The global field device management market size is valued at USD 3.21 billion in 2020 and reach USD 4.73 billion in 2027, registering a 6.7% CAGR over the forecast period (2021-2027). Field device management enables maintenance and operativity of the different system using different protocols which is helpful for various industries as it cut down their input investment. Advancement in technologies, especially in the Internet of things, has boosted the growth of the field device management market.
Global Field Device Management Market Dynamics
- Increasing automation in end-use industries is expected to boost the growth of the field device management market.
- Lack of skilled workers and growing concerns with data privacy and cybersecurity are some key factors that will impede the growth of the field device management market.
- Mass production leads to the need for field device management to reduce operational and maintenance costs.
- The industry is growing on both software and hardware aspects as big firms like ABB are investing huge amounts in the field device management market.
COVID-19 Impact on the Global Field Device Management Market
The impact of the COVID-19 pandemic on the field device management market was relatively mild compared to other industries. Since all the government and regulatory authorities have mentioned to both public and private organizations to work remotely and maintain social distancing, digital business has increased. On the other perspective internet penetration across the corners of the globe has also increased exponentially.
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Scope of the Field Device Management
The report outlines the global field device management market study based on component, type, industry. and region.
By Component Outlook (Sales, USD Million, 2017-2027)
- Solution
- Hardware
By Type Outlook (Sales, USD Million, 2017-2027)
- On-Premise
- Cloud
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By Industry Outlook (Sales, USD Million, 2017-2027)
- Process Industries
- Energy & Utilities
- Oil & Gas
- Metals & Mining
- Chemicals & Pharmaceuticals
- Food & Beverages
- Discrete Industry
- Automotive
- Manufacturing
- Aerospace & Defense
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Field Device Management Market Regional Outlook
Based on the region, the global field device management market has been segmented into five geographical regions: North America, Asia Pacific, Europe, South America, and the middle east and Africa. In 2020, North America held the largest share in the global field device management market, followed by Europe and Asia-Pacific. Moreover, Asia-Pacific is expected to project to grow with a high growth rate over the forecast period.
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Key Market Players
The global field device management market is fairly fragmented, with a limited number of players across the globe. The key players operating in the global market are –
- Yokogawa Electric Corporation
- Siemens AG
- Emerson Electric Co.
- Honeywell International, Inc.
- ABB Group
- Schneider Electric SE
- Rockwell Automation, Inc.
- Omron Corporation
- Mitsubishi Electric Corporation
- Azbil Corporation.
The field device management market report thoroughly analyzes macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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