Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The global field service management market size was USD 2.87 billion in 2020 and is projected to grow from USD 3.24 billion in 2021 to USD 8.06 billion by 2028, exhibiting a CAGR of 13.9% during the 2021-2028. The tenacious demand for customer-centric solutions among numerous businesses drives the market growth. Fortune Business Insights, provide this information in its report titled, “Field Service Management Market Forecast, 2023-2028.”
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Key Industry Development:
ServiceMax, Inc. attained LiquidFrameworks, who is a mobile field operations management supplier, in order to inflate its FSM solution in energy sectors.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.9% |
| 2028 Value Projection | USD 8.06 Billion |
| Base Year | 2020 |
| Field Service Management Market Size in 2020 | USD 2.87 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, Application, Deployment, Enterprise Size, Vertical and Geography |
Key Takeaways:
- Field Service Management Market Size in North America was USD 959.9 million in 2020
- Major driving factors include increasing adoption of smart and mobile devices
- By application, customer management segment has the largest share in the global market.
- Global demand is driven by adoption of cloud deployment
- Manufacturing end-users will drive the market in the forecast period, 2023-2028
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Drivers and Restraints
- Rising Demand for Real-time Visibility Services to Drive Market Growth
- The real-time field service systems are observing increasing demand across industries to thrust customer gratification.
- The real-time monitoring and management of field technicians permit businesses to resolve customer enquiries in the fresh attempt by linking them with the closest service supplier. Therefore, these solutions are attaining traction across all businesses.
- However, lack of skilled workforce may hinder market growth.
Segmentation
On the basis of component, the market for field service management is classified into solution and services.
By application, the market is categorized into work order management, schedule, dispatch, and route optimization, customer management, inventory management, service contract management, reporting and analytics, and others. Customer management to gain maximum market share owing to the growing focus on customer experience and retention.
In terms of deployment, the market is divided into on-premises and cloud.
Based on enterprise size, the market is branched into small and medium-sized enterprises (SMEs) and large enterprises.
On the basis of vertical, the market is segregated into BFSI, IT and telecommunication, manufacturing, construction and real estate, healthcare and life sciences, transportation and logistics, energy and utilities, and others.
In terms of region, the market is bifurcated into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Regional Insights
Rising Preference for Enterprise Mobility Solutions to Boost Growth in North America
North America held the maximum field service management market shares and is probable to lead the market owing to the rising inclination towards enterprise mobility solutions and constant emphasis to restructure field service teams and operations.
Europe is displaying drastic growth in the acceptance of FSM solutions owing to the embracement of automation in existing manual field service procedures. Numerous industries in European nations are keen on investing in novel technologies to sustain respective field forces.
Asia Pacific outperformed the market in terms of CAGR. The large scale industrialization across nations such as India, Japan, and China is an extremely demanding FSM solution for attaining enhanced workflow and improved productivity.
List of Key Players in Field Service Management Market:
- ServiceMax, Inc. (California, U.S.)
- Oracle Corporation (California, U.S.)
- IFS AB (Industrial and Financial Systems) (Linköping, Sweden)
- Salesforce.com, Inc (ClickSoftware) (California, U.S.)
- PRAXEDO (Paris, Ile de France)
- Infor, Inc. (New York, U.S.)
- Comarch SA (Kraków, Poland)
- OverIT S.p.A. (Fiume Veneto, Italy)
- FieldAware Group Ltd. (Texas, U.S.)
- GEOCONCEPT SAS (Bagneux, France)
- Mize, Inc (Telangana, India)
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Major Table of Contents:
-
- Global Field Service Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solution
- Services
- Managed
- Professional
- Integration and Implementation
- Training and Education
- Support and Maintenance
- By Deployment (Value)
- On-Premises
- Cloud
- By Enterprise Size (Value)
- Large Enterprises
- SMEs
- By Application (Value)
- 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.)
- By Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecom
- Healthcare and Life Sciences
- Manufacturing
- Transportation and Logistics
- Construction and Heavy Equipment
- 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)
- North America Field Service Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solution
- Services
- Managed
- Professional
- Integration and Implementation
- Training and Education
- Support and Maintenance
- By Deployment (Value)
- On-Premises
- Cloud
- By Enterprise Size (Value)
- Large Enterprises
- SMEs
- By Application (Value)
- 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.)
- By Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecom
- Healthcare and Life Sciences
- Manufacturing
- Transportation and Logistics
- Construction and Heavy Equipment
- Energy and Utilities
- Others (Government, Media and Entertainment, Education, Etc.)
- By Country (Value)
- U.S.
- Canada
- By Component (Value)
- Global Field Service Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued…!
FAQs
How big is the field service management market?
Field service management market size was USD 2.87 billion in 2020. It is expected to reach USD 8.06 billion by 2028.
How fast is the field service management market growing?
The field service management market will exhibit a CAGR of 13.9% during the forecast period, 2021-2028
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