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Field Device Management Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Field Device Management Market
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According to The Business Research Company's, 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 in the historic period can be attributed to demand for operational efficiency, maintenance and asset management, regulatory compliance requirements, increased complexity in industrial networks, scalability and flexibility needs.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Field Device Management Market 2024 Key Insights:
• 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%.
• Smart Factory Trends Fuel Growth In Field Device Management Market
• Strategic Partnerships Transforming The Field Device Management Landscape
• North America was the largest region in the field device management market in 2023
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