What Is the Expected CAGR for the Field Device Management Market Through 2025?
There has been a constant increase in the market size of field device management over the past few years. The market, which is projected to rise from $2.16 billion in 2024 to $2.24 billion in 2025, boasts a compound annual growth rate (CAGR) of 3.8%. This growth during the historical period is linked to the demand for operational efficiency, upkeep and asset management, needs for regulatory compliance, the complexity escalation in industrial networks, as well as requirements for scalability and flexibility.
What’s the Projected Size of the Global Field Device Management Market by 2029?
Expectations are high for the field device management market size, with forecasts predicting robust expansion in the coming years. Its value is predicted to escalate to $3.17 billion by 2029, with a compound annual growth rate (CAGR) of 9.1%. This growth scenario for the forecast period is mainly ascribed to factors like concerns regarding cybersecurity, specific industry needs, the administration of remote workforces, an emphasis on energy efficiency and standardization. Key tendencies in the projection period involve the assimilation of industrial IoT (Ikot), the use of cloud-based platforms for field device management, the application of edge computing in device management, wireless sensor networks, and remote monitoring and diagnostics.
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Top Growth Drivers in the Field Device Management Industry: What’s Accelerating the Market?
The rise in smart factories is anticipated to boost the expansion of the field device management market. A smart factory signifies the flawless integration of separate production phases, from the planning stages to the actuators in the field. The combination of smart factories and automation is assisting in providing extraordinary customer experiences by streamlining processes and automating everyday steps in performing field service tasks. For example, a study by Rockwell Automation, Inc., an American automation firm, unveiled in March 2024 that 95% of manufacturers are currently employing or assessing smart manufacturing, a noteworthy rise from 83% the previous year. Moreover, 94% of these manufacturers forecast to sustain or increase their workforce due to the introduction of smart manufacturing technologies. As a result, the escalating demand for smart factories is fueling the advancement of the field device management market.
Which Fast-Growing Trends Are Poised to Disrupt the Field Device Management Market?
Strategic alliances are becoming increasingly popular in the field device management market, a key trend that has been observed recently. Major companies in this sector are seeking partnerships to consolidate their market position. For example, Siemens AG, an industrial producer based in Germany, formed a partnership with Hilscher, a device manufacturing and Ethernet technology firm based in the US, in October 2022. This collaboration allows both enterprises to offer customers versatile access to all critical fieldbus and real-time Ethernet technologies. These are utilized in the current IoT world, which is highly varied, for data transmission between equipment and facilities. This assists in tackling contemporary technological obstacles like achieving faster time-to-market and increased efficiency.
What Are the Main Segments in 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
Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Field Device Management Market Through 2029?
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.
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