Field Device Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Increasing need to reduce the operational and maintenance cost to fuel the growth of the field device management Market

Globally, the field device management market is expected to grow with a CAGR of more than 6.7% during the forecast period from 2021 to 2029, starting from US$ 1.92 Bn in 2020. The global field device management market is growing based on factors such as growing importance of industry 4.0 and smart factory, growing demand for filed device management systems, increasing focus on reducing the operational and maintenance cost, and growing investments in development of IoT and automation solutions. In early ages, filed device management was a paper based process which was dependent on manually track 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, the industries are shifting from traditional technologies to smart and automated systems. Digital transformation is considered to be most appropriate change at the field device level of sensors and actuators with digitally capable devices. This helps the industrial organizations to transform from reactive to predictive maintenance and also enables them to optimize asset management strategies to improve operations and reduce costs. Growing adoption of intelligent field devices management systems also helps to reduce waste, improve safety and increase operational efficiency. 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.

Software segment is expected to dominate the market

In 2020, the field device management software dominated the global market by holding a largest market share and is expected to grow at a prominent growth rate during the forecast period. The growth of this segment mainly depends upon growing adoption of automation technologies in various industries, Industry 4.0, and the IoT. Field device management software can be used to conduct preventive maintenance and management tasks of the devices. These tools help to classify and manage the information gathered such as inspection memos, inspection schedules, and configuration information of the systems. Moreover, field device management software solutions help to access smart devices remotely and provide field data of the machine, which can be used for predictive maintenance. Such advantages contribute to high utilization of filed devices management software, and thus drives the growth of this market.

Asia Pacific to Register the Fastest Growth

North America dominates the field device management market by holding largest market share of nearly 35% of the total revenue generated worldwide. North America, especially US has a major role to play in high market size of field device management system in this region. As the industrial environment is experiencing a technological boom, the adoption of field device management systems is rapidly growth 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 and Middle East and Africa, these regions are expected to experience a rapid growth in coming few years. Developments in the industries such as energy & power, oil & gas, and chemicals in the Asia-Pacific region drives the demand for FDM 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 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.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of field device management in 2020 and forecast up to 2029?
• Which is the largest regional market for Software segment?
• What are the major trends followed in field device management market across different regions?
• Who are the key field device management companies leading the market?
• What are the key strategies adopted by the leading field device management companies in market?

Unique data points of this report

• Statistics on field device management penetration and spending worldwide
• Recent trends across different regions in terms of adoption of field device management for various applications in various industries
• Notable developments going on in field device management industry
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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