Field Service Management Market to grow relentlessly forecast to 2032

Market Research Future published a Half Cooked research report on “Global Field Service Management Market Research Report - Forecast to 2032” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2032

Oracle Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), ClickSoftware Technologies (U.S.), Industrial & Financial Systems AB (Sweden), ServicePower Technologies PLC (U.K.), ServiceMax Inc. (U.S.), Infor (U.S.), and Astea International Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Field Service Management Platform Market.

Field Service Management Market - Overview

The global field service management market is showing immense growth; mainly due to the emergence of cloud technologies and growing popularity of bring your own device (BYOD). Field service management refers to managing of company resources at the client end instead of managing it at the host end. Field services management Increasing need to maximize productivity of business processes and growing demand for an integrated, robust, and centralized system for field service management are major factors driving the growth of the market. According to a recent study report published by Market Research Future, The global market of field service management is booming and expected to gain prominence over the forecast period. The Field Service Management Market size is projected to grow from USD 7.1 billion in 2024 to USD 28.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.5% during the forecast period (2024 - 2032).

Cloud based deployment segment in field service management is expected to grow at the highest rate during the forecast period. This is owing to the increase in demand for cloud-based FSM solutions which offer flexibility, scalability, low cost, and real-time access to data, regardless of the location of the employees. Technological advancements and economic growth influence the industry dynamics. Also, increasing demand for field service management from medium and small enterprises is another major factor driving the market growth. The field service management market is highly competitive due to the increase in cloud based technologies and increasing demand for mobility solutions for real-time visibility. On the other hand, lack of awareness and slow growth in the developing and under developed countries are some of the factors hindering the growth of field service management market. Also, security concerns with respect to access to confidential data, may hamper the market growth.

Industry News

September 2017 – ClickSoftware Technologies announces global reseller agreement with SAP, providing cloud-based field service management. The solution is available now and enables real-time, automated, context-based recommendations for service planning, scheduling, execution and analysis to support intelligent decision making.

October 2017 – NetSuite Astea International and Kobelco Systems Corporation partner to deliver comprehensive, IoT and AI-enabled field service management solutions. This next generation service platform now seamlessly merges the early warning capabilities of IoT and the diagnostic capabilities of AI with the broad capabilities of Astea Alliance to optimize the combination of remote, predictive and preventative maintenance activities.

September 2017 – Astea Unveils latest version of its alliance service management & mobile workforce platform, unifying the service-driven organization and connecting it to the service ecosystem. This release represents a major step in unifying and connecting all service stakeholders into one cohesive service ecosystem focused on delivering superior service outcomes for a company and its customers, both within and outside of an organization.

Field Service Management Market - Competitive Analysis

The market of field service management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Field Service Management Market - Segmentation

The field service management market can be classified into 4 key segments for the convenience of the report and enhanced understanding;

Segmentation by Solution: Comprises of Schedule and Dispatch, Work Order Management, Mobile Field Execution, Reporting and Dashboards, Billing and Invoicing, Inventory Management and Tracking and Performance Management

Segmentation by Service: Comprises of Implementation, Training and Support and Consulting

Segmentation by Organization Size: Comprises of SMEs and Large Enterprises

Segmentation by Deployment: Comprises of Cloud and On Premise

Segmentation by Vertical: Comprises of BFSI, Healthcare, Manufacturing, Energy & Utilities, Transportation and Others

Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Field Service Management Market - 

Regional Analysis

North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the field service management market in North America owing to the presence of a large number of established key players such as Oracle Corporation, IBM Corporation, Microsoft Corporation, ClickSoftware Technologies, ServiceMax Inc., Infor, and Astea International Inc. among others. The growing technological developments in the field of cloud, analytics, and the emergence of bring your own device (BYOD) have led to the high adoption of field service management applications in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of cloud based applications in the region, the market is likely to show immense growth in the coming future. Field service management market in Asia Pacific is expected to grow at a substantial CAGR during 2018 to 2023 due to rise in IT technology and increasing adoption of field service management in the region. Whereas, the Europe market for field service management is expected to grow at a considerable CAGR (2024-2032).