The global field device management market size is expected to reach USD 1.97 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 6.8% from 2019 to 2025. Field device management allows the user to configure, commission, maintain, and diagnose the field devices remotely with a secure and user-friendly centralized access. It helps in providing all the information and real-time status of the concerned equipment and eliminates the need for multiple software tools. Due to its centralized equipment procurement with improved security, it is highly demanded in the development of industry 4.0 and smart factories. With the emergence of IoT and digitalization, the development of industry 4.0 has been boosted significantly, which directly fuels the growth of the market.
With the increasing awareness for industry 4.0, field device management has become an essential segment considerably since it helps to improve the lifecycle management and multi-platform support. In addition, it provides wireless expense management, which reduces operational and maintenance costs. With the surge in industrial automation and smart factories, FDM is being adopted rapidly in mobile equipment management solutions. It provides centralized control and monitoring of the device fleet in a warehouse environment or any distribution center, which is one of the major factors influencing the market’s growth in the world of distributed systems.
Since FDM lays the foundation for deployment and management of mobile equipment and applications remotely, it provides business mobility to the organizations to drive high productivity. The required automation efficiency fuels the demand for FDM in automation tasks, which include automated cost management and invoicing, installation of a large CNC machine, among many other tasks. The increasing investments for IIoT solutions development by automation companies have come up with an opportunity for the market to grow effectively. The manufacturers’ focus shift towards reducing the operational and maintenance costs along with providing highly effective mobile device management solutions is driving the market’s growth directly.
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Further key findings from the report suggest:
- Considerable surge in industry 4.0 and smart factories development will create wide potential for manufacturers in the market
- Improved lifecycle management of field devices with significantly lower maintenance costs are the benefits boosting the need for FDM. Prominent companies such as Schneider Electric are significantly involved in providing the FDM solutions for configuring and diagnosing the field devices for their entire lifecycle for several applications, such as power generation, metals and mining, and hydrocarbon processing
- Market players are focusing on providing advanced FDM which provides advanced features, such as simplified engineering with increased productivity, reduced downtime, and predictive device maintenance
- Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market
- The key competitors in the market are ABB; Emerson Electric Co.; Siemens; Honeywell International Inc.; Rockwell Automation Inc.; Yokogawa; OMRON Corporation; Mitsubishi Electric Corporation; FANUC Corporation; Metso Corporation; Valmet; Schneider Electric; Azbil Corporation; Hamilton Company; and PHOENIX CONTACT.
Grand View Research has segmented the global field device management market based on offering, deployment type, industry, and region:
Field Device Management Offering Outlook (Revenue, USD Million, 2014 - 2025)
Field Device Management Deployment Type Outlook (Revenue, USD Million, 2014 - 2025)