The global field device management market size is estimated to reach USD 1.97 billion, by 2025 and is projected to grow at the CAGR of 6.8% over the forecast period, from 2019 to 2025, according to a new report by Million Insights. Field device solutions allow the consumer to access remotely to maintain diagnose, configure and commission filed devices. Centralized access helps to monitor real-time data of equipment. Due to these benefits filed device management solutions have great demand from smart factories and industry 4.0. In addition, the growing trend of digitalization and IoT is projected to foster market growth.
These solutions help in enhancing product lifecycle management and along with rising industry 4.0 awareness, the market is expected to bolster the growth of filed devices solutions. Moreover, it also offers wireless expense solutions which help in lowering the maintenance & operational cost. Additionally, smart factories and industrial automation is increasing demand for FDM solutions. Centralized monitoring & control helps to manage warehouse or inventories in an efficient way. These key factors are projected to support market growth.
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FDM provides mobility solutions through the deployment of applications and mobile equipment from remote access. Thus, it helps to optimize the organization’s productivity. Automation in the industry includes automated invoicing, installation of CNC machines and other tasks. Moreover, the key players are investing in developing Industrial IoT solutions. In addition, growing number of companies focus on reducing maintenance & operational cost, which is anticipated to create huge opportunities for market growth.
Major players in the field device management (FDM) market include Siemens; ABB; Rockwell Automation Inc.; OMRON Corporation; Yokogawa; Mitsubishi Electric; Metso Corporation; FANUC Corporation; Schneider Electric; Valmet; Azbil Corporation; PHOENIX CONTACT; and Hamilton Company.
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Further key findings from the report suggest:
• Growing trend of smart factories and industry 4.0 is projected to positively impact on market growth in the coming few years.
• Reduced maintenance cost, enhanced product lifecycle management are expected to increase the need for FDM solutions. These solutions are helpful in diagnosing & configuration applications.
• Companies in the market focus on developing advanced FDM solutions for high productivity and predictive maintenance.
• Key companies in the market involve in acquisitions & partnership activities to remain competent in the market.
Million Insights has segmented the global field device management market based on offering, deployment type, industry and region:
Field Device Management Offering Outlook (Revenue, USD Million, 2014 – 2025)
Field Device Management Deployment Type Outlook (Revenue, USD Million, 2014 – 2025)
Field Device Management Industry Outlook (Revenue, USD Million, 2014 – 2025)
• Discrete Industries
• Aerospace & Defense
• Process Industries
• Energy & Utilities
• Metals & Mining
• Oil & Gas
• Food & Beverages
• Others (Pulp & Paper, Water & Wastewater, Life Sciences)
Field Device Management Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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