The global field device management (FDM) market size is expected to reach USD 1,700.1 Million by 2027 according to a new study.
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The report “Field Device Management (FDM) Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software); By Deployment (Cloud, On-premises); By Communication Protocol; By Application (Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Metals & Mining, Water & Wastewater, Automotive, Manufacturing); By Regions, Segment Forecast, 2021 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Due to developments in hardware technologies, demand is increasing in the global device management market. In terms of market growth, the need to manage all peripheral devices within a company has played a vital role. Timely improvements in device configuration are a major requirement in all major industries. In addition, industrial units and plants require a high degree of flexibility and adaptation within their devices. Therefore, the global industry for FDM in the following years is projected to generate huge revenues.
In 2018, the global market was dominated by FDM software, which has the highest share and will be expected to increase at a significant growth rate during the forecast period. The growth of the segment depends primarily on the increasing use in different industries of automation technology, Industry 4.0, and the IoT. Software for field device management can be used to carry out preventive maintenance and management tasks. The tools help the classification and management of collected information such as inspection notes, inspection timetables and system configuration information.
In addition, software solutions for field device management provide remote access to smart devices and machine data that can be used to prevent predictive maintenance. These benefits help to make high use of the software for managing filed devices and thus promote market growth.
North America has the largest market share of nearly 35 per cent of the overall worldwide revenue in the field of device management. In the high-market size of field device management systems in this area, North America, in particular, plays a key role. With a technological boom in the industrial environment, the adoption of field device management systems is growing fast in the United States. In addition, the majority of companies in this market operate in the United States and have a large client base in local and international markets, which contributes in large part to the existing volume of the market in this regional segment.
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COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Field Device Management (FDM) Market also experienced a slowdown. Statista estimates that the Field Device Management (FDM) Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Field Device Management (FDM) Market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Field Device Management (FDM) Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The demand for FDM solutions for the nonstop monitoring of processes and machinery of these industries is driven by development in industries such as power, electricity, oil & gas and chemical products in the Asia-pacific region. Furthermore, the growth rates in this region of field device management systems also increase the expansion of international players.
Some of the key players in the market are Schneider Electric SE, Honeywell International Inc., Siemens AG, ABB Group, Emerson, Rockwell Automation, Mitsubishi Electric, Hach, Omron Corporation, Metso Oyj, FANUC Corporation, Yokogawa, Hamilton Company, Valmet Oyj, Phoenix Contact, Endress+Hauser, Festo, Azbil Corporation, Weidmuller and Omega Engineering among others.
The field device management market has been segmented on the basis of offering, deployment, industry and region
Field Device Management Offering Type Outlook (Revenue, USD Million, 2015 – 2026)
Hardware
Software
Field Device Management Deployment Type Outlook (Revenue, USD Million, 2015 – 2026)
Cloud
On Premises
Field Device Management Communication Protocol Outlook (Revenue, USD Million, 2015 – 2026)
FOUNDATION Fieldbus
HART
PROFIBUS
PROFINET
Wireless Networking
Modbus
Others
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Field Device Management Application Outlook (Revenue, USD Million, 2015 – 2026)
Oil & Gas
Energy & Power
Chemicals
Pharmaceuticals
Metals & Mining
Water & Wastewater
Automotive
Manufacturing
Field Device Management Regional Outlook (Revenue, USD Million, 2015 – 2026)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Russia
Asia Pacific
India
Japan
China
South Korea
Latin America
Brazil
Mexico
Colombia
Middle East & Africa
Saudi Arabia
South Africa
Israel
UAE
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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