Field Service Management Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
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Over the past few years, the usage of mobile devices and smart applications has enhanced the capabilities of software to track field professionals in service organizations. The increase in adoption of wearables and IoT has enriched the capabilities of FSM solutions in tracking the inventory and equipment in the field. Furthermore, the automation of field service processes with existing systems such as CRM, ERP and others have improved the overall business of an organization.
Market Revenue and Segmentation Analysis:
The field service management market revenue is estimated to reach $3.18 billion in 2018 and is expected to reach $6.98 billion by 2023, growing at a CAGR of 17.06% during the forecast period 2018–2023. The solutions include schedule and dispatch, work order management, tracking and performance management, inventory management, billing and invoicing, and reporting and dashboards. The billing and invoicing solution segment is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region is expected to realize the potential of implementing the FSM solutions and maximize the productivity of the field workers.
The services types include deployment & integration, support and maintenance, and consulting. The deployment & integration holds the largest market size in services. The adoption of FSM solution is the highest in North America owing to an early adoption of technology and optimization of service processes. The cloud deployment mode offers enterprises to opt for SaaS on subscription basis rather than incurring costs on hardware and infrastructure. The Asia Pacific region holds a huge potential for the FSM vendors and is expected to grow at the highest CAGR during the forecast period 2018 – 2023.
The organization size includes large enterprises and SMEs. The large enterprises will hold the larger market share in 2018, however the SMEs are expected to grow at higher CAGR. The service organizations are facing tremendous competition in the market and SMEs are facing a resource crunch. The FSM solutions will help SMEs to maximize the productivity of their limited workforce.
The industry vertical includes energy and utilities, manufacturing, telecom and IT, construction and real estate, healthcare and life sciences, transportation and logistics, BFSI and others. The FSM market is dominated by the North American vendors. The vendors from Europe are expected to follow North America and expand its reach to new customers. The manufacturing, energy and utilities, and telecom and IT, are the major contributors to the FSM market.
The countries covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The countries covered are US, Canada, Germany, UK, France, Sweden, Spain, China, India, Australia, Japan, Singapore, South Africa (RSA), United Arab Emirates (UAE), Brazil and Mexico.
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Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. Integration of technologies such as mobility, IoT, AI, and automation are expected to impact the FSM offerings in the market. Companies profiled in the report are Microsoft, Salesforce, IBM, SAP, Oracle, IFS, ClickSoftware, ServiceMax, ServicePower, and Jobber.
The study offers a comprehensive analysis of the “Field Service Management” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
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