Industrial Automation Device Manager Software Market size is set to grow by USD 1.56 million from 2024-2028, Growing demand for integrated asset management services to boost the market growth, Technavio

NEW YORK, June 13, 2024 /PRNewswire/ -- The global industrial automation device manager software market size is estimated to grow by USD 1.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.72% during the forecast period. Growing demand for integrated asset management services is driving market growth, with a trend towards evolution of cloud-based technologies. However, dominant market share of wired networking systems poses a challenge. Key market players include ABB Ltd., Advantech Co. Ltd., Danaher Corp., 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, and Yokogawa Electric Corp..

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Key Market Trends Fueling Growth

The industrial automation device manager software market is experiencing significant growth due to the integration of advanced technologies like IoT, data analytics, and cloud computing. These technologies have replaced traditional wired systems in industrial facilities, providing benefits such as remote monitoring, system optimization, and energy efficiency. Cloud computing acts as a powerful tool for storing and processing critical operational data, enabling effective business decision-making and deriving insights from unstructured data. IoT technology facilitates data sharing between devices, enhancing the overall performance of industrial operations. The market is expected to continue growing as the demand for scalable and robust industrial automation solutions increases. 

The Industrial Automation Device Manager software market is experiencing significant growth due to the increasing demand for automation in various industries. Logistics and manufacturing sectors are leading the way in adopting these solutions to improve efficiency and productivity. The market is witnessing a trend towards cloud-based and real-time monitoring systems, allowing for remote access and control of devices. Producers are focusing on providing secure and reliable solutions to address the concerns of data security and network connectivity.

Additionally, the integration of machine learning and artificial intelligence technologies is enabling predictive maintenance and optimizing production processes. Overall, the market is expected to continue its upward trajectory as more businesses seek to streamline their operations and reduce costs.

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Market Challenges

• The industrial communication cables market's robust growth, driven by the adoption of wired protocols like Fieldbus and Ethernet, presents a challenge for the industrial automation device manager software market. Key advantages of wired communication include uninterrupted data transmission, minimal interference, and higher data speeds.
• The emergence of Power over Ethernet (PoE) and fiber-optic cables has further boosted data transmission speeds up to 100 Gbps. This market expansion may hinder the growth of the industrial wireless market, ultimately impacting the industrial automation device manager software market's development during the forecast period.
• The Industrial Automation Device Manager software market faces several challenges in implementing and managing complex systems. These challenges include compatibility issues between various machine types and software versions, ensuring secure network connections, and integrating new technologies like IoT and AI.
• Additionally, keeping up with the latest industry standards and regulations, such as cybersecurity and data privacy, can be a significant challenge. Proactively addressing these issues through robust software solutions and ongoing training for staff is essential for businesses to optimize their industrial automation processes and maintain a competitive edge.

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Segment Overview

1. Deployment
• 1.1 On-premises
• 1.2 Cloud
2. End-user
• 2.1 Oil and gas
• 2.2 Power
• 2.3 Chemical and petrochemical
• 2.4 Automotive
• 2.5 Food and beverages and others
3. Geography
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 On-premises- The on-premise deployment method holds the top position in the industrial automation device manager software market in 2023. Organizations in sectors with strict data security and regulatory requirements, such as healthcare and finance, favor on-premise solutions. These deployments offer greater control over software customization and infrastructure integration, making them ideal for complex business needs.

Leading companies like Schneider Electric and ABB continue to provide specialized on-premise solutions, solidifying this deployment style's dominance. Despite the market's evolution, on-premise solutions' advantages ensure continued growth during the forecast period.

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Research Analysis

In the dynamic and intricate automation sector, the Industrial Automation Device Manager Software Market plays a pivotal role in optimizing factory automation for various industries, including consumer goods and automotive. This cloud-based solution facilitates the management of machinery in complex logistics chains, enabling real-time diagnostics and inspections. It supports predictive and prescriptive maintenance in reactive and predictive states, ensuring minimal downtime.

Smart manufacturing integrates robotics, automation, artificial intelligence, machine learning, deep learning, machine vision, and intelligent traffic to enhance productivity and efficiency. The software market caters to revenue streams in drilling operations, pipeline monitoring, weather monitoring, and process automation. Collaborative robots and digital workflows further streamline operations, making the automation sector more efficient and profitable.

Market Research Overview

The Industrial Automation Device Manager Software market encompasses solutions designed to monitor, manage, and optimize various industrial automation devices and systems. These tools enable real-time visibility into device performance, diagnostics, and troubleshooting. They also facilitate configuration, firmware updates, and security management. Logistics and supply chain management, predictive maintenance, and analytics are other key functionalities.

Producers of these software solutions cater to industries such as manufacturing, energy, water and wastewater, transportation, and healthcare. Robotic processes and artificial intelligence technologies are increasingly integrated into these offerings. The market is expected to grow significantly due to the increasing adoption of Industry 4.0 and the Internet of Things (IoT) in industrial automation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premises
• Cloud
• End-user
• Oil And Gas
• Power
• Chemical And Petrochemical
• Automotive
• Food And Beverages And Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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