How Has the Field Device Management Market Size Evolved in Recent Years?
The field device management market has seen considerable growth due to a variety of factors.
• The market size of field device management has been expanding progressively over the past few years. The market is expected to burgeon from $2.16 billion in 2024 to $2.26 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 4.7%.
The growth witnessed in the historical period is due to the increased demand for operational efficiency, handling of maintenance and assets, following regulatory compliance requirements, enhanced intricacy in industrial networks, and needs for scalability and flexibility.
What Is the Forecasted Market Size and Growth Rate for The Field Device Management Market?
The field device management market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for the field device management market forecast a robust growth in the next few years. It is projected to expand to a whopping $3.24 billion by 2029, with a compound annual growth rate (CAGR) of 9.4%.
Factors contributing to this growth in the forecasted phase include industry-specific demands, concerns over cybersecurity, streamlined remote workforce management, emphasis on achieving energy efficiency, and pursuing standardization. Key trends that will surface during this period include embracing industrial Internet of Things (IoT) integration, adoption of cloud-based field device management platforms, usage of edge computing in device administration, implementation of wireless sensor networks, along with remote monitoring and diagnostic capabilities.
What Are The Primary Growth Drivers In The Field Device Management Market?
The field device management market is projected to expand due to the surge in smart factories. These facilities seamlessly integrate all production stages, from planning to field actuators, offering exceptional customer experiences by simplification and automation of daily field service tasks. A 2024 report by Rockwell Automation, Inc., a US-based company, highlighted that there was a leap to 95% of manufacturers either using or considering smart manufacturing, up from the previous 83%. Notably, about 94% of these manufacturers anticipate maintaining or even expanding their workforce due to the integration of smart manufacturing technologies. Consequently, the growth in smart factories is accelerating the expansion of the field device management market.
What Are The Main Segments Of The Global Field Device Management Market?
The field device management market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Protocols: Foundation Fieldbus And HART, Profibus, Profinet, Modbus TCP/IP, Ethernet Or IP, Other Protocols
3) By Deployment Type Outlook: On-Premises, Cloud
4) By Industry: Process Industries, Discrete Industries
Subsegments:
1) By Hardware: Field Devices (Sensors, Actuators), Communication Devices (Gateways, Routers), Connectivity Solutions (Wiring, Connectors)
2) By Software: Device Management Software, Monitoring And Control Software, Analytics And Reporting Software, Integration Solutions
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What Emerging Trends Are Influencing The Growth Of The Field Device Management Market?
Strategic alliances have become a prominent trend in the realm of field device management. Key players in this sector are pursuing collaborations to solidify their market standing. For example, in October 2022, Germany's industrious manufacturing firm, Siemens AG, joined hands with Hilscher, an American manufacturer of devices and Ethernet technology. This collaboration enabled both firms to furnish consumers with flexible connections to all significant fieldbus and real-time Ethernet technologies, employed in today's diverse IoT world for data interchange between machines and plants. Consequently, it aids in tackling modern technological hurdles such as achieving swifter time-to-market and enhanced efficiency.
Who Are the Key Players in the Field Device Management Market?
Major companies operating in the field device management market include:
• General Electric
• Siemens AG
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Honeywell International Inc.
• ABB Ltd.
• Emerson Electric Co.
• Rockwell Automation Inc.
• Omron Corporation
• FANUC Corp.
• Valmet Oyj
• Phoenix Contact
• Endress+Hauser Group Services AG
• Festo Inc.
• Belden Inc.
• Azbil Corporation
• Weidmuller Interface GmbH & Co. KG
• Pepperl+Fuchs SE
• Hach Company
• B&R Industrial Automation
• Hamilton Company
• Vaisala Corporation
• Badger Meter Inc.
• HIMA
• WAGO Kontakttechnik GmbH & Co. KG
• Yokogawa Electric Corporation
• WIKA Instruments India Pvt. Ltd.
• Krohne Group
• Vega Grieshaber KG
• Hans Turck GmbH & Co. KG
What Is The Most Dominant Region In The Field Device Management Market?
North America was the largest region in the field device management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field device management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
