Field Service Management Market: Current Analysis and Forecast (2021-2027)

Field Service Management Market: Current Analysis and Forecast (2021-2027)

The global field service management market is expected to register a CAGR of around 18% over the period of 2021-2027. Field service management means the management of the resources of enterprises employed at the property of clients, rather than on the property of enterprises. The field service management market is uplifting on account of the increasing demand for tracking activities in the field along with the increasing demand for time and cost-effective solutions. Moreover, the integration of artificial intelligence, AR, and VR in the field services sector followed by increasing adoption of IoT driving the adoption of cloud-based field service management solutions will positively stimulate the industry landscape. The aim of field service management is to improve the deliverability and productivity of the teams working outside the enterprise premises. Efficient field service management solutions integrate data from enterprise asset management systems with the data from the field. Some of the key advantages of field service management include access to the information of customers from any location, a decrease in operational overheads and fuel expenses, mobile workforce management, increased productivity, and improved customer satisfaction. The rising number of field technicians operating all around the globe is further influencing the growth of the field service management market growth. Furthermore, it allows enterprises to achieve optimum efficiency of business processes and improved productivity among field service providers by implementing an appropriate field service management solution, that can be unified with ERP, CRM, and other relevant systems used in the enterprises.

Oracle Corporation, Microsoft Corporation, Salesforce Inc., Trimble Inc., FieldAware Inc., SAP SE, Coresystems AG, Industrial and Financial Systems, Infor Inc., and GeoConcept SAS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst deployment, on-premises category held a prominent share in the market in 2020”

Based on deployment, the field service management market is bifurcated into cloud and on-premises. Among these categories, the on-premises segment held a prominent share of the market in 2020 and is expected to witness a robust CAGR during the forecast period because it provides total control over information about customers and the company to the enterprise. On-premises solutions are installed and hosted in the enterprise’s infrastructure and are managed by its own IT staff. They require high initial investment by enterprises; however, they do not require incremental costs during the ownership, unlike cloud deployment.
"Amongst industry, the manufacturing segment held a significant share in the market in 2020”

Based on industry, the field service management market is divided into information and communication technology, banking and financial services, healthcare, manufacturing, and others. Among the categories, the manufacturing industry captured a prominent share in the market and is anticipated to grow at a robust CAGR during the forecast period. Rapid industrialization is positively influencing the manufacturing industry to automate field operations and processes, field service management allows enterprises to achieve this goal.
"APAC to witness significant growth during the forecast period”

The Asia-Pacific field service management market is expected to witness a prominent CAGR during the forecast period. The growth of this market can be attributed to the growing industrialization, urbanization, and population in the region. Furthermore, several field service management solution providers have their businesses in the region due to the region's low-cost benefits and high availability of the workforce, due to which the adoption of field service management solutions is expected to increase rapidly in the future across the region. The region has experienced rising support from the government for the growth of SMEs and has a large and growing retail and e-commerce market, which further drives the demand for field service management solutions. Furthermore, the increasing adoption of cloud-based solutions and services is further boosting the market growth in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.