Field Device Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Field Device Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : January, 2023 | Semiconductor & Electronics

Report Digest

Global Field Device Management Market - Snapshot

The rapidly increasing significance of Industry 4.0 and smart factories and manufacturers' rising emphasis on reducing operational and maintenance costs to drive global field device management field device management market. In addition, automation firms' augmented investments in the development of field device management solutions are likely to work in favor of the market in the years to come.

The majority of the providers offer software-based solutions for enhanced field device analysis.  Due to the growing use of sophisticated technologies like Industry 4.0, industrial automation, and the IIoT, software products are likely to lead the industry. Field device management is a setup mechanism for smart field devices as well as a troubleshooting and diagnostics tool. Control engineers utilize field device management tools for commissioning as well as configuration operations, whilst instrument technicians utilize them for maintenance and troubleshooting. Field device management systems allow for remote access to smart devices and the provision of machine/asset field data that can be utilized for predictive maintenance.

Advent of Industry 4.0 and IIoT Technology to Drive Growth of the Market

Amongst key process industries are metals & mining, oil & gas,  pharmaceuticals, chemicals,  food & beverages, and energy & power,. The introduction of Industry 4.0 and the rise of big data have provided process industries with unprecedented opportunity to improve their performance. Almost every process industry need stringent monitoring and control procedures. To undertake data analysis in essential industries, several smart field devices and smart sensors and have been created. Field engineers can use FDM solutions to improve the efficiency of their maintenance duties. These factors are likely to support growth of the global field device management market in the near future.

Field Device Management Market: Overview

The global field device management market is anticipated to grow at a significant pace during the forecast period.

The field management software and devices help in managing a team of technicians in industry. Managing a team is one of the most intricate tasks faced by several industry and it involves a wide number of variables.  The device keeps track of the unpredictable changes and this helps in enhancing security with the organization.

TMR Research has announced to add a report on field device management market in its ever growing repository. The report is expected to offer an in depth analysis on industry with all important segments of the market. Along with this, the report will help users with all the vital data that will help indicating growth and latest trend in the field device management market during the forecast period. 

Field Device Management Market: Notable Developments 

Some of the recent development in the field device management market are- 

• The players in the field device management market are focusing of several advanced technology to improve service. Some of them are multi-market broadcast tracking, management and reporting method and system, dynamic pricing. 

• In April 2019, Robert Bosch GmbH, a key player in the field device management market published a report to digitalizing construction sites with the help of file device equipped with the help of interconnected sensors. This is expected to boost efficiency and improve utilization rates of field device management devices.

• Some of the prominent players in the field device management market are ARM Ltd., Google, Intel Corporation, Oracle Corporation, Microsoft Corporation, Smith Micro Software, and SAP SE.

The competition is expected to grow at a significant pace during the given forecast period. This is mainly due to an increase in the number of players prophesized to occur in the near future.

Field Device Management Market: Key Trends

The field device management market is expected to rise at a prominent pace in the coming few years. The key factors which are expected to play a vital role in the market growth are surge in adoption of Industry 4.0 and smart factory, need to optimize maintenance and operational costs, rise in FDM systems, and increasing emphasis towards industrial IoT.

Players are integrating field device management software with ERP or CRM software in order to provide comprehensive outline of all the internal and external tasks. This is expected to boost the adoption rate of field device management device in the coming years.

However, factors like high cost of installation and   maintenance, need for skilled labor and difficulty to integrate are some of the strong factors expected to impede growth in the field device management market.  Nevertheless, increasing demands form manufacturing industries such as automotive and electrical & electronics are also expected to contribute in the growth of the field device management market. 

Field Device Management Market: Regional Outlook

On the basis of geography, the field device management market is divided into Asia pacific, North America, Europe, Latin America and the Middle East and Africa. Among all these regions, North America is expected to lead the field device management market in the coming few years. This is mainly because of the presence of several giant players in the region.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?