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The global field device management market is highly driven by growing importance of industry 4.0 and smart factory, and increasing demand for filed device management systems. Globally, the industries are experiencing a paradigm shift from traditional technologies to smart and automated systems. Digital transformation is considered to be most appropriate approach at the field device level of sensors and actuators with digitally capable devices. This enables the industrial organizations to transform to predictive maintenance from the traditional ones.
In addition to this, increasing focus on reducing the operational and maintenance cost, and growing investments in development of IoT and automation solutions. Adoption of field device management also enables the industries to improve asset management strategies and manage the operations and reduce costs. These factors are expected to drive the growth of field device management systems market in coming few years. However, factors such as lack of skilled workforce and growing concerns with data privacy and cybersecurity are expected to have a negative impact on the growth of field device management market during the forecast period.
Based on components of field device management system, software segment held largest market share in 2018. This segment is also expected to grow at a highest CAGR during the forecast period. The advantages and importance of software in field device management system is the major factor attributed to the high market growth of this segment. Based on the geography, North America dominates the field device management market by holding largest market share of nearly 35% of the total revenue generated worldwide. Advancements in the industrial environment in North America, mainly contributes to the adoption of field device management systems in this region. Moreover, as most of the companies operating in this market are based on the US, this regional segment has an upper hand compared to other regions.
However, Asia-Pacific and Middle East and Africa, are expected to experience a rapid growth in coming few years, based on the opportunities offered by the emerging countries. Developments in the industries such as oil & gas, energy & power, and chemicals in the Asia-Pacific region drives the demand for field device management solutions for the continuous monitoring of processes and machinery in these industries. Moreover, expansion of international players in this region also enhances the growth rate of field device management systems in this region.
Some of the major companies profiled in the report 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.
According to a new market research report published by Credence Research “Global Field device management Market (Component (Hardware and Software), Deployment Model (Cloud, On-premises), Industry Verticals (Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Automotive, Manufacturing)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall field device management market worldwide is set 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.