NEW YORK, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors, the global field service management market was worth around USD 3,172.5 million in 2021 and is estimated to grow to about USD 6,161.9 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.7% over the forecast period.
The report analyzes the field service management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the field service management market.
Report Synopsis:
Field service management helps organizations keep a track of their assets and manage maintenance and operations in an optimized manner to ensure proper functionality of all systems deployed in the organization. Increasing technological proliferation is expected to majorly drive the field service management market growth through the forecast period.
Rising urbanization across the world has given further impetus to digitization and automation and this will also drive the field service management market potential through 2028. Increasing demand for digital solutions by multiple organizations is also expected to bolster field service management market growth in the coming years.
Data confidentiality and security concerns of privacy are expected to be the major factors that will negatively impact the field service management market potential through 2028.
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COVID-19 Impact:
The COVID-19 pandemic sped up digitization and this trend helped the field service management market to run sustainably while most of the markets across the world toppled under adverse conditions due to the worldwide spread of coronavirus infections. The rising adoption of digital and cloud-based solutions by organizations across the world also led to an uproar in demand for field service management solutions and services.
The field service management market is anticipated to see further growth in the post-pandemic era as digitization paces up and multiple organizations move to digital infrastructure. The increasing popularity of remote management solutions is also expected to boost field service management market growth over the forecast period.
Growth Drivers
Rising Digitization in Field Services Industry Landscape
Advancements in technology have revolutionized the field service management marketplace and real-time monitoring is a major trend that has gained massive popularity in recent years and will prominently influence the field service management market potential through 2028. The increasing trend of automation and digitization will also further bolster the field service management market potential in the long run. Technicians are able to remotely check and control field services and this helps them diagnose and maintain systems in an efficient manner. Increasing deployment of machines and automation systems are also expected to boost field service management market potential through 2028.
Restraints
Concerns Regarding Data Privacy
The field service management market will be restrained by concerns regarding the security of the data that is managed through these services. Increasing cybercrime activity across the world has also negatively influenced the adoption of multiple digital and online solutions on a global scale. Rising concerns about data privacy and data management in this field service management are also expected to further hinder the market potential over the forecast period.
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Key Findings:
- As per the analysis, the Field Service Management market is likely to grow above a CAGR of around 11.7% between 2022 and 2028.
- In terms of revenue, the Field Service Management market size was worth around USD 3,172.5 million in 2021 and is estimated to hit approximately USD 6,161.9 million, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- On the basis of Solution segment, the Schedule, Dispatch, and Route Optimization segment is anticipated to have a positive outlook over the projection period due to an increasing focus on optimizing field service management services and solutions to achieve maximum productivity.
- The integration and implementation segment within Services is anticipated to take the lead over the projection period as demand for field service management rises.
- On the basis of region, the Asia Pacific leads the global field service management industry, driven by industrial development in various economies.
Segmentation Insights
The global field service management market is segregated based on components, solution, services, deployment type, organization size, and region.
By Solution, the market is divided into Schedule, Dispatch, and Route Optimization, Customer Management, Work Order Management, Inventory Management, Service Contract Management, Reporting and Analytics, and Other Solutions (Billing, Invoicing, Tracking and Performance Management). The Schedule, Dispatch, and Route Optimization segment are projected to have a bright outlook over the forecast period owing to the rising focus on optimizing the field service management services and solutions to ensure maximum productivity.
By Services, the field service management market is segmented into Integration and implementation, Training and Support, and Consulting. The integration and implementation segment is projected to have a dominant outlook over the forecast period and will be closely followed by consulting segment as the demand for field service management bolsters over the forecast period.
Report Scope
| Report Attribute | Details |
| Size of Market 2021 | USD 3,172.5 Million |
| Future Size of Market 2028 | USD 6,161.9 Million |
| CAGR Growth Rate (%) | 11.7% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2028 |
| Prominent Vendors | 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), and Others |
| Major Segment | By Components, Solution, Services, Deployment Type, Organization Size, and By Region |
| Key Regions | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Regional Landscape
Asia Pacific region leads the global field service management market in terms of revenue and volume share owing to rapid technological proliferation in this region that is driven by urbanization and industrialization in multiple economies in this region. India, Japan, and China are anticipated to be the most lucrative markets in this region through 2028. The field service management market will also be influenced by increasing digit8ization and automation trends in this region over the forecast period.
The market for field service management in North America will also have a bright outlook owing to the rising adoption of automation technologies in this region. The United States and Canada are expected to be the most significant markets for field service management in this region.
Recent Developments
In August 2021 – Microsoft the leading name in the technology industry announced the release of a new update that will allow administrators to enhance their field service customer experience and enhance technician experience as well.
Competitive Landscape
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Some of the main competitors dominating the global field service management market include 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 global field service management market is segmented as follows:
By Components
- Solution
- Services
By Solution
- Schedule, Dispatch, and Route Optimization
- Customer Management
- Work Order Management
- Inventory Management
- Service Contract Management
- Reporting and Analytics
- Other Solutions
By Services
- Integration and Implementation
- Training and Support
- Consulting
By Deployment Type
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- SMEs
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- South America
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