BANGALORE, April 27, 2020 /PRNewswire/ -- At its heart, field service management is essentially any program intended to keep track of the various components of field operations. Usually, these elements include inventory control, vehicle monitoring, scheduling, company portals, and more. As far as the software-as-a-service sector (SaaS) is concerned, such component management is typically managed through a cloud-based platform that can be accessed from mobile devices while field technicians are on the job.
The global field service management market size was estimated at USD 3.12 billion in 2018 and is expected to reach USD 10.81 billion by 2026, rising at a CAGR of 16.9 percent between 2019 and 2026.
Field service management helps companies connect existing systems to new technologies and help in training and development tasks so the customer can focus on their core business. This has provided opportunities for vendors to provide business services across various industries and help them cope with challenges while configuring solutions for field service management.
Trends Influencing The Field Service Management Market Size
The growing demand for mobility-based solutions to enhance field operations, scaling the effort of field technicians with the aid of advanced technology, and the acceptance of cloud-based field service solutions are some of the main factors driving the growth of the FSM market size.
The number of field technicians worldwide working has reached around 20 million and is expected to increase over the forecast period. Field service organizations understand the need to ensure that all resources are used correctly for business purposes and that the assigned tasks are performed effectively by the workers/technicians working in the field. While field service management software implementation will promote streamlined progress monitoring and ensure timely completion of allocated jobs, it primarily drives business development. This, in turn, is expected to increase the field service management market size.
The smartphone and tablet size plays a significant part in the global growth of the FSM market. field service management technologies are also compliant with mobile operating systems of the next decade, further increasing their importance in the competitive landscape.
North America is expected to hold the highest field service management market share during the forecast period. This region's growth can be attributed to the continuous developments in IT infrastructure and technology necessary for field service management, the presence of a large number of market vendors, and the wide-ranging adoption of mobility solutions that allow real-time visibility in field operations.
The global Field Service Management Software Market size is projected to rise from USD 1.36 billion in 2019 to USD 2.77 billion by 2025, at a CAGR of 12.6 percent.
The introduction of IoT in FSM is one of the main trends that will gain momentum in the FSM software market during the forecast time frame. The use of IoT-enabled devices in the FSM industry helps companies to enhance their services by tracking the equipment and monitor efficiency.
The global Cloud Field Service Management market size in 2019 was USD 771.5 million and is forecast to hit USD 2.265 billion by the end of 2026, with a CAGR of 16.4 percent in 2021-2026.
The cloud FSM market size is expected to grow rapidly due to the growing penetration of cloud computing and related technologies, such as the Internet of Things (IoT), big data, and serverless architecture.
In 2019, the global field service management solution market size was USD 1.393 billion.
Field Service Management solution, also referred to as field service staff management, is a type of software or system that is used to recruit, schedule, and manage field power. This will help businesses control and maximize the work undertaken by field-based employees.
The global impact of the 2019 coronavirus disease (COVID-19) is already starting to be felt and will have a major impact on the Field Service Management (FSM) solution market in 2020. The COVID-19 outbreak has had consequences on several levels, such as flight cancellations, travel bans, and quarantines; restaurants closed; all indoor activities
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