Field Device Management Market Research Report

Field Device Management Market

Field Device Management Market is expected to witness a CAGR of 6.20% over the forecast period, owing to the increasing emphasis of producers on reducing maintenance and functional costs.

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FDM refers to a centralized asset management system used to maintain smart field instruments. A remarkable switch from conventional technologies to automated technologies is one of the major factors influencing the Field device management market growth. Thus, several prominent industries are investing in smart devices to manage bulk orders, decrease manual work, and enhance flexibility, which will further propel market growth. FDM solutions are increasingly deployed for the establishment of smart factories and IIOT applications which is likely to offer lucrative opportunities for the market. Rising prominence of the fourth industrial revolution, evolving need for FDM systems, and intensified investment in cloud computing have strengthened the Field Device Management Market growth.

Field Device Management Market has been bifurcated based on communication, protocol, offering, deployment, industry, and region.

By offering, the software segment is forecast to expand at a faster CAGR over the forecast period. Factors such as the surging deployment of sophisticated technologies such as smart factories, Industry 4.0, industrial automation, and IIoT have driven the market growth. With the rapid digitalization, end-user industries have switched to a digital world from the physical world to easily transform their process flow. FDM software vendors have developed software to fetch data from sensors to manage systems and offer more safety, efficiency, and organizational reactivity, thus propelling the profitability of the organization.

By industry, the process industry segment is anticipated to lead the market over the forecast period, owing to the fourth industrial revolution and increasing use of big data. FDM solutions are used to simplify the operation and maintenance tasks. The industry segment includes chemicals, oil & gas, energy & power, pharmaceuticals, metals & mining, and food & beverages. As per the Field Device Management Market forecast, the growing incorporation of smart sensor and field devices across several industries to carry out data analysis.

By region, the Asia-pacific region is predicted to grow at a faster CAGR during the forecast period owing to the increasing investment in the energy and utility sector. Growing demand for FDM solutions by the automation industry, surging demand across the oil and gas industry owing to accelerating population, and rising adoption of smart factory and IIoT technologies are propelling the Field Device Management Market Size.

Key Developments:

In 2019, Emerson introduced the improved version of AMS Device Manager to decrease the complications in device data and reinforce the field device data foundation, which is important for digital modification.

In 2018, Siemens developed Simatic RTU3031C (Remote Terminal Unit/RTU) with incorporated GPS functionality to compare the setpoint with the actual position. This device monitors distributed measuring points in the water industry.

Field Device Management Market Segmentation:

Field Device Management Market by Offering

• Hardware

• Software

Field Device Management Market by Communication Protocol

• Foundation Fieldbus & Hart

o Hart

o Foundation Fieldbus

• Profibus

• Profinet

• Ethernet/IPm Modbus

• Others

Field Device Management Market by Deployment

• Cloud

• On-Premises

Field Device Management Market by Industry

• Process Industries

o Oil & Gas

o Chemicals

o Energy & Power

o Food & Beverages

o Pharmaceuticals

o Metals & Mining

o Other Process Industries

• Discrete Industries

o Automotive

o Manufacturing

o Aerospace & Defence

Field Device Management Market by Region:

• Asia Pacific

o China

o Japan

o India

o Rest of APAC

• North America

o United States of America

o Canada

• Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

• RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

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