New York, NY 16 Jan 2020 : The global field
device management (FDM) market size is expected to reach
USD 1,700.1 Million by 2026 according to a new study by Polaris Market Research.
The report “Field Device Management (FDM) Market Share, Size, Trends,
Industry Analysis Report By Component (Hardware, Software); By Deployment
(Cloud, On-premises); By Communication Protocol; By Application (Oil & Gas,
Energy & Power, Chemicals, Pharmaceuticals, Metals & Mining, Water
& Wastewater, Automotive, Manufacturing); By Regions, Segment Forecast,
2019 – 2026” gives a detailed insight into current market
dynamics and provides analysis on future market growth.
Due to developments in hardware technologies,
demand is increasing in the global device management market. In terms of market
growth, the need to manage all peripheral devices within a company has played a
vital role. Timely improvements in device configuration are a major requirement
in all major industries. In addition, industrial units and plants require a
high degree of flexibility and adaptation within their devices. Therefore, the
global industry for FDM in the following years is projected to generate huge
revenues.
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In 2018, the global market was
dominated by FDM software, which has the highest share and will be expected to
increase at a significant growth rate during the forecast period. The growth of
the segment depends primarily on the increasing use in different industries of
automation technology, Industry 4.0, and the IoT. Software for field device
management can be used to carry out preventive maintenance and management
tasks. The tools help the classification and management of collected
information such as inspection notes, inspection timetables and system
configuration information.
In addition, software solutions for
field device management provide remote access to smart devices and machine data
that can be used to prevent predictive maintenance. These benefits help to make
high use of the software for managing filed devices and thus promote market
growth.
North
America has the largest market share of nearly 35 per cent of the overall worldwide
revenue in the field of device management. In the high-market size of field
device management systems in this area, North America, in particular, plays a
key role. With a technological boom in the industrial environment, the adoption
of field device management systems is growing fast in the United States. In
addition, the majority of companies in this market operate in the United States
and have a large client base in local and international markets, which
contributes in large part to the existing volume of the market in this regional
segment.
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The demand for FDM solutions for
the nonstop monitoring of processes and machinery of these industries is driven
by development in industries such as power, electricity, oil & gas and
chemical products in the Asia-pacific region. Furthermore, the growth rates in
this region of field device management systems also increase the expansion of
international players.
Some of the key players in
the market are Schneider Electric SE, Honeywell International Inc., Siemens AG,
ABB Group, Emerson, Rockwell Automation, Mitsubishi Electric, Hach, Omron
Corporation, Metso Oyj, FANUC Corporation, Yokogawa, Hamilton Company, Valmet
Oyj, Phoenix Contact, Endress+Hauser, Festo, Azbil Corporation,
Weidmüller and Omega Engineering among others.
About Polaris Market Research
Polaris Market Research is a global market
research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1-646-568-9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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