Pune, June 09, 2020 (GLOBE NEWSWIRE) -- The global FSM market is anticipated to gain traction from the urgent demand for efficient solutions owing to the increasing number of field technicians. FSM tools and solutions would aid the organizations in boosting the productivity of these technicians by delivering real-time data and utilizing algorithmically improved scheduling from any device.
Fortune Business Insights™ published the information mentioned above in a recent report, titled, “Field Service Management (FSM) Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment Type (Cloud and On-Premises), By Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), By End-User (Manufacturing, IT and Telecommunications, Healthcare and Life Sciences, Energy and Utilities, Retail and Consumer Goods, Construction, and Others) and Regional Forecast, 2019-2026.” The report further states that the FSM market size stood at USD 2.29 billion in 2018. It is projected to reach USD 7.27 billion by 2026, thereby exhibiting a CAGR of 15.9% during the forecast period.
The Report Answers the Following Questions:
- What are the recent field service management market trends and developments?
- How will the market be affected by changing consumer behavior?
- Which strategies are being adopted by key players to enhance their market footprint?
- Which region will remain in the dominant position in terms of revenue?
- How many niche segments are present in the market?
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Drivers-
Increasing Demand from Service Companies to Augment Growth
Businesses nowadays are seeking workforce management tools as the field service teams are growing in size. They need to monitor their field service technicians in real-time to send the nearest available technician for resolving a consumer’s issues during the first visit. FSM solutions aid technicians in delivering quick services to the consumers, making better business decisions, and enhancing field operations.
Furthermore, these tools are being extensively used by service companies to improve work efficiency and reduce the complexity associated with it. They are hence, trying to streamline the process of capturing and dispatching service requests. FSM tools also aid in assigning the right technician for a particular work, with effective equipment to complete the work on time. By integrating the tools with other back-office systems, they can gain access to the records of the consumers, as well as task history. These factors are set to propel the field service management market growth in the coming years.
Segment-
Manufacturing Segment to Grow Significantly Backed by Need to Improve Customer Services
In terms of end user, the market is segregated into construction, manufacturing, energy and utilities, IT and telecommunications, retail and consumer goods, and healthcare and life sciences. Out of these, the manufacturing segment is set to grow considerably during the forecast period. This growth is attributable to the increasing demand for value additive and cost-effective customer services. With the help of FSM solutions, manufacturers are capable of augmenting their business efficiency and consumer relationships. The IT & telecommunications and energy & utilities segments held 18.8% and 15.8% FSM market share in 2018, respectively.
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Regional Analysis-
Rising R&D Activities by Industry Giants to Favor Growth in North America
In terms of region, the market is fragmented into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. Amongst these, North America held USD 785.6 million in terms of field service management market revenue in 2018 and is set to grow significantly over the forecast period. It is likely to occur because of the rising preference of companies for enterprise mobility solutions. They are also working towards simplifying their field service teams and operations. Additionally, the region houses various industry giants that are investing huge sums in research and development activities to provide better services to the consumers.
Asia Pacific, on the other hand, would grow steadily by exhibiting a comparatively higher CAGR. Developing countries, such as India, Japan, and China, are experiencing rapid industrializations. It is one of the main causes of growth. Also, existing companies in this region are inclining speedily towards unique methods to serve their consumers. It is resulting in the upsurging demand for FSM solutions.
Competitive Landscape-
Zinier Set to Automate FSM While NOV Teams Up with Microsoft to Enhance Sales & Service Operations
The market consists of several companies that are persistently working to increase sales by implementing the strategy of mergers and acquisitions. They are also investing in bringing about technological advancements in their products. Below are a couple of the key industry developments:
- January 2020: Zinier, a leader in intelligent field service automation based in California, raised around USD 90 million in Series C funding to equip field service workforces with artificial intelligence (AI)-driven automation. It will aid the company is expanding ISAC, its AI-based FSM platform.
- July 2018: National Oilwell Varco (NOV), an American multinational corporation headquartered in Texas, partnered up with Microsoft Corporation to digitally enhance the former’s field service operations and sales platform to provide premier experiences, consisting of drilling operations and project management, to the oil and gas industry.
Fortune Business Insights™ lists out some of the most prominent companies present in the field service management market. They are as follows:
- Astea International Inc.
- IFS
- Oracle Corporation
- GEOCONCEPT SAS
- ClickSoftware
- Workfront, Inc.
- ServiceMax, Inc.
- Accruen
- OverIT
- Praxedo
- Zinier Inc.
- FieldAware
- Infor
- SAP SE
- Comarch SA
- Other key market players
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Field Service Management Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Solution
- Services
- Managed Services
- Professional Services
- Consulting
- Implementation
- Training and Support
- By Organization Size (Value)
- SMEs
- Large Enterprises
- By Deployment (Value)
- Cloud
- On-Premises
- By End-User (Value)
- Manufacturing
- IT and Telecommunications
- Healthcare and Life Sciences
- Energy and Utilities
- Retail and Consumer goods
- Construction
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
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