Global Field Service Management Market: Snapshot
The global field service management market was evaluated at US$ 3.2 billion in the base year of the study i.e. 2021. The latest studies indicate that the global field service management market will grow at an impressive growth rate of 11.9 % over the forecast period of 2021 to 2026. The studies also project that the global field service management market will reach the final evaluation of US$ 5.7 billion by the end of the year 2026. The increasing adoption of the solutions in the global field service management market on the advent of the COVID-19 pandemic stimulated high growth within the industry.
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The rising adoption of digitalization as well as automation in industry of field services is anticipated to boost the demand within the global field service management market in coming years. Furthermore, the emergence and usage of cutting edge hardware, communications features, and software are also attracting customer attention in the global field service management market. However, the major concerns pertaining to the security of organizations, in terms of data confidentiality may hamper the development of the global field service management market in coming years.
On the other hand, emergence of latest technologies, such as augmented reality or AR as well as virtual reality or VR is most likely to offer the manufacturers and players in the global field service management market with numerous exciting growth and development opportunities. The vendors and players in the global field service management market provide numerous essential services to the customer organizations, such as work order management, scheduling, dispatching, and inventory management. These services and solutions in the global field service management market help the workers in simplifying their work processes and allow them to engage in serious business avenues, rather than getting stuck doing mechanical or minimal and time consuming tasks.
Global Field Service Management Market: Overview
Field service management (FSM) refers to a system for streamlining field operations through a mobile-based workforce and usually entails the management of company resources used to service clients. FSM typically includes scheduling service orders, job scheduling, dispatching agents, tracking vehicle locations, and managing job status. FSM is used in a number of industries but is prevalent in those that require to manage installation, service and repairs of systems and equipment. Companies usually employ mobile agents and contractors in areas such as waste management, telecommunications, public sector transportation, gas utilities, heating, ventilation and air conditioning (HVAC), and healthcare industries.
Over the last decade, the field service management market has witnessed an unprecedented shift in operations propelled by developments in automation software and innovative models, such as IoT and cloud computing.
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Global Field Service Management Market: Key Trends
The need for an effective centralized system for the management of various field services and soaring demand for real-time collaboration have propelled the field service management market. Coupled with this, the imperative for enhancing operational efficiency along with optimizing costs has boosted the market. In addition, the development of user-friendly and scalable solutions—on-premise as well as cloud-based—and the rising demand for predictive maintenance in industries have provided impetus to the FSM market. Increasing adoption of cloud-based delivery models such as software-as-a-service (SaaS) amongst several enterprises, particularly by small businesses with constrained budget, is expected to fuel the market over the forecast period.
Global Field Service Management Market: Market Potential
The integration of FSM with big data analytics and the adoption of advanced analytic tools are anticipated to open up lucrative avenues, thereby expanding the market potential in future. Trimble Inc., based in California, recently announced that its FSM fleet and asset portfolio is now compatible with the new Association of Equipment Management Professionals (AEMP) 2.0, telematics standard, also known as ISO-15143-3, meant for data feeds. Fleet managers can now adopt the new standard to allow data, inbound and outbound, to be exchanged with multiple asset tracking systems provided by telematics providers. All the information can be found in a standardized format, which will help businesses streamline service workflows. The AEMP 2.0 supports seamless two-way data exchange between its FSM solutions and its VisionLink offering–a web-based fleet and asset management software for construction equipment.
This integration allows companies in the construction industry to obtain real-time information on construction machinery and vehicle fleet using a single system and in the same map. As a result, the FSM providers will enjoy greater flexibility to manage mixed fleet types. Furthermore, they will have access to a wealth of OEM equipment data, which will enable them to optimize maintenance schedules and boost customer services.
Global Field Service Management Market: Regional Outlook
Geographically, the Asia Pacific market offers a host of lucrative market avenues to players in the FSM market. The rapid adoption of FSM solutions by enterprises in emerging regions, such as India and China, has fuelled the regional market. In addition, the growing popularity of cloud service providers in developed nations, such as Singapore, and substantial investments in industrial infrastructure are expected to fuel the market over the forecast period.
North America is a prominent market for field service management providers and is poised to contribute significant revenue in the coming years. The growth in the market is attributed to constant modernization initiatives of companies using FSM solutions, adoption of innovation service models, and considerable technological advances, especially in the U.S.
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Global Field Service Management Market: Competitive Analysis
Leading providers are actively offering robust and flexible end-to-end FSM solutions to reap significant competitive benefits over others. They are developing modular solutions containing multiple functionalities to attract various end users. Many providers are increasingly marketing their offerings on cloud-based models to target more SMEs. Prominent players vying for a significant share in the field service management market include Oracle Corporation, Microsoft Corporation, SAP SE, IFS AB, Infor, Servicepower Technologies plc, IBM, ServiceMax, and Astea International, Inc.
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