NEW YORK, November 16, 2023 /PRNewswire/ — In a recent analysis by Technavio entitled Industrial Automation Device Management Software Market Analysis – Global Trends, Growth, Size and Forecasts 2024-2028, The device management software market landscape for industrial automation is unfolding with promising prospects. The study predicts a significant compound annual growth rate (CAGR) of 6.72% in market size between 2023 and 2028, with an expected increase of $1.56 billion during this period. Request a sample report
The growth in the industrial automation device management software market is driven by several factors including the need for data analytics, and the increasing adoption of Industrial Internet of Things (IIoT) contributing to the expansion of the market. Device management software for industrial automation plays an important role in remotely controlling factory 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 the Industrial Automation Device Manager Software market:
Convergence of technologies: The synergy of IoT, data analytics and cloud computing is reshaping industrial automation solutions and driving market growth.
Preference over wired systems: End users are increasingly choosing 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, enabling effective business decision-making by extracting meaningful insights from unstructured data.
IoT facilitates data sharing: IoT technology enables seamless sharing and transfer of data between standalone control systems and various devices such as thermostats, sensors and lighting fixtures.
Advanced Network Solutions: The demand for technologies and networking solutions that can assimilate large amounts of data and extract meaningful patterns is increasing. This need is driven by the increasing adoption of robust and scalable industrial automation technologies.
Replacement in industrial facilities: Industrial automation device management software, critical to factory management, is gradually being replaced by these advanced cloud-based technologies, signaling a transformative shift in the industrial landscape.
Prominent companies are actively exploring the trend.
ABB Ltd. provides advanced device management software for industrial automation under the ABB Ability Industrial Software brand, demonstrating its commitment to delivering advanced solutions in the field. In the same way, Advantech Co. Ltd. contributes to the industry with its device management software for industrial automation, known as Advantech WebAccess SCADA, emphasizing innovation and efficiency in factory management. Danaher Corp., through its subsidiary Esko, offers Blue software as part of its device management software portfolio for industrial automation, 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 key role in shaping the device management landscape for industrial automation. The availability of varied and specialized software solutions provides a wider range of choices for industrial operators, driving innovation and driving advancements in safety technologies. This not only reflects competitiveness within the market but also contributes to its overall growth by catering to the specific needs of different sectors.
This Industrial Automation Device Management Software market report comprehensively covers market segmentation based on deployment (on-premises and cloud), end user (oil and gas, energy, chemical and petrochemical, automotive, food and beverage and others) and geography (APAC, North America, Europe, South AmericaAnd Middle East And Africa).
The comprehensive report concludes that the industrial automation device management software market offers promising prospects, driven by key technological developments, increasing demand and strategic initiatives taken by market players. For a more detailed insight into the market, including extensive analysis and growth opportunities, the full Technavio report is available for purchase. Buy the full report here
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