Field Service Management Market Size to Reach USD 24,294.0 Million by 2030 at CAGR 19.7% - Valuates Reports
BANGALORE, India, Feb. 15, 2022 /PRNewswire/ -- The Field Service Management Market is Segmented by Component (Software and Service), Deployment Mode (On-premise, Cloud), Organization Size (Large Enterprise, Small and Medium Size Enterprise), and Industry Vertical (IT & Telecom, Healthcare & life sciences, Manufacturing, BFSI, Transportation & Logistics, Energy & Utilities, Construction, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030.
The demand of global field service management market size is expected to reach USD 24,294.00 Million by 2030 from USD 4,005.00 Million in 2020, at a compound annual growth rate (CAGR) of 19.7% during the forecast period 2021 to 2030.
Major Factors Driving The Growth Of Field Service Management Market :
The field services management market is expected to grow due to benefits such as access to customer information from any location, a reduction in operational overheads and fuel expenses, management of mobile workforce, increased productivity, and improved customer satisfaction provided by FSM.
Furthermore, the field service management market is fueled by the increased need to track activities in the field, the increased demand for mobility for real-time visibility, and the increased adoption of automation and digitalization in the field services industry.
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Trends Influencing The Growth Of The Field Service Management Market:
The increasing number of field technicians operating globally is expected to drive the growth of the field service management market growth. Field service companies are recognizing the importance of ensuring that all resources are used correctly for business purposes and that field workers/technicians are performing their assigned tasks efficiently. By implementing an appropriate field service management solution that can be integrated with ERP, CRM, and other relevant systems installed in the organization, it is possible to achieve maximum efficiency of business processes and improved productivity among field service providers.
Furthermore, the field service management market is driven by the adoption of field service management software, which allows for easier tracking of progress and ensures that allotted jobs are completed on time. In addition, the demand for field service organizations to adopt FSM solutions to improve customer satisfaction, differentiate services, reduce labor costs, and improve overall productivity is driving the global field service management market forward.
AR and VR technologies are used in the field service industry to create a simulated environment based on real-world scenarios. It allows service technicians to visualize and identify the problem in advance, allowing them to arrive at the client's location prepared with tools and essential spare parts, as well as connect with certified experts from remote locations for guidance and support.
While field service workers may not be able to go entirely virtual, there is a demand for virtual services where they are available. Customers are increasingly working from home offices, necessitating a reduction in the number of calls made on-site. One area where field service providers can go virtual is remote diagnostics. This benefits customer relationships while also saving time and money for the company.
Furthermore, increasing the use of AR & VR in FSM is expected to drive the field service management market. Using AR/VR in field service operations bridges the knowledge gap between newer and more experienced technicians or engineers, allowing for real-time knowledge transfer. Remote diagnosis and repair can be done with AR/VR devices, reducing travel costs and the need for skilled technicians to be present. AR and VR headsets with custom software can improve service operations by reducing technical response time and allowing for a quicker return to service.
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Field Service Management Market Share Analysis
In 2020, the large-scale enterprise segment dominated the overall field service management industry in terms of organizational size, and this trend is expected to continue throughout the forecast period. This is due to a rise in the use of field service management by businesses to gain a strategic and competitive edge over their rivals.
The on-premise segment captured the largest share in 2020, depending on the deployment model, and this trend is expected to continue throughout the forecast period. This is due to the numerous benefits that this on-premise deployment provides, such as increased data security and safety.
Due to strong economic growth and ongoing development in field service and inventory management, the field service management market in Asia-Pacific is expected to grow the most during the forecast period, driving organizations to invest heavily in the field service management market to sustain growth and improve productivity.
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List of Key Market Players
- Comarch Sa
- Ifs Ab
- Infor
- Microsoft Corporation
- Oracle Corporation
- Overit
- Praxedo
- Salesforce.Com, Inc
- Sap Se
- Others
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SIMILAR REPORTS
- Field Service Management (FSM) Software Market contains segmentation By Type (On-premises FSM software, Cloud-based FSM software), By Application (Energy & Utilities, Telecom, Manufacturing, Healthcare, BFSI, Transportation & Logistics, Retail) and Regional
- The global Field Service Management (FSM) Solution market size is projected to reach USD 3194 Million by 2027, from USD 1567.8 Million in 2020, at a CAGR of 10.7% during 2021-2027
- The global Cloud Field Service Management market size is projected to reach USD 2265.1 Million by 2028, from USD 771.5 Million in 2021, at a CAGR of 16.4% during 2022-2028.
- The global Workforce Management market size is projected to reach USD 8726.7 Million by 2027, from USD 5458.4 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 6.5% during 2021-2027.
- Global Service Lifecycle Management Application Market Insights and Forecast to 2028
- Global Field Service Mobile Apps Market Size, Status and Forecast 2021-2027
- Global Mobile Field Service Solutions Market Size, Status and Forecast 2021-2027
- Global Construction Software Market Insights and Forecast to 2028
To see the full list of related reports on the Field Service Industry
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