Global Field Device Management Market Report, Size, Growth, Trends, Share & segmentation By Offering, By Communication Protocol
The GMI Research forecasts that the Field Device Management Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the increasing importance of Industry 4.0 and smart factories and the growing emphasis of manufacturers on decreasing maintenance and operational costs.
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Introduction of the Field Device Management MarketField Device Management (FDM) is a centralized asset management system used for remote configuration and maintenance of smart field devices based on HART, PROFIBUS, and Fieldbus Foundation protocols. It supports a large number of devices using FDM clients connected to different distributed FDM servers.
Key Players of the Global Field Device Management Market:Growth in the global field device management market is primarily driven by the remarkable switch towards smart and mechanized technologies from conventional technologies and the augmenting investments across industries in smart devices to handle mass production. The aggravating endorsement of the solution to develop smart factory and IIoT-based applications along with their assistance to reduce manual tasks will further strengthen the market size. Furthermore, the FDM is gaining prominence owing to the several initi atives by various providers and alliances for product development, soaring investments for IIOT solutions by automation companies, rising work adaptability, and the increasing investment opportunities in cloud computing. In addition, the configuration of smart devices and tools by distance to complement the rapid digitalization and their implementation in manufacturing and other automation processes further strengthens the field device management market size. However, the inadequacy of skilled labor is restraining market growth.
Offering Segment DriversBased on the offering, the software is contemplated to expand at a higher CAGR over the forecast period. This is primarily owing to the aggravating acquisition of sophisticated technologies like Industry 4.0, smart factory, industrial automation, and IIoT. Moreover, companies have made it important for end-user industries to switch to a digital world from the physical world to transform their process flow effortlessly. The software providers have established software to attain data from sensors and field devices to control systems and allow more safety, productivity, and organizational responsiveness, thus propelling the field device management market share.
Based on industry, process is expected to dominate the market over the forecast period. The transpiring Industry 4.0 and the surge in big data introduced various prospects to process industries for taking their performance to the next level are the major drivers bolstering the market growth. The rising integration of smart sensors and smart field devices across industries to perform data analysis has optimized the maintenance task of field engineers.
Regional DriversBased on the regional coverage, Asia-pacific will hold a major share during the forecast period. This is because of their intensifying demand by the automation industry, rising espousal of smart factory, Industry 4.0, IoT, and IIoT technologies, accompanied by the augmenting investment to develop FDM solutions. Furthermore, the extensive application of FDM by the Automotive, manufacturing, and energy & power industries will fuel the growth of field device management industry.
Field Device Management Market Segmentation: Segmentation by OfferingAbout GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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