The emergence of advanced and connected systems is expected to provide opportunities for the field service management market growth
The global field service management market size is projected to reach nearly USD 7 billion by 2025. In addition, it is projected to gather a CAGR of above 15% over the forecast years 2018-2025. Field service management (FSM) refers to the management of dynamic services such as vehicle tracking, workforce management, inventory management, and others. These services further comprise numerous small services such as scheduling, routing, accounting, ticketing, and many more. Therefore, managing and monitoring all these services require a huge amount of time as well as resources. Hence, industries are adopting field service management solutions that help industries in delivering valuable onsite services through one unified solution.
The future and existing field service management market progress are outlined to know the market attractiveness. Key influencing factors focus on the field service management of market opportunities over the forecast years. Factors such as the increase in the adoption of mobility solutions are driving the market growth. Also, the increasing need to keep track of field activities is boosting the global field service management market growth. However, the growing security concerns about data confidentiality is likely to hamper the market growth. Furthermore, the emergence of advanced and connected systems is anticipated to be an opportunity for the field service management market.
The report also outlines the various characteristics of the global field service management industry by assessing the market from value chain analysis. Moreover, the field service management market report comprises various qualitative parts of the field service management industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The field service management market has solid competition amongst the already well-known and new market players. Also, the field service management industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the components segment, the market is bifurcated into services and solutions. The solutions are further divided into work order management, customer management, reporting and analytics, service contract management, inventory management, and others. Besides, services are also categorized into integration and implementation, training and support, consulting services, and managed services. In the year 2019, the solutions segment gathered the major growth and it is likely to maintain its position during the forecast years. The market growth of this segment is primarily ascribed to the increasing demand from numerous organizations to automate their business operations is driving the adoption of field services management solutions.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the growing need for improved productivity and increased demand in this region. Besides, the growing adoption of smartphones and internet penetration is also boosting the market growth in this region. However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028.
The major players of the global field service management market are ClickSoftware, Infor, Microsoft, Trimble, Salesforce, Oracle, Astea, FieldAware, SAP, and ServiceMax. Moreover, the other prospective players in the field service management market are OverIT, Comarch, IFS, FieldEZ, and Zinier. The field service management market comprises well established local as well as global players. In addition, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Field Service Management Market
Component Overview, 2018-2028 (USD Million)
- Inventory Management
- Customer Management
- Service Contract Management
- Work Order Management
- Reporting and Analytics
- Integration and Implementation
- Training and Support
- Consulting Services
- Managed Services
Enterprise Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small & Medium Enterprises
Industry Vertical Overview, 2018-2028 (USD Million)
- Transportation and Logistics
- Energy and Utilities
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America