PUNE, India, April 21, 2016 /PRNewswire/ --
According to a new market research report, "Field Service Management Market by Solution (Schedule and Dispatch, Work Order Management, Mobile Field Execution), Service (Implementation, Training, Consulting), Deployment Type, User Type, Industry Vertical, & by Region - Global Forecast to 2020", published by MarketsandMarkets, the FSM Market size is estimated to grow from USD 1.97 Billion in 2015 to USD 5.11 Billion by 2020, at an estimated CAGR of 21.0% from 2015 to 2020.
Browse 71 market data Tables and 72 Figures spread through 187 Pages and in-depth TOC on "Field Service Management Market"
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The need for a centralized system for the management of field services and the ever-evolving demand for increasing operational efficiency and reducing operational costs are the important driving factors fueling the growth of the FSM Market.
Schedule and dispatch is expected to be the largest contributor in the solution segment
The market for schedule and dispatch is expected to be the largest as it helps field workers to conduct smart scheduling of tasks, routes, and daily processes. Moreover, a streamlined dispatch process makes managing calls easier for field engineers and technicians, and hence, the market for schedule and dispatch is expected to be the largest in the coming years. Furthermore, due to low costs and scalability features of the cloud deployment type, FSM customers are expected to be more receptive toward cloud than on-premises. The field service companies are also turning toward consulting services to deploy the right FSM solution as per their business objectives.
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The North American region is expected to contribute the maximum market share to the overall FSM Market
Among the regions, North America is expected to be the highest contributor followed by Europe. The market is in the emerging stage in the regions of Asia-Pacific (APAC), Europe, Middle-East and Africa (MEA), and Latin America. Therefore, these regions exhibit immense scope for adoption of FSM solutions. Moreover, there is huge return on investment in the FSM Market; however, a lack of awareness about the benefits of FSM solutions in these regions is the major restraining factor for the wide adoption of FSM solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of BYOD have led to the high adoption of FSM in North America and Europe.
The major vendors in the FSM Market include SAP SE, Oracle, IBM, ClickSoftware Technologies, Astea International, ServicePower Technologies, Trimble Navigation, IFS, PTC, and Infor. RapidValue, FieldAware, and Coresystems are identified as the key innovators in the market.
The Field Service Management Market has been segmented into solutions, services, deployment types, user types, industry verticals, and regions. Various FSM solutions include schedule & dispatch, work order management, mobile field execution, customer management, reporting and dashboards, billing & invoicing, inventory management, and tracking & performance management. Services offered in the FSM Market are implementation, training & support, and consulting. Deployment types are segmented into cloud and on-premises. User types are classified as small & medium enterprises and large enterprises. Various industry verticals considered are oil & gas, construction, residential & commercial, manufacturing, security & alarm, transportation, energy & utilities, healthcare, telecom, insurance and various others. Finally, the FSM Market is segmented on the basis of regions into North America, Europe, APAC, MEA, and Latin America.
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