Field Device Management Market Has Displayed Massive Growth with Sustainable CAGR by 2020-2025

 

Field Device Management Market valued at USD 5.0 Billion by 2025. The reports forecast the field device management market by type,component, industry and region. It highlights COVID-19 impact on the field device management industry.

 

Description

 Field Device Management Market- by Component (Software and Hardware), by Type (On-Premise and Cloud), by Industry (Process Industries and Discrete Industry), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

 

The field device management market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the field device management industry.

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Field Device Management Market Introduction

The field device management market size is valued at USD 2.7 billion in 2019 and expected to register a 6.7% CAGR during the forecast period (2020.2025). Field device management enables maintenance and operability of a different system using different protocols which is helpful for various industries as it cut down their input investment. Advancement in technologies especially in the field of Intenet of things has boosted the growth of the field device management market.

 

Factors Affecting the Field Device Management Market Over the Forecast Period

 

·     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 aspect as big firms like ABB is investing huge amount on the growth of field device management market

 

Impact of COVID-19 on Field Device Management Market:

 The impact of the COVID-19 pandemic on the field device management market was relatively mild as compared to other industries. Since all the government and regulatory authorities has mentioned to both public and private organizations to work remotely and maintain social distancing, then doing digital business has increased and on the other perspective internet penetration across the corners of the globe has also increased exponentially.

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Scope of the Report

 The report outlines the global field device management market study based on component, Application and Type.

 

Based on the component, the field device management market has been segmented into –

·     Software

·     Hardware

Based on the Type, the field device management market has been segmented into –

·     On Premise

·     Cloud

Based on the Industry, the field device management market has been segmented into –

·     Process Industries

·Energy & Utilities

·Oil & Gas

·Metals & Mining

·Chemicals & Pharmaceuticals

·Food & Beverages

 

·     Discrete Industry

·Automotive

·Manufacturing

·Aerospace & Defense

 Source: MSG Analysis, 2020

 Field Device Management Market: Regional Outlook

Based on the region, the global field device management market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, 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.

 

Key Global Field Device Management Market Competitors Includes –

 The global field device management market is fairly fragmented, with the presence of 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

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Market Statsville Group (MSG) is a full-service market research and business consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in the form of market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing a variety of customizable data that help you make decisions with clarity, confidence, and impact. MSG has an entire repository of research reports on more than 2,000 niche industries and more than 12,000 company profiles

 

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