Chicago, June 27, 2023 (GLOBE NEWSWIRE) -- The global Field Service Management Market size is expected to grow from USD 3.2 billion in 2021 to USD 5.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to a new report by MarketsandMarkets™. FSM solutions and services are rapidly gaining acceptance globally by large enterprises as well as mid-sized enterprises and small enterprises due to various benefits, growing adoption of automation and digitalization and the increase in adoption of BYOD and mobile-based FSM solution. The presence of many FSM providers has made the market competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront.
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Browse in-depth TOC on "Field Service Management Market”
287 - Tables
60 - Figures
289 - Pages
Scope of the Report:
| Report Attributes | Metrics |
| Revenue Forecast Size in 2026 | $5.7 billion |
| Market Size in 2021 | $3.2 billion |
| Growth Rate (CAGR) | 11.9% from 2021-2026 |
| Key Growth Drivers | Increase in adoption of automation and digitalization in the field services industry |
| Key Opportunities | Emergence of technologies, such as augmented reality |
| Market size available for years | 2016-2026 |
| Base year considered | 2020 |
| Forecast period | 2021-2026 |
| Forecast units | Value (USD Million) |
| Market Segmentation | Component (Solution and Services), Deployment Mode, Organization Size, Verticals, and Regions |
| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Oracle(US), Microsoft(US), Salesforce(US), IFS(Sweden), ServiceMax(US), SAP (Germany), Infor(US), Trimble(US), Comarch(Poland), ServicePower(US), OverIT(Italy), FieldAware(US), Geoconcept(France), Zinier(US), Accruent(US) |
The schedule, dispatch, and route optimization solution is gaining popularity in the field service landscape and is expected to account for the largest market size during the forecast period. It is used to collaboratively manage the workforce and enhance dispatch operations. The solution facilitates clients to maximize their output by allocating jobs to field representatives. It allocates jobs to field representatives based on their skills and current location to deliver services in minimum time. Dispatching is the process where the user sends out an employee (an engineer, specialist, or technician) to fix a problem or provide a solution. The process of dispatching is critical for customer satisfaction. The route optimization feature helps in finding the best possible route between two locations.
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The Integration and implementation services are likely to share large revenues in the estimated year, as they enable clients to appropriately deploy and integrate field service management solutions with their existing systems, such as ERP and CRM. These services are provided by trained and technically expert professionals who can ensure the accurate deployment of field service management solutions. The market for field service management solutions is expected to grow because these solutions deliver field services in lesser time and cost.
The on-premise deployment field service accounts for a larger market share in the Field Service Management Market, by deployment type, owing to the security and flexibility provided by them while retrieving data, as field service enterprises deal with sensitive and confidential data about customers and companies. These enterprises use on-premise field service management solutions to have total control over information security about the customer and company. On-premise solutions are installed and hosted in an organization’s IT infrastructure and are managed by its internal IT staff.
The adoption of field service management solutions is higher in large enterprises, and the trend is expected to continue during the forecast period. Field service management solutions are important for large enterprises, as they have a large workforce, large volumes of documentation, and have to maintain extensive customer records. Large enterprises face challenges in assigning work orders to field technicians and engineers. If work orders are not managed efficiently by large enterprises, they can lead to increased costs and lesser productivity. This can also lead to a loss of customer loyalty and market share. Large enterprises are focusing on adopting field service management solutions to centrally manage their business processes and critical data of their workforce and customers.
The field service management for manufacturing organizations is a booming business and holds the largest market share during the forecast period. To help minimize machine downtime, manufacturing organizations are now looking to Industry 4.0 technologies that provide advancements, such as intelligent predictive maintenance and IoT, to detect anomalies in machines and send out real-time alert notifications. A field service management (FSM) solution uses the predictive maintenance or IoT triggers to generate work activities; and, in real-time, find the best-suited field technician to be on-site to perform the work activity. This is done via built-in intelligent scheduling, dispatching, and optimized algorithms. FSM solutions should provide the field service technician with all the information and guidance necessary to execute the task most efficiently. With the help of FSM solutions, manufacturers are capable of augmenting their business efficiency and consumer relationships.
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APAC is projected to witness the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of FSM solutions. China, India, and Japan are the leading countries in terms of the adoption of FSM solutions and services in the region. Asia Pacific is expected to dominate the regional Field Service Management Market; its rapid growth rate is due to the region being home to many SMEs, which are highly involved in the development and adoption of field services and their management solutions. China is one of the largest E-Commerce markets in the world. The expansion in the sector is a significant driver for the adoption of FSM solutions. And as new retail is shifting more and more from a novel concept to the mass market sector, the need for the management of field service is expected to grow.
Top Trends in global Field Service Management Market:
- Cloud-Based FSM Solutions: The adoption of cloud-based FSM options was once on the rise. Cloud deployment presented countless advantages, which include scalability, flexibility, and ease of get right of entry to to real-time data. It allowed groups to manipulate discipline operations greater successfully and supplied discipline technicians with far flung get right of entry to to necessary information.
- Mobility and Mobile Workforce: The proliferation of cellular gadgets and developments in cellular science had a sizeable influence on the FSM market. Field carrier technicians have been an increasing number of outfitted with smartphones, tablets, or specialised cell gadgets that furnished them with get admission to to FSM software, job details, consumer information, and real-time updates. Mobility enabled extended communication, productivity, and consumer service.
- Internet of Things (IoT) Integration: IoT integration was once reworking FSM by using enabling the far off monitoring of property and tools in the field. Connected devices, sensors, and wearables supplied real-time statistics on gear performance, permitting proactive preservation and decreasing downtime. IoT integration additionally facilitated predictive analytics, enabling corporations to optimize scheduling and useful resource allocation.
- Artificial Intelligence (AI) and Machine Learning (ML): AI and ML applied sciences have been being built-in into FSM options to automate and optimize a number processes. These applied sciences enabled sensible scheduling, predictive maintenance, and the automation of activities tasks. AI-powered chatbots and digital assistants have been additionally turning into famous for purchaser guide and troubleshooting.
- Augmented Reality (AR) and Virtual Reality (VR): AR and VR have been gaining traction in FSM for far off help and education purposes. Field technicians should use AR-enabled units to get hold of real-time practise from experts, masking digital data on their subject of view. VR simulations have been being used for coaching purposes, permitting technicians to exercise complicated duties in a protected digital environment.
Key Industry Development in global Field Service Management Market:
- Mergers and Acquisitions: The FSM market has witnessed quite a few mergers and acquisitions as businesses sought to extend their product choices and market reach. Strategic acquisitions allowed corporations to combine complementary applied sciences and beef up their role in the market.
- Partnerships and Collaborations: Many FSM answer vendors fashioned strategic partnerships and collaborations with technological know-how vendors, device integrators, and industry-specific answer providers. These partnerships aimed to leverage every other's strengths and decorate the average fee proposition of their offerings.
- Product Enhancements: FSM answer companies persevered to decorate their choices through introducing new points and functionalities. This covered elevated cell capabilities, more advantageous analytics and reporting tools, integration with rising technologies, and undemanding interfaces.
- Industry-Specific Solutions: There used to be a developing focal point on growing industry-specific FSM options tailor-made to the special necessities of special sectors. This strategy allowed groups to tackle precise challenges and supply industry-specific functionalities and workflows.
- Expansion into Emerging Markets: Many FSM answer carriers improved their presence into rising markets, recognizing the manageable for increase in these regions. This enlargement covered setting up partnerships with nearby companies, investing in localized assist infrastructure, and adapting options to go well with regional requirements.
- Increased Focus on Security: With the developing adoption of cloud-based FSM options and the growing significance of facts privacy, there used to be a heightened center of attention on cybersecurity. Solution vendors laboured on bettering the protection measures of their choices to shield touchy consumer and operational data.
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