CHICAGO, Nov. 26, 2019 (GLOBE NEWSWIRE) -- According to the research report titled "Field Service Management Market by Component (Solutions, Services), Organization Size, Deployment Type, Industry Vertical (IT and Telecom, Energy and Utilities, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024," published by MarketsandMarkets, the global field service management market is expected to double its worth in the next five years.
At USD 2.8 billion as of 2019, the global field service management market is expected to grow up to USD 5.9 billion by 2024, at a CAGR (Compound Annual Growth Rate ) of 16.2% in the forecast period. There are several reasons that are driving this expected growth. The growing demand for mobility-based solutions to improve field operations, the use of advanced technologies to scale field technicians’ needs and the increasing adoption of cloud-based field service solutions are some of them
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Three Segments to Grow During the Forecast Period
The report also identifies specific segments of field service management that are expected to grow based on demand and usage. The schedule, dispatch, and route optimization solution segments are expected to become the largest during the forecast period. Since scheduling and dispatching are crucial for the efficiency of any organization, it is necessary to find methods that account for unexpected situations that cause human error (for example, late service delivery). According to the report, advancements in technology are expected to play a vital role in shaping the future dynamics of the global markets. The use of technology and automated systems to help businesses navigate scheduling, planning, and dispatching processes will significantly increase efficiency in customer service, reduce operational costs, as well as maximize business output.
Services Segment to Grow Faster Than Solutions Segment
The report further highlights that, in the forecast period, the services segment is likely to grow at a much faster CAGR than the solutions segment. The services segment of field service management has a diverse scope of usage: they can be used to assist clients better in providing them with solutions, strategy, and implementation, and they can also be used internally to cater to business-specific needs of organizations.
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The biggest asset of field service management services is that they bridge the stability of using legacy systems and the ease of modern applications to allow organizations to prioritize and execute the tasks that increase their efficiency the most. They take care of training and implementation work, for example, so that clients can focus on their core business.
The need for such a technology in business has opened up opportunities for vendors to provide services to help various industries deal with the complexities of delegation, administration, and other management-related tasks, while also configuring field service management solutions.
North America Estimated to Dominate the Field Service Management Market Size
In addition to identifying potential growth in specific segments and industries, the report also examines the growth by region. North America, estimated to account for the largest share of field management services in 2019, is also likely to witness the maximum gains during the forecast period. Countries such as the USA and Canada are home to several of the key industry players that offer field service management solutions and services. In addition to being a region that is considered one of the most advanced in terms of adopting digital technologies, the North American market also has the financial stability to invest in leading tools & technologies for effective business operations.
Companies such as Oracle, Microsoft, ClickSoftware, ServiceMax, Astea, Salesforce, Trimble, ServicePower, FieldAware, and Zinier are some of the key players in the North American market, particularly the USA. Other companies from around the world, including IFS (Sweden), Comarch (Poland), SAP (Germany), GEOCONCEPT (France), and FieldEZ (India) are also considered strong contenders.
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