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Field Device Management Market 2023 | Business Overview, New Share, Trends Analysis, And Forecast To 2032
Field Device Management Market
The Business Research Company's Field Device Management Global Market Report 2023 identifies Increasing smart factories as the major driver for the Field Device Management market's growth in the forecast period. A Smart Factory is the seamless relationship of individual production steps, from planning stages to actuators in the field. Smart factories and automation are helping to deliver exceptional customer experiences by simplifying processes and automating routine steps in executing field service tasks.
The global field device management market size grew from $2.01 billion in 2022 to $2.15 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The field device management market size is expected to grow to $2.78 billion in 2027 at a CAGR of 6.6%.
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Major competitors in the Field Device Management market are Honeywell International Inc., Siemens AG, Mitsubishi Electric Corporation, Rockwell Automation Inc., Schneider Electric SE.
A key trend in the Field Device Management market includes strategic partnerships. Major companies operating in the field device management sector are looking for partnerships to strengthen their position in the market. For instance, in October 2022, Siemens AG, a Germany based industrial manufacturing company, partnered with Hilscher, a US-based device manufacturing and Ethernet technology company. Through this partnership, both companies jointly provide consumers with flexible access to all important fieldbus and real-time Ethernet technologies, which are used in the current, highly heterogeneous IoT world for data exchange between equipment and plants, and this aids in addressing the difficult technological challenges of the modern era.
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The Field Device Management market is segmented -
• By Offering: Hardware, Software
• By Protocols: Foundation Fieldbus and HART, Profibus, Profinet, Modbus TCP/IP, EtherNet or IP, Other Protocols
• By Deployment Type Outlook: On-Premises, Cloud
• By Industry: Process Industries, Discrete Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Field Device Management market.
The Business Research Company's "Global Field Device Management Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Field Device Management Market Include:
1. Executive Summary
2. Field Device Management Market Characteristics
3. Field Device Management Market Trends And Strategies
4. Field Device Management Market - Macro Economic Scenario
5. Field Device Management Market Size And Growth
……………………………………………………..
26. Africa Field Device Management Market
27. Field Device Management Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Field Device Management Market
29. Field Device Management Market Future Outlook and Potential Analysis
30. Appendix
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