New York , Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global field service management market size is expected to expand at 14.90% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 25 billion by the end of 2035, up from a revenue of USD 5 billion in the year 2022. Field service management solutions are increasingly being delivered through cloud-based models, which offer numerous advantages over traditional on-premises software.
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Cloud-based solutions are more flexible, scalable, and cost-effective than their on-premises counterparts, making them an attractive option for businesses of all sizes. Additionally, cloud-based solutions can be accessed from anywhere with an internet connection, making them ideal for field service workers who need to access information while on the go. By 2025 it is estimated that, around 200 zettabytes of data will be stored in the cloud. An impressive majority, 62% of data worldwide is already being stored in the cloud. It's worth mentioning that cloud data centers consume 2.9% of the world’s energy.
Field Service Management Market: Key Takeaways
- Market in North America to propel highest growth
- On-Premise segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Emphasis on Customer Experience to Boost Market Growth
Companies are realizing that the importance of providing a positive customer experience is key to customer loyalty and retention. Field service management solutions help companies provide better customer service by enabling them to track customer interactions, identify patterns, and make informed decisions. Research shows that a significant majority of consumers 88% are inclined to make additional purchases when they have a positive customer service encounter. Moreover, an impressive 94% of customers are highly likely to engage in repeat purchases, with companies that provide customer service. As customer expectations continue to rise, businesses are placing a greater emphasis on delivering exceptional customer experiences. Field service management solutions can play a key role in this effort by providing real-time updates on service requests, improving communication between customers and field service workers, and enabling faster response times. By using field service management solutions to enhance the customer experience, businesses can increase customer satisfaction and loyalty, leading to long-term growth and success.
Field Service Management Industry: Regional Overview
The global field service management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Need for Field Service Automation Solutions In Various Industries to Drive the Growth in the North America Region
The field service management market in North America region is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing need for field service automation solutions in various industries, such as healthcare, manufacturing, and the energy sector. Furthermore, the increasing demand for better customer service, as well as the need for improved productivity and efficiency, is also driving the market growth in region. Additionally, there is a rising demand for field service management market due to the increasing prevalence of mobile workers in the North American region. According to projections the United States is expected to witness a growth in its mobile workforce reaching 94 million by 2024 compared to 79 million, in 2020. This rise in mobile workers requires better field service management in order to track employee locations and provide better customer service. Furthermore, better field service management will help companies to better manage their resources, improve the overall customer experience, and reduce costs.
Rapid Economic Growth and Urbanization to Drive the Growth in the Asia Pacific Region
The Asia Pacific field service management market is estimated to garner the largest revenue by the end of 2035. Asia Pacific is experiencing rapid economic growth, which is driving the demand for field service management solutions. Companies are looking for ways to streamline their operations and improve efficiency, and field service management can help them achieve these goals. Moreover, emerging economies in region such as India, China, and Japan are also experiencing rapid urbanization, which is leading to an increase in the number of people living in cities. In 2021 the rate of urbanization in India was 1.30% showing a year-on-year increase of 1.6%. Over the period from 2010, to 2021 this indicator saw a growth of 19%. Similarly, China had an urbanization rate of 1.70% in 2021. This has created a need for more field service management solutions to manage the growing number of service requests and appointments.
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Field Service Management Segmentation by Deployment
- On-premises
- Cloud
The on-premise segment is on-premise solutions as they are more secure and provide more control over their data. They also allow companies to customize their solutions based on their specific needs and budget. Additionally, on-premise solutions provide companies with better scalability and more flexibility when it comes to managing their data. Over 56% of individuals continue to depend on traditionally managed on-premise systems. Remarkably a survey conducted among more than 500 IT decision makers reveals that nearly 97% of businesses still rely on IT infrastructures located on their own premises. Furthermore, on-premises solutions may offer better customer service as companies can have more control over their data and can provide better support for their customers.
Field Service Management Segmentation by FSM Type
- Scheduling
- Dispatch
- Route Optimization
- Service Contract Management
- Work Order Management
- Customer Management
- Inventory Management
- Services
- Others
In field service management market, the service segment is anticipated to hold the largest revenue by the end of 2035. This growth is driven by the need for organizations to manage their IoT infrastructure, as well as the need for companies to offer service to these devices. Furthermore, the need for service contracts is also driven by the need for companies to store, analyze, and act on the data generated by these devices. In addition, the rise in the use of cloud-based solutions and the expansion of the IoT industry are anticipated to contribute positively to the growth of service contract management. The current valuation of the sector stands at around USD 780 billion with approximately 73% of its sales revenues stemming from enterprise IoT in 2020. Given that devices generate vast volumes of data that necessitate monitoring and management a multitude of service contracts, with different vendors becomes indispensable.
Field Service Management Segmentation by Enterprise Size
- Small
- Medium Enterprises
- Large Enterprises
Field Service Management Segmentation by Industry vertical
- IT &Telecom
- Healthcare & Life Sciences
- Energy &Utilities
- Oil & Gas Others
A few of the well-known market leaders in the global field service management market that are profiled by Research Nester are SAP, Oracle Corporation, IFS AB, FieldAware US, Inc., Microsoft Corporation, Coresystems AG, Birlasoft Ltd, Comarch SA, Infor, Praxedo, and other key market players.
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Recent Development in the Field Service Management Market
- Birlasoft Ltd, a company specializing in digital and IT services has deepened its ties with SAP by adopting RISE with SAP. This collaboration enables Birlasoft to tap into the cloud-based technology and extensive range of tools and services offered by SAP. With these resources at their disposal Birlasoft can now. Implement innovative digital solutions, for their clients.
- BWH Hotel Group, a hotel company has implemented the Oracle Hospitality Integration Platform into its central reservation system (CRS) to establish a connection with the Oracle Hospitality OPERA Cloud property management system (PMS). This integration enables all hotels within the BWH Hotel Group to access, manage and exchange real time data, between their CRS and PMS.
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