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Primary Catalyst Driving Field Device Management Market Evolution in 2025: Smart Factory Trends Fuel Growth In Field Device Management Market Driver
Field Device Management Market
The rise in smart factories is forecasted to boost the expansion of the field device management market. The flawless integration of each production phase in a smart factory, ranging from planning stages to actuators in the field, bolsters this growth. Smart factories, along with automation, optimize processes and automate standard operations in performing field service tasks, thereby enhancing customer experiences. A study released by Rockwell Automation, Inc., an American automation firm, in March 2024, highlighted that an impressive 95% of manufacturers are implementing or assessing smart manufacturing, a marked increase from last year's 83%. Encouragingly, of this group, around 94% anticipate that their workforce will be retained or expanded due to the implementation of smart manufacturing technologies. As a result, the burgeoning demand for smart factories is spurring the expansion of the field device management market.
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What growth opportunities are expected to drive the field device management market's CAGR through 2034?
Over the past few years, the market size for field device management has been expanding consistently. It's expected to go up from $2.16 billion in 2024 to $2.26 billion in 2025, with a compound annual growth rate (CAGR) of 4.7%. This growth during the historic period can be credited to the demand for operational efficiency, maintenance and asset management, the need to meet regulatory compliance requirements, the rise in complexity of industrial networks, and the necessity for scalability and flexibility.
The market size of field device management is projected to witness significant expansion in the upcoming years, reaching a value of $3.24 billion by 2029, growing at a compounded annual growth rate (CAGR) of 9.4%. The growth during this forecast period can be linked to factors like cybersecurity issues, specific requirements of the industry, managing remote workforces, emphasis on energy efficiency, and standardization. Key trends anticipated during this forecast period encompass the integration of industrial IoT (Ikot), cloud-based platforms for field device management, the application of edge computing in device management, wireless sensor networks, as well as remote monitoring and diagnostics.
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What are the emerging trends shaping the future of the field device management market?
In the field device management market, the establishment of strategic partnerships has become a significant trend that's steadily gaining traction. Numerous leading companies in this sector are vying for collaborations to bolster their market standing. Case in point, in October 2022, Siemens AG, an industrial manufacturing firm based in Germany, forged a partnership with Hilscher, a US-based manufacturing firm specializing in device production and Ethernet technology. This collaboration enables both companies to offer their customers flexible access to all crucial fieldbus and real-time Ethernet technologies, instrumental in data exchange between equipment and plants in today's incredibly mixed IoT world. This aids in tackling the complex technological hurdles of our time, like achieving faster time-to-market and improved efficiency.
Which growth-oriented segments of the field device management market are leading the industry's development?
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
Subsegments:
1) By Hardware: Field Devices (Sensors, Actuators), Communication Devices (Gateways, Routers), Connectivity Solutions (Wiring, Connectors)
2) By Software: Device Management Software, Monitoring And Control Software, Analytics And Reporting Software, Integration Solutions
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What regions are leading the charge in the field device management market?
North America was the largest region in the field device management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field device management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the field device management market?
Major companies operating in the field device management market include General Electric, 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
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What Is Covered In The Field Device Management Global Market Report?
•Market Size Forecast: Examine the field device management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the field device management market for a structured understanding.
•Key Players Overview: Analyze major players in the field device management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the field device management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the field device management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the field device management market.
•Industry Challenges: Identify potential risks and obstacles affecting the field device management market.
•Competitive Landscape: Review strategic developments in the field device management market, including expansions, agreements, and new product launches.
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