The Global Field Device Management Market size is expected to reach $2 billion by 2025, rising at a market growth of 7.3% CAGR during the forecast period.
The field management devices allows the user to remotely configure, commission, maintain and diagnose field devices with a safe and user-friendly centralized access. This helps to provide all of the related equipment’s data and status in real time and removes the need for numerous software tools. It is highly demanded in the development of industry 4.0 and smart factories due to its centralized procurement of equipment with enhanced security. With the advent of IoT and digitalization, Industry 4.0’s progress has been significantly enhanced, directly driving market growth.
The major factor driving the growth of this FDM market is the notable change from conventional technology to automated and smart technologies. The digitalization introduced on the entire product lifecycle helps companies to develop products faster and to introduce devices that are enabled by smart technology. Increasing penetration of smart factory and deployment of Industry 4.0 and IoT in several verticals has opened up a tremendous opportunity for the FDM industry, as automotive and manufacturing industries need FDM solutions because of mass production. In order to reduce operating and maintenance costs, mass production contributes to the need for field device management systems.
Based on Industry, the market is segmented into Process Industries and Discrete Industry. The process industries are accounting for the highest market share due to the advent of big data and industry 4.0 opportunities. Because process industries need essential monitoring and control systems, for process industries, many smart field devices and sensors have been introduced. Process industries segment is further segmented into Energy & Utilities, Oil & Gas, Metals & Mining, Chemicals & Pharmaceuticals, Food & Beverages and Others. Discrete Industry is further bifurcated into Automotive, Manufacturing and Aerospace & Defense. Based on Offering, the market is segmented into Software and Hardware. Based on Deployment Type, the market is segmented into On Premise and Cloud.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Due to North America’s leading industrial automation industry, North America’s field device management market accounted for a significant market share. The region of North America is characterized by a large number of populations with expanded buying power and constant automation investments. It is predicted that the APAC region will have the highest CAGR in the future. Growing infrastructural investments in the energy and power industries due to increased demand for electricity; increasing demand in the food and beverages and oil and gas industries due to the massive population; and steady growth in industrial automation due to rapid industrialization and favorable government regulations are key factors driving market growth in the APAC region.
The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, Honeywell International, Inc. and Siemens AG are some of the forerunners in the Field Device Management Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Yokogawa Electric Corporation, Siemens AG, Emerson Electric Co., Honeywell International, Inc., ABB Group, Schneider Electric SE, Rockwell Automation, Inc., Omron Corporation, Mitsubishi Electric Corporation and Azbil Corporation.
Scope of the Study
Market Segmentation:
By Industry
- Energy & Utilities
- Oil & Gas
- Metals & Mining
- Chemicals & Pharmaceuticals
- Food & Beverages
- Others
Discrete Industry
- Automotive
- Manufacturing
- Aerospace & Defense
By Offering
- Software
- Hardware
By Deployment Type
- On Premise
- Cloud
By Geography
North America- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled
- Yokogawa Electric Corporation
- Siemens AG
- Emerson Electric Co.
- Honeywell International, Inc.
- ABB Group
- Schneider Electric SE
- Rockwell Automation, Inc.
- Omron Corporation
- Mitsubishi Electric Corporation
- Azbil Corporation
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Euro €
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