The global field device management market size was US$ 1.31 billion in 2021. The global field device management market is forecast to grow to US$ 2.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2022 to 2030.

Field device management allows easy maintenance and operation of numerous systems. The field device management industry has benefited from technological advancements, particularly in the Internet of Things.

Factors Influencing the Market

The expansion of the global field device management industry is attributed to the rising shift from traditional to automated and smart technologies. Companies are adopting digitalized solutions because they help businesses to develop products faster and launch smart technology-enabled innovations.

Field management devices enable consumers to remotely install, commission, maintain and diagnose field devices via a secure and user-friendly unified interface. As a result, it will allow the inclusion of all relevant equipment's data and status in real-time. Furthermore, it will also reduce the need for numerous technological resources, which will drive the market forward.

The numerous steps taken by Field Device Management vendors and partnerships are likely to benefit the overall market. Yokogawa Electric inked a partnership with MetaMoJi Corporation in November 2019. The partnership aims to develop the SensPlus Note and offer a low-cost solution for digitizing plant data via mobile devices.

Growing awareness about the benefits of cloud infrastructure will fuel market growth in the coming years. Furthermore, increasing investments will accelerate the market growth during the study period.

In order to implement Industry 4.0 and promote full automation in their sectors, automation companies are focusing their efforts on the development of IIoT applications. In addition, the growing trend of the smart factory will offer ample growth opportunities for market growth. On the contrary, a shortage of skilled laborers may limit the market growth during the study period.

The growing number of product launches will benefit the field device management market during the forecast period. Siemens unveiled its Simatic ET 200eco PN in December 2019.

Regional Analysis

North America is forecast to hold the highest market share in the global field device management market during the forecast period. The growth of the market is attributed to the growing digitalization and rising trend of the smart factory. In addition, the presence of prominent players will contribute to the growth of the field device management market in the region.

COVID-19 Impact Analysis

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 forced both public and private organizations to work remotely and maintain social distancing, digital business has increased. Thus, the demand for digitalization increased rapidly across all verticals.

Competitors in the Market

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.
Other Prominent Players
Market Segmentation

By Component Outlook

Solution
Hardware
By Type Outlook

On-Premise
Cloud
By Industry Outlook

Process Industries
Energy & Utilities
Oil & Gas
Metals & Mining
Chemicals & Pharmaceuticals
Food & Beverages
Discrete Industry
Automotive
Manufacturing
Aerospace & Defense
Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America