Field Device Management Market expected to be worth $1.8 billion by 2024

(IT-NEWSWIRE.COM, May 14, 2019 ) According to the new market research report on the "Field Device Management Market by Offering (Hardware and Software), Deployment (Cloud and On-premises), Industry (Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Automotive, Manufacturing), Protocol and Geography - Global Forecast to 2024", The field device management market is projected to grow from USD 1.3 billion in 2019 to USD 1.8 billion by 2024; it is expected to record a compound annual growth rate (CAGR) of 6.7%. The rising importance of Industry 4.0 and smart factory is the major factor that drives the market growth.

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Software segment to hold major share of field device management market during forecast period

The abundance of data from field devices and emergence of the IIoT, smart manufacturing, Industry 4.0, digitization, and connected enterprise have made it essential for end-user industries to shift from physical world to a digital world so that they can easily transform or customize their process flow. FDM software providers are focusing on developing software solutions that can provide meaningful information extracted from sensors and field devices to control systems and open new possibilities for safety, productivity, and organizational responsiveness, thereby increasing the profitability of an enterprise.

Process industry to dominate field device management market during forecast period

Oil & gas, chemicals, energy & power, food & beverages, pharmaceuticals, metals & mining are among a few major process industries. The emergence of Industry 4.0 and the evolution of big data have presented process industries with unique opportunities for taking their performance to a new level. Almost all process industries require critical monitoring and controlling processes. Many smart sensors and smart field devices have been introduced to perform data analysis of critical industries. FDM solutions help field engineers to optimize their maintenance tasks.

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APAC to hold larget share of field device management market by 2024

Major factors driving the growth of the FDM market in APAC include the rising demand for FDM tools due to the growing automation in the industry; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing investments in field device management to optimize productivity and increase maintenance efficiency. Process industries such as energy & power, oil & gas, and chemicals are expected to witness the increased demand for FDM solutions for the continuous monitoring of processes and field devices in these industries.

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Siemens AG (Siemens, Germany); Emerson Electric Co. (Emerson, US); ABB Group (ABB, Switzerland); Schneider Electric (Schneider Electric, France); Honeywell International Inc. (Honeywell, US); Rockwell Automation, Inc. (Rockwell, US); Yokogawa Electric Corporation (Yokogawa, Japan); OMRON Corporation (OMRON, Japan); Mitsubishi Electric Corporation (Mitsubishi Electric, Japan); Fanuc Corporation (Fanuc, Japan); Metso Corporation (Metso, Finland); Valmet Oyj (Valmet, Finland); Hamilton Company (Hamilton, US); Phoenix Contact GmbH & Co. KG (Phoenix Contact, Germany); Endress+Hauser AG (Endress+Hauser, Switzerland); Festo AG (Festo, Germany); Omega Engineering (Omega, UK); Hach (Hach, US); Azbil Corporation (Azbil Corporation, Japan); and Weidmüller (Weidmüller, Germany) are among a few major players in the field device management market.

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Field Device Management Market expected to be worth $1.8 billion by 2024