Published Date: 31-Dec-2019
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According to a new report Global Field Device Management Market, published by KBV Research, The Global Field Device Management Market size is expected to reach $2 billion by 2025, rising at a market growth of 7.3% CAGR during the forecast period. 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.
By having the largest market share, the field device management software decimated the market in 2018 and is projected to grow at a prominent growth rate over the forecast period. This segment's growth depends primarily on increasing adoption of automation technologies in multiple industries, Industry 4.0, and IoT. The Hardware market is anticipated to grow at a CAGR of 7.1% during (2019 - 2025).
Due to the increasing cybersecurity issues, the on-premises segment retains the largest share among both deployment types. Deploying field or site device management on-premise provides better deployment flexibility and protection for complete system control at the data center. The Cloud market witnessing significant growth and grows at a CAGR of 11.3% during (2019 - 2025).
In the North America region, especially due to the performance impact of the US, field device management system technology is gaining a significant market size. The implementation of field device management systems is rapidly growing in the US as the manufacturing environment is undergoing a technological boom. Increasing demand for FDM solutions in the automation industry, smart factory, growing adoption of Industry 4.0, IoT, and IIoT technologies, and increasing investment in FDM solutions development are among the factors that drive APAC's field device management market growth.
The Process Industries market dominated the Global Field Device Management Market by Industry 2018. Oil & gas, energy & power, chemicals, food & beverages, pharmaceuticals, metals & mining are some of the most important process industries. The rise of Industry 4.0 and the advancement of big data have created unique opportunities for process industries to take their output to a new level. Nearly all process industries need basic process monitoring and control. The Discrete Industry market showcases promising CAGR of 8.6% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/field-device-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Deployment Type
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