Pune, India, April 07, 2022 (GLOBE NEWSWIRE) -- The global field service management market size was USD 2.87 billion in 2020. The market is projected to grow from USD 3.24 billion in 2021 to USD 8.06 billion in 2028 at a CAGR of 13.9% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Field Service Management (FSM) Market, 2021-2028.”
According to our analysts, the tenacious demand for customer-centric solutions among numerous businesses, which has further raised field service solution demand. The mobile-driven solution is also aiding businesses to fuel consumer-led experiences and elevate output.
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Industry Development
July 2021: 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 |
| Field Service Management Growth Drivers | Progressive FSM Solutions to Endure Service Demand amid COVID-19 Pandemic |
| Rising Demand for Real-time Visibility Services to Drive Market Growth | |
| Rising Preference for Enterprise Mobility Solutions to Boost Growth in North America |
Progressive FSM Solutions to Endure Service Demand amid COVID-19 Pandemic
The exponential outbreak of the COVID-19 disaster has augmented various obstacles and jeopardies for the field service industry. The drastic infliction of lockdown has impacted brutally to the on-site business operations. Therefore, the global COVID-19 somewhat has braked down the field service management market growth during the year 2020.
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https://www.fortunebusinessinsights.com/field-service-management-fsm-market-102215
Report Coverage
The market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the human capital management market.
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)
- Zinier, Inc. (California, U.S.)
- Sig Sauer, Inc. (Eckernförde, Germany)
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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.
- By Application
- Canada
- By Application
- U.S.
- By Component (Value)
- Global Field Service Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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