The industrial automation device management software market size is expected to grow by USD 1.56 million during 2024-2028. Growing demand for integrated asset management services to drive market growth, Technavio

NEW YORK, June 13, 2024 /PRNewswire/ — The size of the global market for software for managing industrial automation devices is estimated to grow $1.56 billion According to Technavio in the years 2024–2028. The market is estimated to grow at a CAGR of almost 6.72% during the forecast period. The growing demand for integrated asset management services is driving the market growth, with a trend towards the evolution of cloud-based technologies. However, dominating the 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 driving growth

The industrial automation device management software market is witnessing significant growth due to the integration of advanced technologies such as 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 drawing insights from unstructured data. IoT technology facilitates the exchange of data between devices, increasing the overall efficiency of industrial operations. The market is expected to continue to grow 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. The logistics and manufacturing sectors are at the forefront of adopting these solutions to improve efficiency and productivity. We are seeing a trend in the market towards cloud-based and real-time monitoring systems that allow remote access and control of devices. Manufacturers are focusing on providing secure and reliable solutions to solve data security and network connectivity issues.

Additionally, the integration of machine learning and artificial intelligence technologies enables predictive maintenance and optimization of production processes. Overall, the market is expected to continue its upward trend as more companies look to streamline their operations and reduce costs.

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Market challenges

• The strong growth of the industrial communication cable market, driven by the adoption of wired protocols such as Fieldbus and Ethernet, is challenging the industrial automation device management software market. The key advantages of wired communication include uninterrupted data transmission, minimal interference and higher data transmission speeds.

• The advent of Power over Ethernet (PoE) and fiber optic cables has further increased data transmission speeds to 100 Gbps. This market expansion is likely to hamper the growth of the industrial wireless devices market, ultimately impacting the growth of the industrial automation device management software market 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 different types of machines and software versions, ensuring secure network connections, and integrating new technologies such as IoT and artificial intelligence.

• 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 staff training is essential for companies to optimize their industrial automation processes and maintain a competitive advantage.

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Segment overview

1. Application

End user

Geography

1.1 Local- The on-premise implementation method will maintain the leading position in the industrial automation device management software market in 2023. Organizations in sectors with stringent data security and regulatory requirements, such as healthcare and finance, prefer on-premise solutions. These implementations provide greater control over software customization and infrastructure integration, making them ideal for complex business needs.

Leading companies such as Schneider Electric and ABB continue to provide specialized on-premises solutions, strengthening the dominance of this style of implementation. Despite the market evolution, the advantages of on-premise solutions ensure further growth during the forecast period.

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Research analysis

In the dynamic and complex automation sector, the industrial automation equipment management software market plays a key role in optimizing factory automation for various industries, including consumer goods and automotive. This cloud-based solution facilitates the management of machines in complex logistics chains, enabling real-time diagnostics and inspections. 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 motion to increase productivity and efficiency. The software market caters to revenue streams from 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 review

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

Manufacturers of these software solutions serve industries such as manufacturing, energy, water and wastewater, transportation and healthcare. These offers increasingly include robotic processes and artificial intelligence technologies. The market is expected to grow significantly due to the increasing adoption of Industry 4.0 and Internet of Things (IoT) in industrial automation.

Contents:

1 Summary
2 Market landscape
3 Market size
4 Historical market size
5 Five Forces Analysis
6 Market segmentation

• Application

• End user

• Geography

7 Customer landscape
8 Geographic landscape
9 Factors, challenges and trends
10 Company landscape
11 Company analysis
12 Annex

About Technavio

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