Press release
Smart Factory Trends Fuel Growth In Field Device Management Market: A Key Driver Powering Field Device Management Market Growth In 2025
Field Device Management Market Size
How Big Is the Field Device Management Market Size Expected to Be by 2034?
In the past few years, the market size of field device management has witnessed a progressive growth. The growth is expected to move up from $2.16 billion in 2024 to $2.26 billion in 2025, experiencing a compound annual growth rate (CAGR) of 4.7%. The reasons for this growth in the historical time period can be ascribed to the need for operational efficiency, upkeep and asset administration, compliance with regulatory prerequisites, and escalating complexity in industrial networks, along with requirements for scalability and adaptability.
The market size of field device management is anticipated to exhibit robust growth in the coming years, eventually reaching a valuation of $3.24 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.4%. This projected growth for the forecast period can be associated with various factors such as cybersecurity issues, specific industry demands, management of the remote workforce, focus on improving energy efficiency and standardization efforts. Significant trends expected during the forecast period consist of integration with industrial internet of things (IoT), development of cloud-based field device management platforms, application of edge computing in device management, deployment of wireless sensor networks, as well as the rise of remote monitoring and diagnostics.
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What Are the Emerging Segments Within the Field Device Management Market?
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 Long-Term Drivers Are Shaping Field Device Management Market Trends?
The field device management market is forecast to expand, due in large part to the rise of smart factories. By integrating every step of production, from initial planning to on-field actuators, smart factories offer considerable advantages. Their use of automation simplifies processes and makes repetitive field service tasks easier, greatly improving the customer experience. A 2024 study from US automation firm Rockwell Automation, Inc. disclosed that 95% of manufacturers are either utilizing or exploring smart manufacturing. This reflects a substantial rise from the previous year's figure of 83%. Notably, 94% of these companies predict that their adoption of smart manufacturing technologies will sustain or even boost their workforce numbers. Consequently, the escalating interest in smart factories is a major force propelling the field device management market's growth.
Who Are the Top Competitors in Key Field Device Management Market Segments?
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
What Are the Major Trends Shaping the Field Device Management Market?
The rise of strategic alliances has become a prominent trend in the field device management market. To cement their foothold in the industry, leading companies are pursuing partnerships. As an example, Siemens AG, an industrial manufacturing firm based in Germany, teamed up with Hilscher, a US company focusing on device manufacturing and Ethernet technology, in October 2022. This collaboration enables both firms to collectively offer customers flexible access to all vital fieldbus and real-time Ethernet technologies utilized in today's diverse IoT environment for data transfer between machinery and plants. This helps to tackle complex technological problems of today, such as achieving a faster time-to-market and greater efficiency.
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Which Regions Are Becoming Hubs for Field Device Management Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Field Device Management Market?
2. What is the CAGR expected in the Field Device Management Market?
3. What Are the Key Innovations Transforming the Field Device Management Industry?
4. Which Region Is Leading the Field Device Management Market?
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