Market Analysis
The field service management (FSM) market will touch USD 8.93 billion at an 11.9% CAGR during the forecast period 2020- 2030, states the latest Market Research Future (MRFR) analysis. Field service management or FSM is an automated system that helps to streamline every process related to field operations. The providers of field service can schedule the orders as well as dispatch the right agent to the appropriate work location and track the cars with field service software. Few of its perks include the accessibility to customer information from just any location, fall in operational overheads fuel expenses, improvement of productivity, enhancement of customer satisfaction, and management of mobile workforce.
Various factors are fuelling the global field service management market growth. As per the recent MRFR market estimates, such factors include the growing need for consumer satisfaction, growing adoption of wearable devices and smartphones by field service personnel, the rising need for mobility with IoT, the need for predictive analytics, growing adoption of cloud-based applications, and the rising need to keep track of activities that take place on the field. Additional factors adding market growth include the increasing need for mobility for getting real-time visibility in field operations, increase in adoption of automation and digitalization in the field services industry, the integration of advanced technologies like VR, AR, and AI in the field service sector, growing number of field operations across various end use industries like energy and utilities, construction, oil and gas, and telecom, and rapid adoption of field service management by various small and medium enterprises.
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On the contrary, lack of skills expertise in the FSM software organizations and the impact of the COVID-19 pandemic may limit the global field service management market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global field service management market based on vertical, deployment, organization size, and component.
By component, the global field service management market is segmented into services and solutions. The solutions segment is again segmented into service history tracking, billing and invoice, work order management, pre-voicing, warranty management, service contract management, equipment management, mobile field service management, inventory management, scheduling and dispatching, route planning and others. The services segment is again segmented into consulting, implementation, and support and training. Of these, the solutions segment (work order management) will lead the market over the forecast period.
Based on deployment, the field service management market is bifurcated into on-premise and cloud. Of these, the cloud segment will dominate the market over the forecast period.
By organization size, the global field service management market is segmented into large enterprises and small and medium size enterprises. Of these, large enterprise segment will spearhead the market over the forecast period.
By vertical, the global field service management market is segmented into construction, IT and telecom, retail, manufacturing, education, healthcare, and others. Of these, the manufacturing segment will have the lions share in the market over the forecast period.
Regional Analysis
By region, the global field service management market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. The existence of IT giants, early adoption of technology, better investment opportunities in RD, the presence of technologically advanced and economically advanced countries like Canada and the US, emerging technologies, constant advancements in IT infrastructure, the presence of key market vendors, and wide adoption of mobility solutions that allow real-time visibility into field operations are adding to the global field service management market growth in the region.
In the APAC region, the global field service management market is predicted to have healthy growth over the forecast period. Growing ratification of smartphones and increasing number of highly skilled field service personnel in the IT and telecom sector are adding to the global field service management market growth in the region.
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Key Players
The leading players profiled in the global field service management market report include OverIT (Italy), SAP SE (Germany), Oracle Corporation (US), Salesforce.com (US), Microsoft Corporation (US), Infor(US), IFS(Sweden), Field Aware(US), Comarch SA (Poland), IBM Corporation (US), Click Software(US), Astea International Inc. (US), Accurent(US), Capterra(US), and Acumatica Inc. (US), among others.
Industry Updates
May 2021- Zuper has announced FSM integration with Zoho.
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