LONDON, March 22, 2017 /PRNewswire/ -- "The growing need for a highly scalable centralized system for the management of field services is expected to drive the Field Service Management (FSM) market"
The FSM market size is expected to grow from USD 1.78 billion in 2016 to USD 3.61 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 15.1%. The FSM market is driven by factors such as need for a centralized system for the management of field services, need for real-time collaboration, along with the ever-evolving demand for increasing operational efficiency and reducing operational costs. However, security concerns with respect to access to confidential data and lack of awareness about the benefits of FSM solutions limit the growth of the market.
"Mobile field execution solution segment is expected to grow at the highest CAGR during the forecast period"
Due to growing need for quick service delivery, real-time collaboration, and scalable solution to achieve improved customer experience, the mobile field execution solution is expected to grow at the highest CAGR during the forecast period.
"Implementation services segment is expected to contribute to the largest market share during the forecast period"
In terms of services, implementation is the highest contributing services segment. The implementation services segment provides end-to-end support to organizations, which is the main reason for its higher adoption. The implementation services type is gaining traction in the FSM market as it helps organizations in identifying the project scope; designing the plan layout; optimizing data quality & delivery through testing, building, and deploying, and integrating FSM solutions with clients existing systems suiting the organizational business needs; and assisting trained professionals in enabling the smooth implementation of FSM solutions.
"Asia-Pacific is expected to have the highest growth rate during the forecast period"
Asia-Pacific (APAC) includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly deploying FSM solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing number of cloud service providers, investments in infrastructure, smartphone users, and many emerging industries in the region. The North American region is expected to be the largest revenue-generating region for FSM solution and service providers in 2016. This is due to the high focus on innovation and technology adoption, especially in the developed economies of North America.
In-depth interviews were conducted with the CEOs, marketing directors, other innovation & technology directors, and executives from various key organizations operating in the FSM market place.
- By company type: Tier 1: 41%, Tier 2: 38%, and Tier 3: 21%
- By designation: C-Level: 73%, Director Level: 17%, and Others: 10%
- By region: North America: 58%, Europe: 17%, APAC: 18%, and RoW: 7%
The report includes the study of key players offering FSM solutions and services: Oracle Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), ClickSoftware Technologies (U.S.), Industrial And Financial Systems AB (Sweden), ServicePower Technologies PLC (U.K.), ServiceMax Inc. (U.S.), Infor (U.S.), and Astea International Inc. (U.S.).
The report includes in-depth competitive analysis of these key players in the FSM market with their company profiles; Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis; recent developments; and key market strategies. The research report segments the FSM market by solution and service, deployment type, user type, industry vertical, and region.
Reasons to Buy the Report
The FSM market has been segmented by solutions and services, deployment type, user type, industry, and region. The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the FSM market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the end-users and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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