At 11.7% CAGR, Global Field Service Management Market Size to Hit USD 6,161.9 Million by 2028 | Field Service Management Industry Trends, Share, Demand, Growth, Analysis & Forecast Report by Facts & Factors

NEW YORK, Jan. 11, 2023 /PRNewswire/ -- As per Facts and Factors study, 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.

Field Service Management Market: Overview

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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Facts and Factors published the latest report titled "Field service management Market 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 (Billing, Invoicing, Tracking and Performance Management)), By Services (Integration and Implementation, Training and Support, Consulting), By Deployment Type (On-Premise, Cloud), By Organization Size (Large Enterprises, SMEs) and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028" into their research database.

Industry Dynamics:

Field Service Management Market: 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. 

Field Service Management Market: 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 these field service management are also expected to further hinder the market potential over the forecast period.

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Global Field Service Management Market: Segmentation

• 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.

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List of Key Players in Field Service Management Market:

• 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)

Key questions answered in this report:

• What are the growth rate forecast and market size for Field Service Management Market?
• What are the key driving factors propelling the Field Service Management Market forward?
• What are the most important companies in the Field Service Management Market Industry?
• What segments does the Field Service Management Market cover?
• How can I receive a free copy of the Field Service Management Market sample report and company profiles?

Report Scope:

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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.

Regional Dominance:

• Asia Pacific region leads the global field service management market.

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.

Global Field Service Management Market is segmented as follows:

Field Service Management Market: By Components Outlook (2022-2028)

• Solution
• Services

Field Service Management Market: By Solution Outlook (2022-2028)

• Schedule, Dispatch, and Route Optimization
• Customer Management
• Work Order Management
• Inventory Management
• Service Contract Management
• Reporting and Analytics
• Other Solutions (Billing, Invoicing, Tracking and Performance Management)

Field Service Management Market: By Services Outlook (2022-2028)

• Integration and Implementation
• Training and Support
• Consulting

Field Service Management Market: By Deployment Type Outlook (2022-2028)

• On-Premise
• Cloud

Field Service Management Market: By Organization Size Outlook (2022-2028)

• Large Enterprises
• SMEs

Field Service Management Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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