industry 4.0 and the advent of big data, which has fueled the market’s revenue growth. Process industries require essential monitoring and control systems, prompting the development of a myriad of field devices and smart sensors for data analysis.
• North America market accounted for a significant revenue share in the global Field Device Management market in 2020, owing to the larger industrial automation market in North America. The North American region is characterized by a large population with higher purchasing power and ongoing automation developments. In addition, the growing emphasis by governments of countries in the region on in-house production of field device management supports business expansion.
• The major companies described in the market report are Siemens AG, Emerson Electric Co., Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., Yokogawa Electric Corporation, Omron Corporation, Mitsubishi Electric Corporation, FANUC and Hamilton Company.
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For the purpose of this report, Reports and Data has segmented the global Field Device Management market on the basis of offering, communication protocol, type of deployment, type of industry, and region:
Supply Outlook (Revenue, USD Million; 2018-2028)
Communication Protocol Outlook (Revenue, USD Million; 2018-2028)
• Fieldbus & Hart Foundation
• Ethernet / IP
Outlook Deployment Type (Revenue, USD Million; 2018-2028)
• On the site
Industry Type Outlook (Revenue, USD Million; 2018-2028)
• Processing industries
o Energy and power
o Oil and gas
o Metals and mines
o Food and drinks
• Discrete industries
o Aeronautics & Defense
Regional Outlook (Revenue, USD Million; 2018-2028)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Main advantages of the field device management report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the Field Device Management industry
• Profiling of key players as well as their business insight, business strategies, agreements and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
To conclude, all aspects of the Field Device Management Market are quantitatively and qualitatively assessed to study the Global and Regional Market comparatively. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations, and future prospects.
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