Field Service Management Market Report Focus on Latest Developments of Company as Strategic Alliances and Partnerships, Technological Applications, New Product Launched and Geographic Expansion For 2020-2030

Field device management is a tool used for remote monitoring, configuration, and maintenance of field devices connected through industrial network protocols such as HART, Fieldbus Foundation, PROFIBUS, and so on. The Global Field Device Management Market was valued at US$ 1.35 billion in2019. The field device management system facilitates centralized monitoring of field assets and helps in improving process efficiency. It minimizes the field trips required for instrument monitoring through complete command and control at control room.

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With increased industrialization, the complexity of industrial network has increased significantly. Industrial automation has triggered the adoption of advanced control and monitoring devices and systems for effective control over the distributed assets. This has fuelled the adoption of field device management software and hardware across the globe. System developers are continuously engaged towards development of easy to configure field device management systems with advanced functionalities. The development of field management systems to communicate with field devices connected through different network protocols has contributed towards the adoption of field device management systems globally. With growing sophistication of industrial automation, the field device management system market is expected to grow significantly during forecast period.

Effective communication with field devices and efficient control & monitoring to drive the growth of field device management software
The global field device management market is segmented on the basis of component, deployment, end use industry, and geography. Based on component, the global field device management market is segmented into hardware and software. The field device management software contributed a dominating share to the global field device management market and is anticipated to grow significantly during forecast period. The field device management software communicated with field transmitters and sensors, and facilitates effective monitoring and controls, thereby eliminates the requirement for dedicated hardware components. Consequently, the field management software is being adopted across different industries globally.

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Strong demand and rising adoption of field device management to fuel demand from process industries

Based on end use industry, the global field device management market is segmented into discrete industry and process industry. The discrete industry is sub-segmented into automotive, aerospace & defense, and others. The process industry is sub-segmented into oil & gas, chemicals, pharmaceuticals, food & beverages, energy & utility, and others. The process industry dominated the global field device management market in 2019 owing to strong demand and increased adoption fuelled by growing requirement for critical asset monitoring and controlling solutions. With rising adoption of smart sensors and devices across the process industries, the process industry segment is anticipated to grow significantly during the forecast period.

Based on geography, the global field device management market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global field device management market in 2019 owing to strong adoption fuelled by high degree industrial automation across different industry verticals. Increasing investment in Industrial Internet of Things solutions and Smart Factory solutions is expected to contribute towards the growth of North America field device management market during forecast period. Asia Pacific is expected to grow significantly during the forecast period owing to increasing adoption of factory automation across emerging countries. Expansion of process industries such as chemicals, pharmaceuticals, and food & beverage is anticipated to fuel the growth of field device management market in coming years.

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Major players active in the global field device management market include ABB, Azbil Corporation, Emerson Electric Co., FANUC Corporation, Hamilton Company, Honeywell International Inc., Metso Corporation, Mitsubishi Electric Corporation, OMRON Corporation, PHOENIX CONTACT, Rockwell Automation Inc., Siemens, Valmet; Schneider Electric, and Yokogawa.

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This release was published on openPR.