New York, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Field service management, also known as FSM, dispatches employees or contractors to remote locations to install, maintain, or repair various machines, systems, or company assets. Field service managers are accountable for monitoring an organization's field resources and coordinating the work of field service practitioners responsible for providing clients with skilled, specialized, or proprietary services. Field service is generally the only opportunity a customer has to interact directly with a business. Therefore, interactions are crucial to customer retention and brand loyalty. FSM enables organizations to coordinate their resources and provide direct service. This has an extensive range of applications. These use cases encompass equipment installation and maintenance, break-fix, and asset monitoring. Workers, agents, and other individuals must coordinate to complete these tasks successfully.
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According to Straits Research, “The global field service management market size was valued at USD 3,666 million in 2021, which is envisioned to advance to USD 10,312 million at a CAGR of 13.8% during the forecast period.” The increased demand for workflow optimization and the need for improved productivity have prompted the adoption of FSM, which has contributed to its global expansion. The FSM software helps field workers improve their collaboration and productivity. In addition, the widespread availability of smartphones and the internet has facilitated the mobility and adaptability of field service providers. During the pandemic outbreak, the capabilities of mobile-driven FSM solutions optimized field operations. Due to the increase in remote work, the FSM industry is experiencing significant setbacks in developing customer relationships, aligning teams to the same timeline, and maintaining effective communication between technicians and administrators. Field services are deemed indispensable in regulated industries such as utilities, telecom, and oil & gas, where compliance and safety management are 24x7 responsibilities.
Implementation of FSM Solutions by Small & Medium Scale Firms and the Growing Demand for Optimized Workflow to Drive the Global Field Service Management Market
Small and medium-sized businesses have begun implementing FSM solutions and services to improve performance. Applying FSM improves performance as business practices continue to migrate to the digital realm. In addition to tracking employee activities, scheduling work, assigning technicians, locating vehicles, ensuring driver safety, and integrating inventory and other business systems, companies utilize field service management software for various purposes. It contributes to the streamlining of business operations and time savings. Businesses need FSM software to automate their field service operations to increase efficiency and visibility. The widespread adoption of FSM by various organizations is driving the growth of the FSM solutions market. Numerous advanced systems also offer composite tools, such as automated customer appointment reminders, complex document management, and customer relationship management (CRM) tools. As a result of the benefits they offer, field service management systems and software are increasingly being implemented by businesses to boost performance.
In addition, regardless of the organization's size, workflow optimization is of the utmost importance. Within an organization, some technicians frequently spend considerable time traveling between jobs. Some service technicians lose nearly 50% of their work time due to inefficient scheduling. Field service management systems facilitate the development of a well-structured work schedule that optimizes the number of time technicians spends working. In addition, it reduces the costs associated with job management and logistical operations. The technicians, front office, and management can communicate more effectively using the software for field service management. Since field employees and technicians spend less on logistical coordination, they can devote more time to client work. All personnel, from management to technicians, have access to and can utilize all decision-making information. This contributes to improved planning and operational flexibility in response to urgent client demands. The features of the FSM software facilitate performance optimization, thereby increasing overall productivity. Therefore, increasing its use in organizations.
Deployment of Artificial Intelligence in FSM to Create Global Field Service Management Market Opportunities
Artificial Intelligence (AI) and rapidly advancing digital technologies are transforming the business model. Even in administration, it was common for organizations in the past to rely heavily on manual labor. However, the introduction of AI has benefited the field service management market. With the assistance of AI, software that streamlines tasks and organizes resources and personnel in real-time has significantly impacted the efficiency, productivity, and effectiveness of businesses. In an industry as competitive as field service management, the key to leading a better FSM business is to remain customer-centric. To minimize customers' wait time, technicians and employees must be prepared with the correct information, equipment, and tools to resolve issues on the first attempt. Intelligent chatbots help meet customer expectations with incredible speed and accuracy. A connected and autonomous field service management solution facilitates consistent communication between technicians, suppliers, management, and customers. Automation contributes to time savings, cost savings, and an improvement in service overall. Future field service management will emphasize the increased use of the internet of things, artificial intelligence, and augmented reality to enhance customer and employee satisfaction by transforming how technicians advance their functioning. Advancing technologies, like artificial intelligence and Internet of Things-driven predictive maintenance, are anticipated to make it easier for technicians to troubleshoot connected devices.
Regional Insights
Asia-Pacific will command the market with the largest share during the forecast period growing at a CAGR of 19.89%. Principal contributors to the region's growth are the region's rapid urbanization and the expansion of contract-based service operations across a broad range of end-use verticals. It is projected that a substantial number of small and medium-sized businesses in the Asia-Pacific region will focus on implementing FSM to enhance their businesses' performance. FSM, when implemented in a company, aids in preventing the improper management of inventory, reduces the cycle time of stock, and reduces the costs associated with holding and ordering goods.
North America will hold the second-largest share of 2,425 million growing at a CAGR of 11% during the forecast period. The rapid adoption of cloud computing technology in this region is the primary driver of this region's growth. Rising demand for enterprise mobility solutions and a persistent emphasis on streamlining field service operations are driving the regional market expansion. In North America, the FSM solutions are increasingly used for workforce supervision and scheduling, worker safety, fleet management, performance analytics, and mobility solutions, all of which enhance the productivity of field workers and their work.
Key Highlights
- Based on components, the solution segment is expected to hold the largest share during the forecast period growing at a CAGR of 13.59%.
- Based on the enterprise, the large enterprise segment is most likely to hold the largest share and grow at a CAGR of 12%.
- Based on the deployment model, the cloud deployment segment is estimated to grow at a CAGR of 15.5% during the forecast period and hold the largest share.
- Based on application, the telecom segment is expected to hold the largest share during the forecast period growing at a CAGR of 15.9%.
- Based on regional analysis, Asia-Pacific will command the market with the largest share during the forecast period growing at a CAGR of 19.89%.
Competitive Players in the Market
- IFS
- Oracle
- ServiceMax
- ClickSoftware
- IBM
- ServicePower
- SAP
- Comarch SA
- Infor
- FieldPower
- ServiceTitan
- GMS Development
Market News
· In 2022, Oracle and Vodafone announced a strategic partnership to modernize the operator's European IT infrastructure and accelerate its transition to the cloud.
· In 2022, Oracle acquired Cerner, a leading provider of digital information systems used within hospitals and health systems.
Global Field Service Management Market: Segmentation
By Component
- Solution (Mobile Field Execution, Service Contract Management, Warranty Management, Workforce Management, Customer Management, Inventory Management, and Others)
- Service (Implementation, Training & Support, and Consulting & Advisory)
By Enterprise
- Large Enterprises
- Small & Medium Businesses (SMEs)
By Deployment Model
- On-premise
- Cloud
By Application
- Energy & Utilities
- Telecom
- Manufacturing
- Healthcare
- BFSI
- Construction & Real Estate
- Transportation & Logistics
- Retail & Wholesale
- Others
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
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