Field Service Management Market Size
Field Service Management Market Size
Increase in adoption of IoT driving the adoption of cloud-based FSM solutions and integration of AI, AR and VR in the field services sector.
PORTLAND, PORTLAND, OR, UNITED STATES, February 14, 2024 /EINPresswire.com/ -- As per the report, the global field service management market is projected to gather a revenue of $29.9 billion by 2031. The market accounted for a sum of $5.2 billion in 2021 and is anticipated to surge at a CAGR of 19.2% during the 2022-2031 period. The report provides a comprehensive analysis of current market trends, regional scenarios, and the competitive landscape of the market.
Field service typically involves deploying staff or contractors to specific sites for tasks such as installation, repair, or maintenance of systems and equipment. Field service management (FSM) encompasses systems designed to oversee various aspects of these operations, including inventory, scheduling, vehicle tracking, dispatching, invoicing, billing, customer portals, and more. The FSM industry aims to enhance the efficiency and effectiveness of field service teams. Key benefits of FSM include remote access to customer data, reduced operational costs and fuel expenditures, efficient management of mobile workers, increased productivity, and heightened customer satisfaction.
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The surge in the adoption of new cutting-edge technologies in various organizations and rise in need to create new milestone in the onsite workforce management sector drive the growth of the field service management industry. In addition, increase in demand for Field service dispatch management among small & medium enterprises fuels the field service management market growth. Furthermore, increase in need of interactive, efficient and cost-effective field service scheduling service along with emerging technology such as augmented reality and virtual reality are expected to provide remunerative opportunities for the expansion of the field service management market forecast.
Based on deployment mode, the on-premise segment garnered the largest field service management market size in 2021, and is expected to continue this field service management market trends during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of field service management software in small and medium-scale organizations.
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By component, the solution segment held the highest market share in 2021 and is predicted to maintain its leadership role during the analysis timeframe. Growing assimilation of field service management solutions by businesses to gain a strategic edge over its peers is estimated to strengthen the position of the market. However, the services segment is expected to demonstrate the highest CAGR of 21.0% during the analysis timeframe. Increasing demand for different services offered by field service management software including training and consulting services is forecasted to propel the segment ahead.
Region-wise, the FSM market size was dominated by North America in 2021, and is expected to retain its position during the forecast period. Increase in usage of advanced technology such as AI, machine learning, augmented and virtual reality to enhance the product offerings by market vendors encourages the growth of the market in this region. However, Asia-Pacific is expected to grow at the highest rate during the forecast period. Owing to adoption of process automation across all industry verticals to enhance customer engagement and increase effectiveness of IT infrastructure. This will drive the FSM market growth for Asia-Pacific in the future.
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The global impact of the COVID-19 outbreak has prompted governments and businesses to accelerate their response efforts. Construction and manufacturing sites in various nations have ceased operations, while the energy and utility sector is transitioning to remote work setups. Professionals like developers, engineers, and designers are increasingly relying on digital collaboration tools such as field service and inventory management software. Augmented reality and virtual reality simulations are being utilized by contractors and engineers worldwide to recalibrate project schedules and planning. Additionally, integrated digital-twin solutions are being developed to offer comprehensive support from project inception to execution. A surge in online services has been noted, with contractors utilizing digital channels for employee well-being monitoring, resource management, material procurement, and cash flow maintenance.
Furthermore, before the crisis, the manufacturing, construction, and energy sectors were already grappling with a shortage of skilled labor. This shortage is anticipated to worsen with ongoing physical distancing measures and restrictions on labor mobility. Consequently, there has been a notable increase in the adoption of digital tools such as AR/VR simulations, real-time progress tracking, schedule optimization, and digital workflow management. Additionally, there has been a rise in research and development expenditure aimed at developing standardized building systems to automate and expedite aspects of design and construction. In countries like India, infrastructure projects such as road development and railway upgrades, which were previously stalled due to lockdowns, are expected to resume and contribute to market growth in the coming years.
Leading Players of the Industry:
• Oracle Corporation
• ServiceMax
• Infor
• Microsoft Corporation
• OverIT
• Praxedo Software, Inc.
• IFS AB
• Comarch SA
• SAP SE
• Salesforce, Inc.
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