Field Service Management Market 2023: Set to Reach US$ 10.8 Billion by 2028, Expanding at CAGR of 16%
The latest report by IMARC Group, titled “Field Service Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global field service management market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global field service management market size reached US$ 4.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.8 Billion by 2028, exhibiting a growth rate (CAGR) of 16% during 2023-2028.
Field service management (FSM) represents a technology used to automate and keep track of various components in field operations through mobile systems. It offers job status updates, scheduling and order management, vehicle location tracking, managing and monitoring of technicians, route optimization, global positioning system (GPS) navigation, etc. Field service management also assists in knowledge and asset repositories, tracking time and driver logs, parts and inventory management, payment processing, and regulatory compliance measures. As a result, this technology finds widespread applications across several sectors, such as education, healthcare, manufacturing, travel and tourism, energy and utilities, IT and telecom, etc.
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Market Trends and Drivers:
The escalating variables in managing service technicians or forces, including miscommunication, delays, and incomplete information, which increases the time taken to manage business activities, are among the primary factors driving the field service management market. Besides this, the rising focus on improving customer relationships and experience and managing workforces efficiently is further augmenting the market growth. Moreover, the incorporation of field service management in small and medium-sized enterprises (SMEs)for core business processes is also catalyzing the global market. Apart from this, the integration of advanced systems by the leading players, such as enterprise resource planning (ERP), tax software, accounting, workforce management, and industry-specific calibration systems, is acting as another significant growth-inducing factor.
Additionally, the growing popularity of this solution in managing crews and projects and ensuring that tasks are performed in compliance with regulations, thereby improving overall production effectiveness and reducing cost, is also stimulating the market growth. Furthermore, the elevating need for energy sources across the globe, owing to the increasing urbanization levels and global population, is anticipated to propel the field service management market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Some of these key players include:
- Accruent LLC (Fortive Corporation)
- Comarch SA
- IFS AB
- Infor (Koch Industries Inc.)
- Microsoft Corporation
- Oracle Corporation
- com Inc.
- SAP SE
- ServiceMax
- ServicePower Inc.
- Trimble Inc.
- Zinier Inc.
Key Market Segmentation:
Breakup by Solution:
- Schedule, Dispatch and Route Optimization
- Customer Management
- Work Order Management
- Inventory Management
- Service Contract Management
- Reporting and Analytics
- Others
Breakup by Service:
- Implementation and Integration
- Training and Support
- Consultancy Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by End Use Industry:
- BFSI
- IT and Telecom
- Healthcare and Life Sciences
- Manufacturing
- Transportation and Logistics
- Energy and Utilities
- Construction
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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