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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