Field Device Management Market will Reach USD 2,237.1 Million, at a CAGR of 5.8% during the Forecast Period of 2028

Market Size – USD 1,423.0 Million in 2020, Market Growth – at a CAGR of 5.8%, Market Trends – Integration of modern systems for better automation

NEW YORK CITY, NEW YORK, USA, September 20, 2022 /EINPresswire.com/ — The global field device management market size is expected to reach USD 2,237.1 Million in 2028 and register a revenue CAGR of 5.8% over the forecast period, according to the latest report by Reports and Data. Growing need for Field Device Management (FDM) systems and automation, and increasing investments by major companies in development of more advanced FDM solutions are key factors driving market revenue growth. Field device management is the act of configuring and maintaining tools for smart field systems to diagnose and troubleshoot applications. Smart field devices are powered by the Foundation Fieldbus & Hart, Profibus, and Profinet protocols. These devices connect FDM clients to various dispersed FDM servers to serve a large number of devices. Field device management systems are in high demand from smart factories and Industry 4.0 because of the benefits offered such as complete control and order to all of the manufacturing plant’s machinery, and saving time by minimizing the number of felid journeys. Consumers can remotely manage, diagnose, customize, and commission field devices using field device management systems. Monitoring of real-time data from equipment is made easier with centralized communication.

Growing adoption of Industry 4.0, is leading to higher demand for field device management as an increasingly important segment, as it aids in lifecycle management and multi-platform compatibility. FDM also includes wireless expense management, which helps to cut down on operational and maintenance costs. These management systems are increasingly being incorporated into mobile equipment management solutions, as a result of development and adoption of industrial automation and smart factories. It allows for centralized control and monitoring of the device fleet at a warehouse or distribution center, which is one of the major factor driving market revenue growth.

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Top 10 Profiled in the Field Device Management Market Report:
• Siemens AG
• Honeywell International
• Schneider Electric
• Rockwell Automation
• Yokogawa Electric Corporation
• Omron Corporation
• Mitsubishi Electric Corporation
• FANUC
• Hamilton Company

Market Segmentation:
Offering Outlook (Revenue, USD Million; 2018-2028)
• Hardware
• Software

Communication Protocol Outlook (Revenue, USD Million; 2018-2028)
• Foundation Fieldbus & Hart
• Profibus
• Profinet
• Ethernet/IP
• Modbus
• Others

Deployment Type Outlook (Revenue, USD Million; 2018-2028)
• On-Premises
• Cloud

Industry Type Outlook (Revenue, USD Million; 2018-2028)
• Process Industries
o Energy & Power
o Oil & gas
o Metals & Mining
o Chemicals
o Pharmaceuticals
o Food & Beverages
o Others
• Discrete Industries
o Automotive
o Manufacturing
o Aerospace & Defense

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Key Takeaways of the Field Device Management Market Report:
• A comprehensive overview of the global Field Device Management industry.
• Accurate market projections in terms of market size, share, and volume.
• Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• Deep-dive analysis of the upcoming market trends.
• Qualitative and quantitative analyses of the Field Device Management Market.
• Elaborate study of the leading regional markets in the Field Device Management Market.
• Complete overview of the market’s competitive landscape.
• Brief look at the company profiles and portfolios.

Key Regional Markets Covered in the Report:
• North America
o U.S.
o Canada
o Mexico

• Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific

• Latin America
o Brazil
o Rest of Latin America

• Middle East & Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of Middle East & Africa

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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

Tushar Rajput
Reports and Data
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