"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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Field Device Management market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Field Device Management market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Field Device Management market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Field Device Management market?
• Which is the largest regional market for Field Device Management market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Field Device Management market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Field Device Management market worldwide?