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Field Device Management Global Market Analysis, Trends, Growth, Research And Forecast 2033
Field Device Management Global Market
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 growth in the forecast period can be attributed to cybersecurity concerns, industry-specific requirements, remote workforce management, focus on energy efficiency, focus on standardization. Major trends in the forecast period include industrial IoT (Ikot) integration, cloud-based field device management platforms, edge computing in device management, wireless sensor networks, remote monitoring and diagnostics.
Market Overview -
Field device management refers to a maintenance tool for applications that require diagnostics and troubleshooting, as well as a configuration tool for smart field equipment. Field device management employs predictive intelligence to increase the performance and availability of important production assets.
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Smart Factory Trends Fuel Growth In Field Device Management Market
Increasing smart factories are expected to propel the growth of the field device management market going forward. 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. For instance, in 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics, a Sweden-based automation company, found a change in attitudes towards automation in the country, with 81.2% of companies saying that they are considering an investment in robots because of the pandemic. Therefore, the increasing demand for smart factories is driving the growth of the field device management market.
Competitive Landscape -
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
Strategic Partnerships Transforming The Field Device Management Landscape
Strategic partnerships have emerged as a key trend gaining popularity in the field device management market. 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, such as obtaining a quicker time-to-market and higher efficiency.
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Key Segments -
The field device management market covered in this report is segmented -
1) By Offering: Hardware, Software
2) By Protocols: Foundation Fieldbus and HART, Profibus, Profinet, Modbus TCP/IP, Ethernet or IP, Other Protocols
3) By Deployment Type Outlook: On-Premises, Cloud
4) By Industry: Process Industries, Discrete Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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