Mobile Workforce Management Vendors Urged to Invest in AI and Predictive Analytics to Sustain Competitive Edge in Market
Growth opportunities in this market are accelerated by agile vendors and eager customers, finds Frost & Sullivan's Digital Transformation team
SANTA CLARA, California, July 18, 2017 /PRNewswire/ -- The North American mobile workforce management (MWM) market is growing at an impressive rate, presenting strong opportunities for field service organizations and MWM providers. Vendors are leveraging novel technologies and selective acquisitions/alliances to meet heightened customer and employee expectations around these services. Nonetheless, challenges regarding cost, ease of use, and integration of new technologies still remain. Field organizations and field service management solution vendors that lag on mobilization will be at a competitive disadvantage in the high-pressure marketplace. To thrive, stakeholders must stay current on tech trends, partnership opportunities, new entrants, and customer feedback.
Frost & Sullivan's latest analysis, North American Mobile Workforce Management Solutions – Transforming Today's Field Service Sectors, reveals annual revenues from packaged MWM solutions are expected to grow steadily over the coming years from an estimated $1.03 billion in 2016, with a compound annual growth rate (CAGR) of 24.0 percent. Major growth opportunities exist around predictive analytics, IoT integration, the home healthcare segment, fleet and asset management integration, and wearable apps.
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"Existing MWM market challenges are eminently solvable, but the onus is on the vendor to get smart about mobility, place an emphasis on user-friendly design, and help customers get set up and deployed," said Mobile & Wireless Communications Industry Director Jeanine Sterling. "Real growth lies in an ability to expand MWM capabilities to new verticals, and by making field management more predictive and proactive through artificial intelligence and Internet of Things (IoT) integration."
MWM solution capabilities can range from simple worker location tracking to more complex assistance, such as data capture, work order management, dispatching, mobile payments, reporting and analytics. Disruptive trends that are sparking opportunities in the North America MWM solutions market include:
- Continued migration toward more affordable cloud-based solutions, which will widen the potential MWM market to include small and mid-sized businesses;
- Investment in innovative technologies, such as artificial intelligence, augmented reality, and wearables to enrich MWM apps;
- Integration of MWM apps with adjacent or related solutions, such as fleet management, asset tracking, business communications, and backend company systems;
- Modularization of the MWM solution elements, making it easier for the customer to mix and match capabilities to suit their unique needs;
- New market entrants, specifically customer relationship management (CRM) solution providers; and
- Partnerships with IoT platform providers that enable a shift from the reactive break/fix service model to a more proactive approach to service.
"North American businesses are enthusiastic adopters of mobile business-to-employee software applications. U.S. and Canadian companies that have adopted MWM solutions report high levels of satisfaction, and over half of the current MWM users plan to expand their solution within the next year," added Sterling. "The powerful combination of customers that are willing to expand their deployments and vendors eager to incorporate new technologies to enhance their solutions, make the region's MWM market an exciting one."
North American Mobile Workforce Management Solutions—Transforming Today's Field Service Sectors is part of Frost & Sullivan's Mobile & Wireless Communications Growth Partnership Service.
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North American Mobile Workforce Management Solutions—Transforming Today's Field Service Sectors
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Corporate Communications – North America
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