Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global field service management market is expected to grow exponentially over the review period, securing a substantial market valuation of approximately USD 8.93 billion by 2030, and a healthy 11.9% CAGR over the review period.
Field Service Management (FSM) is a set of processes and tools used to manage and optimize field service operations, such as dispatching technicians, managing work orders, and tracking maintenance and repair activities. FSM typically involves coordinating activities performed by workers or contractors who are out in the field, installing, maintaining, or repairing equipment or infrastructure at customer sites. Effective FSM can help organizations improve their efficiency, productivity, customer satisfaction, and profitability, by ensuring that the right technician, with the right skills and equipment, is dispatched to the right location, at the right time.
Drivers and Restraints
The global field service management market is witnessing immense growth, primarily due to the advent of cloud technologies and rising popularity of bring your own device (BYOD). In addition to this, some other factors that are responsible for the growth of the FSM market include the growing need of customer satisfaction and increasing adoption of smartphones & wearable devices by field service personnel. The field service management program also helps to resolve the problems more effectively by remotely tracking the facilities and automatically defining and allocating resources during emergency. These features of field management software allow businesses to deliver quicker service response and reduced downtime that ultimately improve customer satisfaction. Increasing need to optimize business process efficiency and increasing demand for an integrated, reliable, and standardized field service management system are major factors driving market growth. In addition, field service management software is easily integrated with smartphones which streamline information flow between central authorities and field workers. Nonetheless, lack of skills expertise related to field service management software is one of the factors restricting FSM market growth during the assessment period. On the other hand, in developing and underdeveloped countries, lack of knowledge and slow growth are some of the factors that impede the growth of the market for field service management. Security issues about access to sensitive data may also hamper growth in the market.
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Competitive Analysis
The major market players operating in the global market as identified by MRFR are Acumatica Inc. (US), Capterra(US), Accurent(US), Astea International Inc. (US), Click Software(US), IBM Corporation (US), Comarch SA (Poland), Field Aware(US), IFS(Sweden), Infor(US), Microsoft Corporation (US), Salesforce.com (US), Oracle Corporation (US), SAP SE (Germany), OverIT (Italy), among others.
Segmental Analysis
The global field service management market is segmented into organization size, component, deployment, and vertical.
Based on the component, the market is divided into solution and service.
By solution, the market is segmented into route planning, scheduling & dispatching, inventory management, mobile field service management, equipment management, service contract management, warranty management, pre-voicing, work order management, billing & invoice, service history tracking, and others.
By service, the market is segmented into support & training, implementation, and consulting.
By deployment, the market is bifurcated into cloud, and on- premise.
By organization size, the market is segmented into SMEs and Large enterprise.
By vertical, the market is segmented into education, healthcare, manufacturing, retail, construction, IT& telecom, and others.
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Regional Overview
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
North America is leading the global field service management market during the review period. The market growth is owing to the presence of IT giants that include Microsoft Corporation, Oracle Corporation, Salesforce.com, IBM Corporation, and other leading companies in the FSM market. Some propelling factors for market growth are the early adoption of technology and high investment in research and development as part of the growth strategy of the leading and IT giants. In addition, Asia-Pacific expects to hit the highest CAGR during the forecast period due to the growing number of highly field service workers in the IT & Telecom sector and rising smartphone adoption in the region.
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