The global field service management market will grow at a CAGR of 19.8% during the forecast period from 2021 to 2030.
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Field service management (FSM) is a method of tracking field operations. The components that fall under the umbrella of the field service management system are dispatching, invoicing, inventory management, scheduling, vehicle tracking, billing, customer portals, etc.
COVID-19 Impact Analysis
The COVID-19 outbreak had a mild impact on the field service management market. The industry witnessed slight growth in the adoption of FSM software during the lockdown phase. It also helped the projects to resume digitally.
However, several challenges hampered the growth of the market during the pandemic. The epidemic raised many obstacles, including a decline in R&D investments, manufacturing, low productivity, and affected margins. Moreover, the manufacturing, construction, and energy & utilities industries are anticipated to recover at the same pace during the forecast period. Thus, the adoption of field service management software will grow significantly.
Top Impacting Factors
The growing requirement to track field activities would take the global field service market forward. The industry is forecast to witness increasing adoption of automation & digitalization, IoT (Internet of Things), and integration of AI, AR, and VR in the field services sector. Such factors would produce lucrative opportunities for the key players during the forecast period.
The field management service software is boosting the growth of the field service management market. The software helps track the progress of the field and assures the completion of the task on time. Moreover, the demand for appropriate field service management solutions is projected to surge, owing to the growing fieldwork and the number of workers/technicians in the field. It becomes challenging for the companies to track the live-work and stay physically present all the time.
Apart from that, other advantages of FSM (field service management) solutions like modified services, reduced labor costs, and improved productivity are anticipated to prompt the growth of the global field service management market during the analysis period.
However, a shortage of skilled laborers to operate technical FSM (field service management) solutions can negatively impact the growth of the market. Additionally, data security concerns and dependency on traditional manual methods would further slowdown the market growth during the forecast period.
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The APAC region is expected to present the highest contribution to the growth of the global field service management market.
The Asia Pacific region is witnessing the continuous growth of the businesses in this region. The growth of businesses will directly enhance the adoption of the internet.
Moreover, the presence of several renowned FSM solution providers like FieldEz would escalate the growth of the global field service management market across the region.
Key Market Segments
By Organization Size
Schedule, Dispatch, and Route Optimization
Work Order Management
Service Contract Management
Reporting and Analytics
Implementation & integration
Training & support
By Industry Vertical
IT & Telecom
Healthcare & life sciences
Transportation & Logistics
Energy & Utilities
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Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Key Market Players
Comarch SA (Europe)
IFS AB (Europe)
Infor (United States)
Microsoft Corporation (United States)
Oracle Corporation (United States)
OverIT (United States)
Salesforce.com, Inc (United States)
ServiceMax (United States)
Other prominent players
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Field Service Management Market ?
• Which factors are influencing Field Service Management Market over the forecast period?
• What are the global challenges, threats, and risks in Field Service Management Market ?
• Which factors are propelling and restraining Field Service Management Market ?
• What are the demanding global regions of the Field Service Management Market ?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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