Field Service Management Market Valuation to Reach US$ 13.2 Bn by 2031: TMR Study

ALBANY, N.Y., Dec. 20, 2021 /PRNewswire/ -- A dynamic business environment calls for real-time management of physical assets such as equipment by enabling field workers to gain visibility and improve employee experience, while increasing the overall productivity of field resources. One way where end users in the field service management market accomplish these by gaining access to client's data in real-time. Technology companies are offering real-time monitoring solutions to capture sizable revenues during the forecast period of 2021 – 2031.

The integration of emerging technologies notably IoT, augmented realty, AI, and ML with field service management solutions is enabling them to optimize various processes such as in workforce and inventory management, billing records, vehicle tracking, dispatching, and invoicing. The global field service management market is projected to advance at a CAGR of 13.7% during the forecast period. 

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The growing complexity of field service operations in various industries such as healthcare, real estate, manufacturing, BFSI, and transport industries has engendered the prospects of cloud field service management solutions. The growing integration of field service management with mobile workforce management, especially by field service technicians have opened new capabilities in operations and maintenance of assets. Clients in the market have become increasingly aware of the benefits of cloud solutions, thereby bolstering the uptake in these industries.

Asia Pacific and North America are lucrative field service management markets with the former anticipated to witness substantial revenue streams during the forecast period. The rapid uptake of field service software among service-oriented businesses has cemented the revenue generation of North America field service management market. The growing adoption of cutting-edge automation of enterprise operations on the back of communication and Internet infrastructure is expected to fuel the growth of the Asia Pacific market over next few years.

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Key Findings of Field Service Management Market Study

• Demand for Software for Workflow Automation and Real-time Monitoring of Operations Help Meet Customer Expectations: Various field service tools and platforms are generating attention among service-focused organizations to bolster customer experience and meet customer expectations. The growing adoption of automation solutions for simplifying and optimizing workflows is a key trend, notes the study on the field service management market. Strides being made in the field service industry, notably for mobile workforce have stirred several lucrative opportunities in the field service management market. The need for real-time field resource management for employees and equipment is propelling technological advancements in field service management solutions. Cutting-edge technologies such as AI and ML are being integrated with their software offering, expanding the avenue.
• Players Harnessing Capabilities of Cloud Solutions: Cloud solutions, in recent years have gained preference over on-premises field service management solutions. Solution providers are harnessing the multiple capabilities of cloud digital services, such as scalability and cost-effectiveness, to generate potential revenue streams in the near future. Strategic collaborations toward boosting digital transformation of field services have gained pace, extending the horizon of the field service management market. In this regard, the demand for scalable operation platforms has gained traction. Furthermore, the demand for field service management solutions for small and medium scale organizations is high, notably for offering quality remote assistance to their customers.

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Field Service Management Market: Key Drivers

• On the back of digitalization of enterprise operations, automation solutions that allow businesses to manage these have grown in prospects, opening vast customer proposition for capturing revenues in the field service management market
• Need for real-time predictive maintenance and preventive maintenance in mission-critical activities in ensuring efficiency of operations management of an organization is a key market driver. This has extended the horizon for technology companies for remote management of field resources.

Field Service Management Market: Key Players

Some of the key players in the field service management market are Syncron AB, ServicePower, ServiceNow, IBM Corporation, ServiceMax, SAP SE, Oracle, Microsoft, IFS AB, and Salesforce.

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The global field service management market is segmented based on:

Solution

• Billing and Invoicing
• Inventory Management
• Mobile Field Execution
• Reporting and Dashboards
• Schedule and Dispatch
• Tracking and Performance Management
• Work Order Management Progestin Therapy

Service

• Consulting
• Implementation
• Training and Support

Deployment Type

• Cloud
• On-Premises

User Type

• Small and Medium Enterprise (SME)
• Large Enterprise

Industry Vertical

• BFSI
• Construction and Real Estate
• Energy and Utilities
• Healthcare
• Manufacturing
• Telecom and IT
• Transportation and Logistics

Region 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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