NEWARK, Del, Feb. 09, 2023 (GLOBE NEWSWIRE) -- As per the latest research reports of FMI, the field service management market is expected to cross a valuation of US$ 12.2 billion by 2033. The market is expected to register a CAGR of 11.4% during the forecast period. In 2023, the market size is expected to be US$ 4.2 billion.
The field service management systems can integrate lots of systems into a single unit, thereby reducing the complexity of the architecture. The ability to automate tasks has helped companies achieve a higher return on investment.
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With technological upgradation, a lot of companies have started making use of cloud technology owing to the owing to ease of accessing data along with mobility. The field service management is expected to make use of cloud technology on a large scale, which is expected to certainly increase the seamlessness of operations. This might well increase the demand for field service management devices.
In the current times, lots of companies are laying strong emphasis on the democratization of data. The application of field service management ensures that the data is readily available, as a result of which the organizations function transparently. Apart from that, owing to remote working conditions, a lot of companies have started adopting BYOD, instead of providing their laptops. This saves lots of money for the organizations. These factors are expected to massively surge the adoption of field service management systems during the forecast period.
However, an increase in cyberattacks and hacking is expected to pose a lot of threats to market growth.
Thus, from the insights provided by FMI researchers, it can be inferred that ‘the ability to integrate multiple systems, supporting the idea of data democratization, easy adoption of BYOD, and lots of other factors are expected to surge the field service management market share during the forecast period.’
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Key Takeaways:
- The market is expected to register a CAGR of 11.4% during the forecast period.
- In 2023, the market size is expected to reach a valuation of US$ 4.2 billion.
- By 2033, the valuation is expected to cross US$ 12.2 billion.
- Based on regional analysis, North America is expected to be the dominant market.
- The United States market is expected to register a CAGR of 11.1%.
- The United Kingdom market is anticipated to post a CAGR of 10.7%.
- China market is projected to report a CAGR of 10.4%.
- Japan market is expected to record a CAGR of 9.8%.
- South Korea market is expected to advance at a CAGR of 9.4%.
- Based on organization size, large enterprises are expected to be the leading segment and are expected to record a CAGR of 11.1%.
- Based on deployment, the on-premises is projected to be the dominant segment and is projected to register a CAGR of 10.8%.
Competitive Landscape
The key players operating in the field service management market are taking all efforts to implement actions that are all about achieving sustainable goals. There are also moves being made to enter into profitable mergers and acquisitions. This might allow the manufacturers to expand their footprints. Apart from that, there are also plans to get into strategic partnerships with players from other sectors.
Key developments in the market:
- In January 2023, Oracle was named the leader and was positioned highest for the ability to execute in Gartner Magic Quadrant for Integration Platform as a service.
- In January 2023, Salesforce unveiled commerce innovations to help organizations across industries streamline operations, maximize revenue, and drive loyalty.
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Table of Content
1. Executive Summary | Field Service Management Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
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