Categories: Market Research

Field Device Management Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Field Device Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/field-device-management-global-market-report

According to The Business Research Company’s Field Device Management Global Market Report 2024, The field device management market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. 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 $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. 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.

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 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics, a Sweden-based automation company, found a change in attitudes towards automation in the country, with 81.2% of companies saying that they are considering an investment in robots because of the pandemic. Therefore, the increasing demand for smart factories is driving the growth of the field device management market.

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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

Major companies operating in the field device management market are concentrating their efforts on developing innovative solutions such as field information manager systems. A field information manager typically refers to a system or tool designed to manage and organize information collected or generated in the field. For instance, in December 2023, ABB, a Switzerland-based automation technology leader launched the ‘ABB Ability Field Information Manager (FIM 3.0)’. It enhances engineering efficiency and productivity for groups of field instrumentation fleets. The ABB Ability Field Information Manager enables businesses to adopt digital transformation, ensuring adaptability, efficiency, and competitiveness throughout their array of devices.

The field device management market report table of contents includes: