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Field Device Management Market Regional Estimates and Forecast by Application to 2019-2024
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 grow at a compound annual growth rate (CAGR) of 6.7%.
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 grow at a compound annual growth rate (CAGR) of 6.7%. The rising importance of Industry 4.0 and smart factory, growing focus of manufacturers on reduction in maintenance and operational costs, surging need for FDM systems, and increasing investments for the development of FDM solutions by automation companies are the major factors driving the growth of the field device management market.
Software segment would account for larger share of field device management market, by offering, by 2024
Most of the players provide software-based solutions for better analysis of field devices. Software offerings are expected to dominate the market due to the rising adoption of advanced technologies such as industrial automation, Industry 4.0, and the IIoT. Field device management (FDM) acts as a configuration tool for smart field devices and a maintenance tool for diagnostics and troubleshooting applications. FDM tools are used by control engineers for commissioning and configuration tasks and by instrument technicians for troubleshooting and maintenance activities. FDM solutions help to remotely access smart devices and provide field data of the asset/machine, which can be used for predictive maintenance.
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Process industry to account for largest market share 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.
APAC to witness highest CAGR in field device management market during forecast period
The rising demand for FDM solutions in the automation industry, growing adoption of Industry 4.0, smart factory, IoT, and IIoT technologies, and increasing investments in the development of FDM solutions are some of the factors driving the growth of FDM market in APAC. China is expected to lead the FDM market in the APAC region. Manufacturing, automotive, and energy & power are the major industries that would drive the market growth in the APAC region.
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