Global Field Device Management Market Forecast to 2024: Focus on Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Automotive, & Manufacturing

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Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.

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 CAGR of 6.7%.

The field device management market is driven by various factors, such as the rising importance of Industry 4.0 and smart factory, growing focus of manufacturers on reduction in maintenance and operational costs, surging need for FDM systems, and increasing investments by automation companies for the development of IIoT solutions. However, a dearth of a skilled workforce may hinder the growth of the market.

Field device manager simplifies maintenance tasks, saves time, enables remote management of smart instruments, and provides flexibility and scalability to perform complete device configuration and management tasks in the plant environment through smart plant instrumentation. Thus, FDM provides plant instrument engineers, technicians, and maintenance personnel with an optimized environment.

The rising importance of Industry 4.0 and smart factory, growing focus of manufacturers on reduction in maintenance and operational costs, surging need for FDM systems, and increasing investments for the development of IIoT solutions by automation companies are the factors driving the growth of the field device management market. However, a dearth of a skilled workforce is the major factor that restrains the growth of the field device management market. Benefits offered by cloud computing technology, investment opportunities in cloud computing, initiatives of FDM providers and alliances toward product development and modification are expected to provide growth opportunities to the field device management market players during the forecast period. Moreover, maintaining data privacy and cybersecurity poses challenges to the field device management market.

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Globe Newswire: 14:55 GMT Wednesday 15th May 2019

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