The field service management market size is expected to grow from USD 2.56 billion in 2018 to USD 5.08 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7%
LONDON, April 26, 2018 /PRNewswire/ -- The increasing adoption of mobile applications and wearable devices among field workers is expected to drive the growth of the field service management market.
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The field service management market size is expected to grow from USD 2.56 billion in 2018 to USD 5.08 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. The market growth is expected to have driven by the increasing adoption of mobile applications and wearable devices among field workers. The growing cloud hosting business and rapidly increasing number of Internet of Things (IoT) devices are expected to further fuel the growth of the field service management market, globally. However, the lack of expertise in feeding real-time data into field service management software is expected to restrain the growth of the market.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period.
Cloud offers several benefits, such as reduced physical infrastructure, less maintenance cost, and 24×7 data accessibility from any time and anywhere, to organizations.Field service organizations prefer cloud solutions, as they offer scalability and agility to organizations and provide more functions at an affordable cost than on-premises solutions.
With the rapid advancements in the cloud technology, Software-as-a-Service (SaaS) is emerging as the best practice for companies that are looking for cost-effective functionalities.Cloud-based solutions also support real-time collaboration, thereby empowering field service organizations to communicate with their employees and customers before, during, and after each appointment.
As enormous amounts of data are being generated from field technicians, workers, and customers, cloud-based field service management solutions are gaining traction in the market.
The schedule, dispatch, and route optimization solution segment is expected to have the largest market size during the forecast period.
The schedule, dispatch, and route optimization solution facilitates clients to maximize their output by allocating jobs to their field representatives, thereby empowering themselves with the optimum utilization of their resources.This solution allocates jobs to field representatives based on their skills and current locations to deliver services in minimum time.
It also enables field service organizations to schedule and dispatch their resources as per their policies pertaining to customers, organizations, and regulatory requirements.The route optimization feature helps in finding the best possible route between 2 locations.
Moreover, this solution offers various advantages, such as automated scheduling decisions for real-time collaboration, complete visibility, fast service delivery, and enhanced customer experience. The main driver for adopting this solution is the rise in the demand for faster service delivery and the need to proactively manage service requests by automating scheduled requests as per business requirements.
North America is expected to hold the largest market size, whereas Asia Pacific (APAC) is expected to have the fastest growth rate during the forecast period.
North America, being the earliest adopters of cloud and mobile technologies, has been enormously responsive toward the adoption of field service management solutions.This region has a major dominance with sustainable and well-established economies.
Advancements in Bring Your Own Device (BYOD), Machine to Machine (M2M), and mobile and cloud technologies are the major factors that are responsible for improving the efficiency of business processes.Hence, to derive benefits from these technologies, large enterprises are looking forward to investing in field service management solutions.
Asia Pacific (APAC) is expected to have the highest potential and growth opportunities in the field service management market, owing to the presence of the large number of Small and Medium-sized Enterprises (SMEs) in the emerging countries, such as China and India. With the increase in the number of SMEs, competition in APAC is expected to grow at a rapid rate because of automation in various business processes, including job scheduling, billing and invoicing, and service delivery.
In the process of determining and verifying the market size of the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:
• By Company: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-Level – 35%, Director Level – 25%, and Others – 40%
• By Region: North America – 40%, Europe – 28%, APAC – 25%, RoW– 7%
The field service management market includes several vendors, such as Accruent (US), Acumatica (US), Astea (US), ClickSoftware (US), Comarch (Poland), Connect My World (India), Coresystems (Switzerland), FieldAware (US), GEOCONCEPT (France), IBM (US), IFS (Sweden), Infor (US), Jobber (Canada), Kickserv (US), Microsoft (US), Oracle (US), OverIT (Italy), Praxedo (France), Salesforce (US), SAP (Germany), ServiceMax (US), ServiceNow (US), ServicePower (UK), ServiceTitan (US), and ServiceTrade (US).
Research Coverage
The report includes the in-depth competitive analysis of the key players in the field service management market, with their company profiles, recent developments, and key market strategies. The research report segments the field service management market by component (solutions and services), deployment type, organization size, industry vertical, and region.
Reasons to Buy the Report
The report on the global field service management market would help leaders/new entrants in the market in the following ways:
1. The report segments the field service management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across various industry verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides information on the key market drivers, restraints, challenges, and opportunities.
3. This report assists stakeholders in better understanding their competitors and gaining more insights to position their business better. There is a separate section on the competitive landscape, including the competitor ecosystem, and mergers and acquisitions. Besides this, there are the company profiles of 25 major vendors in this market. In this section, market internals have been provided that can put stakeholders ahead of their competitors.
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