Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The global field service management market size is expected to reach USD 7.09 billion by 2027 while exhibiting a CAGR of 13.8% between 2020 and 2027. This is attributable to the increasing adoption of advanced technologies such as artificial intelligence and the internet of things (IoT) in the development of innovative field service management solutions across the globe. Fortune Business Insights, in its latest report, titled, “Field Service Management (FSM) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services) By Deployment (Cloud, On-Premise), By Organization Size (Large Enterprises, Small and Medium Sized Enterprises (SME’s)), By Vertical (Banking, Financial Services and Insurance (BFSI), IT and Telecommunication, Healthcare and Life Sciences, Manufacturing, Transportation and Logistics, Construction and Heavy Equipment, Energy and Utilities, and others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 2.54 billion in 2019.
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Surging Demand for Mobile-based Solutions amid COVID-19
The global pandemic has provided a boost to remote working owing to the restrictions on working together across companies to contain its spread. This is propelling the demand for advanced mobile-based solutions to ensure efficient working of the businesses. This is primarily favoring the field service management technicians to complete their tasks, while maintaining safety of selves and customers. Therefore, the global pandemic is expected to bode well for the market growth in the near future.
Field service management (FSM) software is beneficial for companies to deliver efficient and fast-paced services such as managing personnel, tracking requests, and maintaining real-time visibility of operations. It includes advanced features such as inventory management, work order management, and others. Additionally, it aids the companies to manage service requests and repairs, along with installation of equipment to maintain continuity in processes.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
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DRIVING FACTORS
Increasing Adoption of Artificial Intelligence to Surge Demand
The growing competition among businesses to provide efficient and sophisticated services to the consumers has led to the increasing adoption of advanced technologies such as artificial intelligence (AI) and the internet of things (IoT). These technologies allow the field service management technicians to leverage large amount of data and further aid in automating several crucial tasks. Additionally, they are able to respond faster and solve the customer queries within time enabling customer satisfaction and rising revenue sales. Therefore, the adoption of AI-based field service planning is anticipated to bode well for the growth of the global field service management in the forthcoming years.
SEGMENTATION
Manufacturing Segment Held 23.2% Market Share in 2019
The manufacturing segment, based on vertical, is expected to remain dominant owing to the growing adoption of automation services across several manufacturing units to expedite operations and provide optimum customer-centric solutions. The segment held a market share of about 23.2% in 2019.
REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Focus on R&D Activities to Propel Growth
Among all the regions, North America generated USD 855.7 million in 2019 and is expected to hold the highest position in the global market during the forecast period. This is attributable to the increasing focus on R&D activities by the companies to develop innovative field service management solutions to increase productivity and efficiency in operations.
The market in Asia-Pacific is anticipated to showcase a considerable growth owing to the large presence of small and medium-sized enterprises that propel the demand for advanced solutions in countries such as India and China between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Product Launches by Major Companies to Brighten Market Prospects & Boost Sales Revenue
The global field service management market is consolidated by the active participation of key players that are striving to maintain stronghold by introducing advanced field service management solutions to cater to the complex demand of businesses globally. Additionally, the major companies are establishing partnerships with others to expand their product portfolios that will boost the market growth in the forthcoming years.
Industry Development:
- November 2019 – Sig Sauer, Inc introduces Plant 360 Asset Management, an integrated FSM and asset performance management (APM) digital solution. According to the company, the solution is expected to aid food and beverage companies to boost production and cater to the changing consumer preferences by adopting automation services.
List of the Companies Profiled in FSM Market:
- ServiceMax, Inc. (California, United States)
- Oracle Corporation (California, United States)
- IFS AB (Industrial and Financial Systems, Aktiebolag) (Linköping, Sweden)
- Salesforce.com, Inc (ClickSoftware) (California, United States)
- PROV INTERNATIONAL, INC (Florida, United States)
- SAP SE (Walldorf, Germany)
- PRAXEDO (Paris, Ile de France)
- Infor, Inc. (New York, United States)
- Comarch SA (Kraków, Poland)
- OverIT S.p.A. (Fiume Veneto, Italy)
- FieldAware Group Ltd.( Plano, Texas)
- GEOCONCEPT SAS (Bagneux, France)
- Mize, Inc (Telangana, India)
- Zinier, Inc. ( California, United States)
- Sig Sauer, Inc. (Eckernförde, Germany)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Field Service Management (FSM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Work Order Management
- Schedule, Dispatch, And Route Optimization
- Customer Management
- Inventory Management
- Service Contract Management
- Reporting And Analytics
- Others (Resource Management, Technician and vehicle Tracking, Etc.)
- Services
- Managed
- Professional
- Integration and Implementation
- Training and Education
- Support and Maintenance
- Solutions
- By Deployment (Value)
- Cloud
- On-Premises
- By Organization Size(Value)
- Large Enterprises
- Small and Medium Sized Organization
- By Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- IT And Telecom
- Healthcare And Life Sciences
- Manufacturing
- Transportation And Logistics
- Construction And Heavy Equipment's
- Energy And Utilities
- Others (Government, Media and Entertainment, Education, Etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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