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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The industrial automation services market size is estimated to grow at a CAGR of 17.66% between 2022 and 2027 and the size of the market is forecast to increase by USD 74.36 billion. 

The Industrial Automation Market in Life Sciences Industry Market is estimated to grow at a CAGR of 10.31% between 2022 and 2027. 

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

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