Global Field Service Management Market Will Reach USD 6.68 Billion by 2023
(NEW YORK, NEWSWIRE) Zion Market Research has published a new report titled “Field Service Management Market by Solution (Work Order Management, Inventory Management, Customer Management, Mobile Field Service Management, Schedule, Dispatch, & Route Optimization, Billing, Invoicing, & Mobile Payments, and Others), by Deployment Mode (On-premises and Cloud), for Verticals (BFSI, Manufacturing, Telecom & IT, Retail, Transportation & Logistics, Healthcare, and Others) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023”. According to the report, global field service management market was valued at approximately USD 2.86 Billion in 2017 and is expected to reach approximately USD 6.68 Billion by 2023, growing at a CAGR of around 15.2% between 2018 and 2023.
Field service management is a framework for planning field tasks through a mobile workforce. At an essential level, this involves scheduling service orders, dispatching agents, and tracking vehicle locations and job status. The correct right software solution helps automate these tasks and gives mobile access through a cloud-based stage. FSM is common in various industries, however especially those that utilize mobile agents or contractors, such as waste management, utilities, broadcast communications, public sector transportation, and in healthcare. The extensive larger parts of FSM organizations are fee-for-service and offer different features and functionality that vary from one organization to another. While one organization will provide most, if not all, of the desirable features in field service management, another will miss one or up to several functions.
One of the significant drivers of field service management market growth is the efficient project planning. In project planning, the user comes up with a task list and schedules it with a scheduling tool like Microsoft Project and field service management that helps users to make efficient use of these tools. Growing use of wearable devices and mobile apps among field workers is further propelling the growth of global field service management market. Bring your own device (BYOD) is the technology which is widely adopted by various industries in order to maintain customer relationship. Furthermore, rising number of field operations across manufacturing, oil & gas and construction sector is driving the growth of global field service management market. FSM software enables field workers to perform pre-sales, sales, route accounting activities and more effectively interact with customers in manufacturing and other industries. Moreover, efficient work allocation for field workers is another important factor driving the growth of field service management across the globe. Field service management solution provides efficient allocation of technicians and dispatchers, with availability control and skill management. However, security concerns related to data discretion will remain the major restraint in the growth of field service management during the forecasted period.
Field service management market is segmented based on the solution, deployment mode, vertical and region. Solution segment included in this market are work order management, inventory management, customer management, mobile field service management, schedule, dispatch & route optimization, billing, invoicing & mobile payments and others. Deployment mode segment includes on-premises and cloud. The vertical segment includes BFSI, manufacturing, telecom & IT, retail, transportation & logistics, healthcare, and others.
North America is expected to have the largest market share in the field service management market during the forecast period. This can be attributed to the presence of many field service management software developers, such as Oracle Corporation, Microsoft Corporation, etc. in North America. The region is anticipated to maintain its dominance in global field service management market and this can be attributed to numerous innovations obtained from Research and Development (R&D) and the adoption of new technologies. North America is also considered the most progressive region in terms of cloud and artificial intelligence.
Asia Pacific is expected to witness the highest CAGR in the global field service management market during the forecast period. This is primarily due to large-scale industrialization in Asian countries such as China, India, and Japan. With enhanced geographic zones and a high client base, the Asia Pacific region is expected to exhibit a strong growth in the field service management market. Increasing number of smartphone users in Asia Pacific region further propels the growth of field service management market in this region. Moreover, increasing demand for optimized workflow and enhanced productivity in the Asia Pacific is boosting the growth of field service management market.
Europe region is expected to witness moderate growth in field service management market in forecasted period mainly due to the growing adoption of automation in the manufacturing industry. Towering prerequisite for automation across different businesses is evaluated to propel the market for field service management. There has been a progressing and expanding necessity for enhanced effectiveness in a wide range of industrial processes which, accordingly, is driving the demand for fieldwork management in countries such as UK and Germany. Such increasing drive for automation in field solutions is expected to boost the demand for field service management in Europe.
Latin America is expected to witness moderate growth in field service management market in the forecasted period. Increasing popularity of Software as a Service (SaaS) is one of the primary factors that will have a positive impact on the growth of the field service management market in Latin America region. The constantly increasing competition to provide efficient services will induce enterprises to adopt cloud computing in field service operation that provides faster time to transfer real-time data. The market in the developing regions, for example, the Middle East and Africa (MEA) are expected to grow, because of low expenses and more prominent dexterity offered by the cloud solutions, the increase in mobile and wireless penetration, and the development in infrastructures.