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Field Device Management Market Worth $1.8 Billion by 2024 - Exclusive Report by MarketsandMarkets™

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News provided by

MarketsandMarkets

May 09, 2019, 10:30 ET

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CHICAGO, May 9, 2019 /PRNewswire/ -- According to the new market research report "Field Device Management Market by Offering (Hardware and Software), Deployment (Cloud and On-premises), Industry (Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Automotive, Manufacturing), Protocol and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Field Device Management Market is projected to grow from USD 1.3 billion in 2019 to USD 1.8 billion by 2024; it is expected to record a compound annual growth rate (CAGR) of 6.7%. The rising importance of Industry 4.0 and smart factory is the major factor that drives the market growth.

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https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=189481265

Software segment to hold major share of field device management market during forecast period

The abundance of data from field devices and emergence of the IIoT, smart manufacturing, Industry 4.0, digitization, and connected enterprise have made it essential for end-user industries to shift from physical world to a digital world so that they can easily transform or customize their process flow. FDM software providers are focusing on developing software solutions that can provide meaningful information extracted from sensors and field devices to control systems and open new possibilities for safety, productivity, and organizational responsiveness, thereby increasing the profitability of an enterprise.

Process industry to dominate field device management market during forecast period

Oil & gas, chemicals, energy & power, food & beverages, pharmaceuticals, metals & mining are among a few major process industries. The emergence of Industry 4.0 and the evolution of big data have presented process industries with unique opportunities for taking their performance to a new level. Almost all process industries require critical monitoring and controlling processes. Many smart sensors and smart field devices have been introduced to perform data analysis of critical industries. FDM solutions help field engineers to optimize their maintenance tasks.

APAC to hold larget share of field device management market by 2024

Major factors driving the growth of the FDM market in APAC include the rising demand for FDM tools due to the growing automation in the industry; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing investments in field device management to optimize productivity and increase maintenance efficiency. Process industries such as energy & power, oil & gas, and chemicals are expected to witness the increased demand for FDM solutions for the continuous monitoring of processes and field devices in these industries.

Browse in-depth TOC on "Field Device Management Market"

67 – Tables

57 – Figures

157 – Pages

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https://www.marketsandmarkets.com/requestsampleNew.asp?id=189481265

Siemens AG (Siemens, Germany); Emerson Electric Co. (Emerson, US); ABB Group (ABB, Switzerland); Schneider Electric (Schneider Electric, France); Honeywell International Inc. (Honeywell, US); Rockwell Automation, Inc. (Rockwell, US); Yokogawa Electric Corporation (Yokogawa, Japan); OMRON Corporation (OMRON, Japan);  Mitsubishi Electric Corporation (Mitsubishi Electric, Japan); Fanuc Corporation (Fanuc, Japan); Metso Corporation (Metso, Finland); Valmet Oyj (Valmet, Finland); Hamilton Company (Hamilton, US); Phoenix Contact GmbH & Co. KG (Phoenix Contact, Germany); Endress+Hauser AG (Endress+Hauser, Switzerland); Festo AG (Festo, Germany); Omega Engineering (Omega, UK); Hach (Hach, US); Azbil Corporation (Azbil Corporation, Japan); and Weidmüller (Weidmüller, Germany) are among a few major players in the field device management market.

Please Explore Relevant Reports:

Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry and Geography - Global Forecast to 2024

Operational Technology Market by Component (Field Devices, Control Systems, Services), Networking Technology (Wired Technology, Wireless Technology), End-User Industry, and Region - Global Forecast to 2022

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/field-device-management-market.asp

Visit Our Web Site: https://www.marketsandmarkets.com

SOURCE MarketsandMarkets

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