Covid 19 impact on Field Service Management Solutions Market:
Covid 19 pandemic broke out in 2019. Ever since WHO declared 'Pandemic,' it has created disruptions in almost all markets. Remote working, supply chain disruptions, and lockdowns were phenomena produced by this pandemic.
The global Field Service Management (FSM) Solution market is anticipated to increase at a 11.9% CAGR to reach value $8.93 Billion in 2030
This report offers an overview of businesses changing modus operandi, business strategies, and investment strategies that leaders are adopting across the globe to tackle the challenges possessed by this pandemic. The COVID-19 epidemic affected nearly every country on the planet. Almost every industry was affected by the epidemic. Some industries have faced downfall, and some have experienced positive effects due to this pandemic.
The field Service solutions market has experienced a positive effect due to the pandemic. To keep their operations running, companies all around the world are spending extensively in Field Service solutions. The COVID-19 pandemic has accelerated the adoption of Field Service solutions across business verticals, as customers seek out the benefits of Field Service solutions, such as lower costs and greater flexibility. Despite the global economic downturn caused by the epidemic, nearly half of subscription businesses are increasing at the same rate as before, with no negative impact from the COVID-19 virus.
Segment by components:
The field service management solution (FSM) market is segmented into solution and service based on components. Field service management systems offer a variety of services, including scheduling, dispatching work orders, making workers' jobs easier, inventory management, and streamlining an organization's workforce. Time and attendance, workforce analytics, leave and absence management, and other solutions, such as fatigue management and task management, are all part of field service management systems.
Segment by Solutions:
Schedule, Dispatch and Route Optimization, Work Order Management, Customer Management, Inventory Management, Reporting, Service Contract Management, and Analytics, and Other Solutions are the segments of the field service management solutions market (Tracking, Billing, Invoicing, and Performance Management). By distributing work to field agents, dispatch, schedule, and routine optimization help customers optimize their production. Fast service delivery, total visibility, automatic scheduling decisions for real-time cooperation, and improved customer experience are just a few of the benefits of the route optimization function.
Segment by Services:
External sources of support to a corporation are referred to as professional services. Training and assistance, system integration and installation, and consultancy are some of the services available. Dedicated project management teams, technical consultants, and enterprise video specialists focusing in building and providing crucial decision support tools, software, services, and knowledge are among the companies that provide professional services.
Segment by Deployment:
In the field service management market, the on-premise deployment field service has a bigger market share than the cloud deployment field service. This is related to their data retrieval security, since field service businesses deal with sensitive and personal information about consumers and businesses.
Segment by Organization Size:
Large enterprises have a dispersed staff and several departments. Large organizations are more likely to use field service management systems (FSM) than SMEs, and this tendency is expected to continue over the projected period.
Segment by Verticals:
FSM is a rising industry for manufacturing organizations since it helps to decrease machine downtime. Industry 4.0 technologies such as IoT and intelligent predictive maintenance are now being used by manufacturers to identify irregularities in machinery and send out real-time alarm signals.
Segment by Region:
North America dominates the global field service management solutions (FSM) market. North America's market dominance is attributable to the presence of IT behemoths like Oracle, IBM Corporation, and other important players in the FSM industry. Due to the rising acceptance of smartphones in the area and an increasing number of skilled field service employees in the IT & telecom industry, Asia-Pacific is expected to have a higher CAGR throughout the projection period.
Field Service Management (FSM) Solutions includes dispatching service technicians, scheduling work orders, invoicing the completed job, and tracking labor hours and job status. Field service management goes even deeper by incorporating every aspect of managing the people and service delivery and processes that make a field service business efficient. Integrated invoicing, customer portals, reporting and analytics, workforce management, parts, and inventory management, service scheduling and dispatching installation projects and job costing are some of the operations included under field service management(FSM) solutions.
The market for Field Service Management (FSM) is expected to rise to USD 5.7 billion by 2028, at a CAGR of 11.9 percent over the forecast period. The rising adoption of smartphones and wearable devices among field service personnel enables field services to connect rapidly and easily with mobile field service personnel.
The mobile and wearable devices in support of FSM solutions provide real-time connectivity to a distributed workforce, enabling efficient monitoring and management of the remote workforce. Proper handling of field problems provides growth and diligent customer service. So the emergence of mobility solutions has been a driving force behind FSM solution market growth. Streamlining and real-time monitoring of field operations can be achieved by FSM solutions. These features of field management software help businesses respond to service requests faster and more effectively, reducing downtime and increasing customer satisfaction. This has led to many firms opting for FSM solutions, driving the market growth.
Significant field service data is stored on corporate servers. This ensures data security. But with a mobile workforce and bring your own device (BYOD) policy, field personnel can bring their own devices, which can be vulnerable to a security breach. With rapid digitalization, cyberattacks are also rising, which is a threat to a company's data. Thus field data security is becoming a significant security concern for firms, restraining the growth of the field service management solutions market.
Virtual reality (VR) and augmented reality (AR) are being used by field service businesses to improve operational efficiency (AR). Augmented reality improves efficiency, especially when sensor data is sent to the technician's AR glasses and training and maintenance modules are used. This new technology like AR and VR, mobility with IoT, adoption of cloud-based technology has many opportunities for the field service management solutions market.
Many companies compete in the field service management solutions industry. Key market players that formulate the competitive landscape of the field service management (FSM) market include SAP SE (Walldorf, Germany), Comarch SA (Krakow, Poland), OverIT S.p.A. (Fiume Veneto, Italy), Zinier, Inc. (California, United States), Sig Saucer, Inc. (Eckernforde, Germany), ServiceMax, Inc. (California, United States), Oracle Corporation (California, United States), Salesforce.com, Inc ( California, United States), PROV International, (Florida, United States), Infor, Inc. (New York, United States).
- Dynamics 365 released a new service called Track my technician to the general public in April 2021. Track my technician provides automatic service visit reminders and real-time location monitoring.
- Salesforce.com released new features in their Spring Release '21 for Salesforce Field Service in April 2021. The briefcase builder, appointment assistant, and point-to-point predictive routing are all included in this functionality.
- ServiceMax Engage, an easy mobile application that improves the customer experience, ensures asset data accuracy, and links field service teams with their end customers to increase service visibility, will be released in March 2021.
- ServicePower announced ServiceP&C, an insurance-focused product package, in February 2021. It adds Insurance-Focused Field Service Capabilities to the Solution Portfolio to improve customer experience, adjuster efficiency, and customer journey.
- Spark Power, a prominent independent provider of power services in North America, will use FieldAware's field service management tools and the FieldAware for NetSuite SuiteApp across all of their field service activities, FieldAware announced in June 2021.
Field Service Management (FSM) Solution Market Scope
|Revenue forecast in 2028
|USD 5.7 billion
|CAGR of 11.9 % during 2021-2028
|Component, solutions, services, Type, Size, verticals, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|SAP SE (Walldorf, Germany), Comarch SA (Krakow, Poland), OverIT S.p.A. (Fiume Veneto, Italy), Zinier, Inc. (California, United States), Sig Saucer, Inc. (Eckernforde, Germany), ServiceMax.
Key segments of Field Service Solutions Market:
Segment by components:
Segment by solutions:
- Inventory Management
- Service Contract Management
- Customer Management
- Work Order Management
- Reporting and Analytics
- Schedule, Dispatch, and Route Optimization
- Other Solutions (Billing, Invoicing, Tracking and Performance Management)
Segment by services:
- Training and Support
- Integration and implementation
Segment by Deployment Type:
Segment by Organization Size:
- Large Enterprises
Segment by verticals:
- Energy and Utilities
- IT and IteS
- Construction and Real Estate
- Transportation and Logistics
- Oil and Gas
- Healthcare and Life Sciences
- Other Verticals (BFSI and Retail)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa