Field Device Management Global Market Report 2024

The field device management market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to factors such as the demand for operational efficiency, the emphasis on maintenance and asset management, regulatory compliance requirements, the increased complexity in industrial networks, and the need for scalability and flexibility in industrial operations.

The field device management market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to factors such as increasing concerns about cybersecurity, industry-specific requirements for industrial networks, the management of remote workforces, a focus on energy efficiency, and an emphasis on standardization in industrial operations. Major trends expected in the forecast period include the integration of Industrial Internet of Things (IIoT), the utilization of cloud-based field device management platforms, the implementation of edge computing in device management, the use of wireless sensor networks, and the adoption of remote monitoring and diagnostics in industrial settings.

The anticipated growth of smart factories is expected to propel the expansion of the field device management market. A smart factory represents the seamless integration of individual production steps, encompassing planning stages to actuators in the field. The adoption of smart factories and automation contributes to delivering exceptional customer experiences by simplifying processes and automating routine steps in executing field service tasks. For example, in 2021, a survey conducted by ABB Robotics, a Sweden-based automation company, involved 250 UK manufacturing companies. The survey revealed a shift in attitudes towards automation in the country, with 81.2% of the companies expressing consideration for investments in robots due to the impact of the pandemic. This shift underscores the increasing demand for smart factories, which, in turn, is driving the growth of the field device management market. As industries move towards greater automation and connectivity, the need for effective management of field devices becomes crucial for optimizing operations in smart factory environments.

The anticipated surge in the industrial Internet of Things (IIoT) adoption is set to drive the expansion of the field device management market. Industrial Internet of Things (IIoT) involves integrating IoT technologies and principles into industrial sectors and applications. Field device management (FDM) comprises a suite of tools and processes designed for monitoring, controlling, and configuring IIoT devices situated in remote or challenging environments. As an illustration, in May 2023, Estuary, a US-based real-time data integration solution provider, reported that in 2021, the manufacturing industry's spending on the Internet of Things (IoT) amounted to $237.59 billion, with projections foreseeing an increase to $310 billion by 2023. Consequently, the rising adoption of the industrial Internet of Things (IIoT) is a key factor propelling the growth of the field device management market.

Strategic partnerships have become a prominent trend gaining traction in the field device management market. Key players in the field device management sector are actively seeking partnerships to fortify their market positions. For instance, in October 2022, Siemens AG, a Germany-based industrial manufacturing company, forged a partnership with Hilscher, a US-based company specializing in device manufacturing and Ethernet technology. This collaboration allows both companies to collectively offer consumers flexible access to crucial fieldbus and real-time Ethernet technologies. These technologies are integral in the current, highly diverse IoT landscape for facilitating data exchange between equipment and plants. The collaboration is aimed at addressing the complex technological challenges of the modern era, such as achieving quicker time-to-market and enhanced efficiency.

Prominent companies in the field device management market are channeling their focus into creating cutting-edge solutions, with a particular emphasis on innovations such as field information manager systems. A field information manager is typically a system or tool crafted to effectively manage and organize information collected or generated in the field. As an example, in December 2023, ABB, a Switzerland-based leader in automation technology, unveiled the 'ABB Ability Field Information Manager (FIM 3.0)'. This system elevates engineering efficiency and productivity for clusters of field instrumentation fleets. The ABB Ability Field Information Manager empowers businesses to embrace digital transformation, ensuring adaptability, efficiency, and competitiveness across their spectrum of devices.

In October 2021, Siemens AG, a Germany-based industrial manufacturing company, completed the acquisition of Wattsense for an undisclosed amount. This strategic move enables Siemens to expand its building automation services targeted at small and medium-sized structures. The acquisition also aligns with Siemens' goal of facilitating the digitization of a broader range of buildings, aimed at reducing energy consumption and enhancing overall comfort. Wattsense, a France-based technology company, specializes in providing IoT solutions for the regulation and monitoring of buildings of any size with a focus on reducing energy consumption.

Major companies operating in the field device management market report are General Electric, Robert Bosch GmbH, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, FANUC Corp., Valmet Oyj, Phoenix Contact, Endress+Hauser Group Services AG, Festo Inc., Belden Inc., Azbil Corporation, Weidmuller Interface GmbH & Co. KG, Pepperl+Fuchs SE, Hach Company, B&R Industrial Automation, Hamilton Company, Vaisala Corporation, Badger Meter Inc., HIMA, WAGO Kontakttechnik GmbH & Co. KG, Yokogawa Electric Corporation, WIKA Instruments India Pvt. Ltd., Krohne Group, Vega Grieshaber KG, Hans Turck GmbH & Co. KG.

North America was the largest region in the field device management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field device management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the field device management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of offerings in field device management are hardware and software. Hardware encompasses the physical components used for taking input data from the user, storing data, displaying output, and executing commands. These components play a crucial role in the overall functionality of field device management systems. Field device management involves the use of different protocols such as Foundation Fieldbus, HART, Profibus, Profinet, Modbus TCP or IP, Ethernet or IP, and others. These protocols can be deployed either in on-premises systems or in the cloud, providing flexibility in the implementation of field device management solutions. Field device management solutions are utilized across various industries, including process industries and discrete industries, where they contribute to the effective monitoring, control, and maintenance of field devices and systems.

The field device management market research report is one of a series of new reports that provides field device management market statistics, including field device management industry global market size, regional shares, competitors with a field device management market share, detailed field device management market segments, market trends and opportunities, and any further data you may need to thrive in the field device management industry. This field device management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The field device management market includes revenues earned by entities by process software, and discrete software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.