The Asia Pacific Field Device Management (FDM) Market would witness market growth of 8.2% CAGR during the forecast period (2019-2025).
FDMs provide a scalable, flexible architecture that helps businesses configure devices securely. The system allows third-party apps to be modified to provide interoperability. These systems are scalable, enabling thousands of devices to be connected to a plant that can be remotely managed. Rising industry and intelligent factory importance and increasing demand for device management system are expected to drive the global device market. Globally, companies are moving from traditional technology to intelligent and automated systems. Digital transformation is considered the most effective solution at the field device level of sensors and actuators with digitally capable devices. It encourages businesses to switch from conventional maintenance to predictive maintenance.
The industries are moving from conventional technologies to smart and automated systems all over the world. On the field device level of sensors and actuators with digitally-enabled devices, digital transformation is considered to be the most important step. It helps industrial companies transition from reactive maintenance to predictive maintenance and also allows them to automate asset management approaches to enhance efficiency and reduce costs. Increasing adoption of intelligent field device management systems also helps reduce waste, enhance security and increase operational efficiency. Nonetheless, factors like lack of skilled workforce and growing concerns regarding data privacy and cyber security are anticipated to create a negative impact on the growth of the market during the forecast period.
Based on Industry, the market is segmented into Process Industries and Discrete Industry. Process industries segment is further segmented into Energy & Utilities, Oil & Gas, Metals & Mining, Chemicals & Pharmaceuticals, Food & Beverages and Others. Discrete Industry is further bifurcated into Automotive, Manufacturing and Aerospace & Defense. Based on Offering, the market is segmented into Software and Hardware. Based on Deployment Type, the market is segmented into On Premise and Cloud. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: Field Device Management Market in Asia Pacific is expected to register a CAGR of 8.2% during the forecast period (2019-2025)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Yokogawa Electric Corporation, Siemens AG, Emerson Electric Co., Honeywell International, Inc., ABB Group, Schneider Electric SE, Rockwell Automation, Inc., Omron Corporation, Mitsubishi Electric Corporation and Azbil Corporation.
Market Segmentation:
By Industry
By Offering
By Deployment Type
By Country
Companies Profiled
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