NEW YORK, Nov. 16, 2023 /PRNewswire/ — In a recent analysis by Technavio titled Industrial Automation Device Manager Software Market Analysis – Global Trends, Growth, Size, and Forecast 2024-2028, the landscape of the industrial automation device manager software market unfolds with promising prospects. The study projects a significant Compound Annual Growth Rate (CAGR) of 6.72% in market size between 2023 and 2028, with an anticipated increase of USD 1.56 billion during this period. Request sample report
The growth in the industrial automation device manager software market is driven by several factors, including the need for data analytics, and the rising adoption of Industrial Internet of Things (IIoT) contribute to the market’s expansion. Industrial automation device manager software plays a significant role in remotely controlling plant management and maintenance-related activities, simplifying regular maintenance tasks, and enabling effective monitoring and control.
Regionally, APAC is estimated to contribute 39% to the global market growth during the forecast period. Factors such as rising population, improving per capita incomes, and growing industrialization are key drivers in the region.
Technavio highlights the emerging trends of Industrial Automation Device Manager Software Market:
- Convergence of Technologies: The synergy of IoT, data analytics, and cloud computing is reshaping industrial automation solutions, boosting the market growth.
- Preference Over Wired Systems: End-users are increasingly opting for cloud-based technologies over traditional wired and cable management systems in industrial facilities, unlocking innovation and efficiency.
- Database-Driven Decision-Making: Cloud-based technologies have evolved into powerful, database-driven tools, facilitating effective business decision-making by extracting meaningful insights from unstructured data.
- IoT Facilitating Data Sharing: IoT technology enables seamless data sharing and transfer between standalone control systems and diverse devices like thermostats, sensors, and lighting fixtures.
- Advanced Networking Solutions: The demand for technologies and networking solutions capable of assimilating vast amounts of data and extracting meaningful patterns is on the rise. This need is driven by the increasing adoption of robust and scalable industrial automation technologies.
- Substitution in Industrial Facilities: Industrial automation device manager software, crucial for plant management, is being gradually replaced by these advanced cloud-based technologies, indicating a transformative shift in the industrial landscape.
Prominent companies are actively immersing themselves in the trend.
ABB Ltd. provides cutting-edge industrial automation device manager software under the brand name ABB Ability Industrial Software, showcasing its commitment to delivering advanced solutions in the field. Similarly, Advantech Co. Ltd. contributes to the industry with its industrial automation device manager software known as Advantech WebAccess SCADA, emphasizing innovation and efficiency in plant management. Danaher Corp., through its subsidiary Esko, offers Blue software as part of its industrial automation device manager software portfolio, further diversifying the market with specialized solutions.
This diversity of offerings from key companies, such as ABB Ltd., Advantech Co. Ltd., and Danaher Corp., plays a significant role in shaping the landscape of industrial automation device management. The availability of varied and specialized software solutions allows for a broader range of choices for industrial operators, boosting innovation and driving advancements in safety technologies. This not only reflects the competitiveness within the market but also contributes to its overall growth by meeting the specific needs of different sectors.
This industrial automation device manager software market report extensively covers market segmentation by deployment (on-premises and cloud), end-user (oil and gas, power, chemical and petrochemical, automotive, and food and beverages and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The comprehensive report concludes that the industrial automation device manager software market holds promising prospects, driven by key technological advancements, increasing demand, and strategic initiatives by market players. For a more detailed understanding of the market, including comprehensive analyses and growth opportunities, the complete Technavio report is available for purchase. Buy the full report here
Coverage
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Companies Covered
- Delta Electronics Inc.
- Digi International Inc.
- Eaton Corp. Plc
- Emerson Electric Co.
- Endress Hauser Group Services AG
- Flexera Software LLC
- General Electric Co.
- Hitachi Vantara LLC
- Honeywell International Inc.
- Moxa Inc.
- OMRON Corp.
- Parsec Automation Corp.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- WAGO GmbH and Co. KG
- Yokogawa Electric Corp.
Regions Covered
- North America
- APAC
- Europe
- South America
- Middle East and Africa
Topics Covered
- Automation Device Manager Software
- Control plant management
- Integrated asset management
- Cloud-based technologies
- Cyberattacks
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
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Website: www.technavio.com/
SOURCE Technavio
