Portland, OR , Oct. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global field service management market generated $4.00 billion in 2020, and is estimated to reach $24.29 billion by 2030, witnessing a CAGR of 19.7% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.
Requirement to keep a track of field activities, demand for mobility to gain real-time visibility, and adoption of automation & digitalization in the field services industry drive the growth of the global field service management market. However, scarcity of skilled workforce to operate on FSM hinders the market growth. On the other hand, integration of AI, AR and VR in field services sector and adoption of IoT and cloud-based solutions provide new opportunities in the coming years.
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Covid-19 Scenario:
- The Covid-19 pandemic led to a positive impact on the field service management market as field service management technologies have been assisting enterprises in addressing the extensive capacity demand.
- Construction and manufacturing sites have been closed down during the pandemic. However, organizations in the energy and utility industry have been adopting remote ways of working. For instance, engineers, developers, and designers have been relying on digital collaboration tools such as field service management software and inventory management software.
- There has been increase in usage of augmented reality and virtual reality simulations to re-optimize schedules and plan the projects by contractors and engineers across the globe.
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The report offers detailed segmentation of the global field service management market based on component, deployment, organization size, industry vertical, and region.
Based on component, the solution segment accounted for the highest market share in 2020, holding more than two-thirds of the total share, and is estimated to maintain its lead during the forecast period. However, the services segment is expected to witness the highest CAGR of 21.6% from 2021 to 2030.
Based on industry vertical, the manufacturing segment held the highest share in 2020, contributing to more than one-fifth of the global field service management market, and is expected to maintain its lead position in terms of revenue throughout the forecast period. However, the energy & utilities segment is projected to manifest the highest CAGR of 23.4% from 2021 to 2030.
Based on region, North America contributed to the largest share in 2020, accounting for more than one-third of the total share, and is estimated to maintain its lead position by 2030. However, Asia-Pacific is projected to register the fastest CAGR of 23.0% during the forecast period.
Leading players of the global field service management market analyzed in the research include Oracle Corporation, IFS AB, Microsoft, ServiceMax, Salesforce.com Inc., Comarch SA, OverIT, Praxedo, Infor, and SAP SE.
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