How big is the field device management market today, and what are its future growth expectations?
The field device management market size has grown steadily in recent years. It will grow from $2.16 billion in 2024 to $2.26 billion in 2025 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to demand for operational efficiency, maintenance and asset management, regulatory compliance requirements, increased complexity in industrial networks, scalability and flexibility needs.
The field device management market size is expected to see strong growth in the next few years. It will grow to $3.24 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to cybersecurity concerns, industry-specific requirements, remote workforce management, focus on energy efficiency, focus on standardization. Major trends in the forecast period include industrial IoT (Ikot) integration, cloud-based field device management platforms, edge computing in device management, wireless sensor networks, remote monitoring and diagnostics.
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Which industry factors have accelerated the field device management market’s expansion?
Increasing smart factories are expected to propel the growth of the field device management market going forward. A smart factory is the seamless relationship of individual production steps, from planning stages to actuators in the field. Smart factories and automation are helping to deliver exceptional customer experiences by simplifying processes and automating routine steps in executing field service tasks. For instance, in March 2024, a report published by Rockwell Automation, Inc., a US-based automation company, revealed that 95% of manufacturers are currently using or evaluating smart manufacturing, a significant increase from 83% last year, and encouragingly. Moreover, 94% of these manufacturers expect to maintain or grow their workforce due to the adoption of smart manufacturing technologies. Therefore, the increasing demand for smart factories is driving the growth of the field device management market.
What are the primary segments of the 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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Which firms are leading 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
Which market trends are set to define the future of the field device management market?
Strategic partnerships have emerged as a key trend gaining popularity in the field device management market. Major companies operating in the field device management sector are looking for partnerships to strengthen their position in the market. For instance, in October 2022, Siemens AG, a Germany based industrial manufacturing company, partnered with Hilscher, a US-based device manufacturing and Ethernet technology company. Through this partnership, both companies jointly provide consumers with flexible access to all important fieldbus and real-time Ethernet technologies, which are used in the current, highly heterogeneous IoT world for data exchange between equipment and plants, and this aids in addressing the difficult technological challenges of the modern era, such as obtaining a quicker time-to-market and higher efficiency.
Which geographic trends are shaping the field device management market, and which region has the highest market share?
The countries covered in the field device management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Field Device Management Market Report 2025 Offer?
The field device management market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Field device management refers to a maintenance tool for applications that require diagnostics and troubleshooting, as well as a configuration tool for smart field equipment. Field device management employs predictive intelligence to increase the performance and availability of important production assets.
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