Chicago, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Field Service Management Market size is expected to grow from USD 3.2 billion in 2021 to USD 5.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to a new report by MarketsandMarkets™. FSM solutions and services are rapidly gaining acceptance globally by large enterprises as well as mid-sized enterprises and small enterprises due to various benefits, growing adoption of automation and digitalization and the increase in adoption of BYOD and mobile-based FSM solution. The presence of many FSM providers has made the market competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront.
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Browse in-depth TOC on "Field Service Management Market”
287 - Tables
60 - Figures
289 - Pages
Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2016-2026 |
| Base year considered | 2020 |
| Forecast period | 2021-2026 |
| Projected Market Value in 2026 | USD 5.7 billion |
| Highest CAGR Region | APAC |
| Forecast units | Value (USD Million) |
| Segments covered | Component (Solution and Services), Deployment Mode, Organization Size, Verticals, and Regions |
| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Oracle (US), Microsoft (US), Salesforce (US), IFS (Sweden), ServiceMax (US), SAP (Germany), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIT (Italy), FieldAware (US), Geoconcept (France), Zinier (US), Accruent (US) |
The schedule, dispatch, and route optimization solution is gaining popularity in the field service landscape and is expected to account for the largest market size during the forecast period. It is used to collaboratively manage the workforce and enhance dispatch operations. The solution facilitates clients to maximize their output by allocating jobs to field representatives. It allocates jobs to field representatives based on their skills and current location to deliver services in minimum time. Dispatching is the process where the user sends out an employee (an engineer, specialist, or technician) to fix a problem or provide a solution. The process of dispatching is critical for customer satisfaction. The route optimization feature helps in finding the best possible route between two locations.
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The Integration and implementation services are likely to share large revenues in the estimated year, as they enable clients to appropriately deploy and integrate field service management solutions with their existing systems, such as ERP and CRM. These services are provided by trained and technically expert professionals who can ensure the accurate deployment of field service management solutions. The market for field service management solutions is expected to grow because these solutions deliver field services in lesser time and cost.
The on-premise deployment field service accounts for a larger market share in the field service management market, by deployment type, owing to the security and flexibility provided by them while retrieving data, as field service enterprises deal with sensitive and confidential data about customers and companies. These enterprises use on-premise field service management solutions to have total control over information security about the customer and company. On-premise solutions are installed and hosted in an organization’s IT infrastructure and are managed by its internal IT staff.
The adoption of field service management solutions is higher in large enterprises, and the trend is expected to continue during the forecast period. Field service management solutions are important for large enterprises, as they have a large workforce, large volumes of documentation, and have to maintain extensive customer records. Large enterprises face challenges in assigning work orders to field technicians and engineers. If work orders are not managed efficiently by large enterprises, they can lead to increased costs and lesser productivity. This can also lead to a loss of customer loyalty and market share. Large enterprises are focusing on adopting field service management solutions to centrally manage their business processes and critical data of their workforce and customers.
The field service management for manufacturing organizations is a booming business and holds the largest market share during the forecast period. To help minimize machine downtime, manufacturing organizations are now looking to Industry 4.0 technologies that provide advancements, such as intelligent predictive maintenance and IoT, to detect anomalies in machines and send out real-time alert notifications. A field service management (FSM) solution uses the predictive maintenance or IoT triggers to generate work activities; and, in real-time, find the best-suited field technician to be on-site to perform the work activity. This is done via built-in intelligent scheduling, dispatching, and optimized algorithms. FSM solutions should provide the field service technician with all the information and guidance necessary to execute the task most efficiently. With the help of FSM solutions, manufacturers are capable of augmenting their business efficiency and consumer relationships.
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APAC is projected to witness the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of FSM solutions. China, India, and Japan are the leading countries in terms of the adoption of FSM solutions and services in the region. Asia Pacific is expected to dominate the regional field service management market; its rapid growth rate is due to the region being home to many SMEs, which are highly involved in the development and adoption of field services and their management solutions. China is one of the largest E-Commerce markets in the world. The expansion in the sector is a significant driver for the adoption of FSM solutions. And as new retail is shifting more and more from a novel concept to the mass market sector, the need for the management of field service is expected to grow.
The Field Service Management Market is dominated by companies such as Oracle (US), Microsoft (US), Salesforce (US), IFS (Sweden), ServiceMax (US), SAP (Germany), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIT (Italy), FieldAware (US), Geoconcept (France), Zinier (US), Accruent (US). These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them to increase revenues.
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