Industrial Automation Device Manager Software Market to grow by USD 1.56 billion from 2023 to 2028, Market driven by growing demand for integrated asset management services- Technavio
NEW YORK, Nov. 9, 2023 /PRNewswire/ -- The "Industrial Automation Device Manager Software Market 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) - Forecast and Analysis 2023-2028" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the industrial automation device manager software market between 2023 and 2028 is USD 1.56 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
Growing demand for integrated asset management services is notably driving the market growth. In various end-user industries like heavy industries, oil and gas, and mining, a common challenge is the presence of issues such as disorganized maintenance planning, the absence of a unified data and document source, and inadequate inventory management. These issues result in escalated capital and operational costs and a decrease in the overall efficiency of equipment utilization. Consequently, there is a growing demand for integrated asset management services (IAMS), which is driving the market for industrial automation device manager software.
Market Challenge
The complex implementation of industrial automation device manager software is one of the major challenges impeding market growth. The increasing frequency of cyberattacks and data breaches has driven organizations in various sectors, including BFSI, healthcare, government, and IT, to adopt integrated security solutions as a means to reduce risks. These organizations are incorporating a range of solutions, including firewalls, antivirus software, encryption, server security, data loss prevention (DLP) software, and backup systems, in order to enhance their cybersecurity measures.
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The industrial automation device manager software market is segmented by deployment (On-premises and Cloud), end-user (Oil and gas, Power, Chemical and petrochemical, Automotive, Food and beverages and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The market share growth by the on-premises segment will be significant during the forecast period. In 2023, the on-premise deployment method retained its dominant position in the global industrial automation device manager software market. Several factors contribute to this leadership. Firstly, certain organizations, particularly those in critical infrastructure and highly regulated sectors like healthcare and finance, favor on-premise solutions due to concerns related to data security and compliance with regulatory requirements.
- APAC is estimated to account for 39% of the global market during the forecast period.
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Key Companies in the Industrial Automation Device Manager Software Market:
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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ToC:
Excustive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
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.
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SOURCE Technavio
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