New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Field Service Management Global Market Report 2023" - https://www.reportlinker.com/p06244979/?utm_source=GNW
, Coresystems AG, IFS AB, Infor Inc., International Business Machines Corporation (IBM), Microsoft Corporation, Mize Inc., OverIT S.p.A, Praxedo, Salesforce, SAP SE, ServiceMax, Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, Accenture, Cisco Systems and FieldEZ.
The global field service management market grew from $3.61 billion in 2022 to $4.24 billion in 2023 at a compound annual growth rate (CAGR) of 17.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The field service management market is expected to grow to $7.08 billion in 2027 at a CAGR of 13.7%.
The field service management market includes revenues earned by entities by providing services such as sales force automation, enablement, revenue optimization, sales engagement, territory planning, partner relationship management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Field service management (FSM) is a system for managing remote workers and the resources a company needs to work efficiently.Field service management helps businesses manage all the resources involved in field service management activities.
It can help technicians process job orders, keep track of service and repair tasks, automate scheduling and dispatch, manage customer service contracts, collect payment and more.
North America was the largest region in the field service management market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the field service management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of components in field service management are solutions and services.The various services include consulting, training and support, and integration and implementation with third-party systems to boost the performance of the field service.
The different deployment modes include on-premise, and cloud and are used in various applications such as energy and utilities, telecom, manufacturing, healthcare, BFSI, construction and real estate, transportation, and logistics, among others.
The increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period.Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology.
The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs.For instance, according to World Economic Forum, in 2020, 50% of business leaders are planning to accelerate the automation of repetitive tasks within their organization.
Therefore, the increasing demand for automation and digitalization drives the growth of the field service management market.
The increasing availability of SaaS solutions and value-added features is a key trend gaining popularity in the field service management market.Software as a service (SaaS) is an abbreviation that refers to a software distribution model in which a cloud provider hosts applications for simple access by end-users.
The advantages of SaaS solutions are ease of access, minimal setup time, and customizability based on the requirements.SaaS solutions are widely incorporated in field service management to effectively track and manage resources.
For instance, in October 2021, Opsivity, Inc., an Australia-based field service management company launched its SaaS services in the US market. The US customers can now use Opsivity’s SaaS-based solutions for real-time remote field support.
In July 2021, ServiceMax, a US-based asset-centric field service management company acquired LiquidFrameworks for an undisclosed amount.Through this acquisition, ServiceMax will be able to meet the unique challenges of the energy sector with its field service management solutions.
LiquidFrameworks is a US-based company providing cloud-based, mobile field operations management solutions to the energy, industrial, and environmental services industries. FieldFX from LiquidFrameworks provides companies with several benefits, including increased revenue capture, increased cash flow, contract compliance, invoice accuracy, and customer responsiveness.
The countries covered in the field service management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The field service management market research report is one of a series of new reports that provides field service management market statistics, including field service management industry global market size, regional shares, competitors with a field service management market share, detailed field service management market segments, market trends and opportunities, and any further data you may need to thrive in the field service management industry. This field service management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06244979/?utm_source=GNW
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