New York, US, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Field Service Management Market Research Report Information By Component, Deployment, Organization Size, and By Vertical - Forecast till 2030”, the market is anticipated to acquire a valuation of approximately USD 8.93 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.9% during the assessment timeframe.
Field Service Management Market Overview
The field service management market is expected to grow steadily over the next few years. The rising adoption of field service management (FSM) solutions among businesses to enhance customer experience would be a key driving force.
Leaders in the FSM market include-
- Capterra(US)
- Acumatica Inc. (US)
- Accurent(US)
- Click Software(US)
- Astea International Inc. (US)
- IBM Corporation (US)
- Field Aware(US)
- Comarch SA (Poland)
- IFS(Sweden)
- Microsoft Corporation (US)
- Infor(US)
- Salesforce.com (US)
- SAP SE (Germany)
- Oracle Corporation (US)
- OverIT (Italy)
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Field service management (FSM) solutions are designed to help service providers involved in HVAC, plumbing, electrical, landscaping, and other trade companies to manage every aspect of their businesses in one easy-to-use platform. These easy-to-use software tools help field service trade business owners and teams to reduce the hassle of back-office operations by cutting down paperwork and boosting profitability.
Additionally, field service management software is ideal for cleaning & painting, roofing & fencing, and handyman service businesses. The FSM software is readily integrated with smartphones to share and distribute information among central authorities and field workers. Moreover, these solutions feature intuitive navigation and easy drag-and-drop functionality, all accessible through a simple interface, from anywhere, and on any device.
Field Service Management Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 8.93 Billion |
| Growth Rate | CAGR of 11.9% from 2020 to 2030 |
| Key Market Opportunities | Requirement of predictive analytics |
| Key Market Drivers | The increasing need for mobility with IoT. Growing adoption of cloud-based applications |
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Evolution of Field Service Operations & Field Service Management
The field service sector began to change, with the outbreak of the COVID-19 pandemic taking field service operations to a new level. The pandemic encouraged enterprises to opt for field service features like remote project management and automation as vital capabilities. However, organizations needed to deploy field service technicians for critical maintenance to gain more visibility into their operations.
This, as a result, triggered the need for remote triage capabilities and better project management. Later, when most businesses began to resume offices, many of these features came in handy in improving productivity and asset life. Subsequently, FSM providers began to improve their customer service and efficiency by integrating AI, IoT, predictive analytics, and automation into their offerings.
Field service providers try boosting productivity by automating workflows without replacing existing systems. Therefore, some FSM providers integrate their software Microsoft Power Automate to offer low code integration and automation to their customers. This further allows them to connect the field service platform with all Microsoft products and other apps & web services to leverage the benefits of integrated workflows.
Every service provider sees automation of complex field service processes as imperative. However, many are still struggling with paper timesheets and manual data collection and entry of this data into accounting systems, thus lowering employee productivity and customer experiences. Also, organizations looking to digitize their operations needed to take up the daunting task of building & integrating software systems requiring heavy investments.
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Industry Trends
The Field Service Management Market is expected to witness significant demand over the next couple of years. The growing need to enhance customer satisfaction by delivering quicker & better service responses and decreasing downtime would contribute to the market growth. Besides, the growing use of smartphones and wearable devices in organizations for sales and marketing purposes positively impacts market growth.
Also, the rising demand for efficient solutions to address many critical issues, follow resources remotely, and determine & allocate resources in case of emergencies boosts the market size. Additionally, the increasing need for mobility with IoT, the requirement for predictive analytics, and the growing adoption of cloud-based applications substantiate the FSM market shares.
Field Service Management Market Segments
The Field Service Management Market is bifurcated into components, deployment types, organization size, verticals, and regions. The component segment is sub-segmented into solutions (schedule, dispatch, route optimization, customer management, work order management, inventory management, service contract management, and reporting & analytics) and services (consulting, integration & implementation, training & support, others).
The deployment type segment is sub-segmented into on-cloud and on-premises. Similarly, the organization size segment is sub-segmented into large enterprises and small & medium-sized enterprises. The vertical segment is sub-segmented into telecom, IT & ITeS, healthcare & life sciences, manufacturing, construction & real estate, transportation & real estate, transportation & logistics, energy & utilities, oil & gas and others (BFSI and retail)
Field Service Management Market Regional Analysis
Globally, the North American region accounts for the largest share of the field service management market. The large presence of major vendors and the wide adoption of field service management solutions drive regional market growth. Besides, technological advancements in FSM propel the market growth, availing efficient solutions. Simultaneously, well-established infrastructure and seamless internet connectivity impact the growth in the regional FSM market positively.
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Field Service Management Market Competitive Analysis
The fiercely competitive field service management market appears fragmented due to the competitive landscape formed by many large and small players and new entrants. Leading enablers strive to develop asset-centric field service management solutions that can boost the users’ digitization of service operations.
They ensure that their product-focused service strategy empowers users with outcome-based solutions that are more personalized and improve service maintenance. Product launch, agreement & partnership, M&A, and expansion are some strategic initiatives traced from the recent proceedings in the FSM market.
For instance, on Sep. 26, 2022, Mitsubishi Electric Corporation announced innovation investments in FTV LABS Pte. Ltd., a Singapore-based provider of KEGMIL, a field service management platform, to take up last-mile digitization. This is ME Innovation Fund’s second investment in a target company.
KEGMIL software helps professionals with workflow automation and mobile-first technologies to drive operational efficiency, service performance, and knowledge retention. Mitsubishi Electric and FTV LABS also plan to expand mutual business in Southeast Asia.
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