Field Service Management Market $5.9 Billion by 2024 —
The global field service management market is expected to double its worth in the next 5 years. At USD 2.8 billion as of 2019, the global field service management market is expected to grow to USD 5.9 billion by 2024, at a CAGR of 16.2% in the forecast period.
There are several reasons that are driving this expected growth. The growing demand for mobility-based solutions to improve field operations, the use of advanced technologies to scale field technicians’ needs, and the increasing adoption of cloud-based field service solutions, are some of them.
Telecom providers will be at the center of innovation of the FSM ecosystem in the coming years. Telecom service providers will provide the basic communication infrastructure required by FSM vendors to track their field employees in real time, which will be the critical factor on how successful the FSM solution is deployed.
3 Hot Segments
A recently published report, Field Service Management Market, identifies specific segments of field service management that are expected to grow based on demand and usage. The schedule, dispatch, and route optimization solution segments are expected to become the largest during the forecast period. Since scheduling and dispatching are crucial for the efficiency of any organization, it is necessary to find methods that account for unexpected situations that cause human error (for example, late service delivery).
According to the report, advancements in technology are expected to play a vital role in shaping the future dynamics of the global markets. The use of technology and automated systems to help businesses navigate scheduling, planning, and dispatching processes, will significantly increase efficiency in customer service, reduce operational costs, as well as maximize business output.
Service Over Solutions
The report further highlights that, in the forecast period, the services segment is likely to grow at a much faster CAGR than the solutions segment. The services segment of field service management has a diverse scope of usage: they can be used to assist clients better in providing them with solutions, strategy, and implementation, and they can also be used internally to cater to business-specific needs of organizations.
The biggest asset of field service management services is that they bridge the stability of using legacy systems and the ease of modern applications to allow organizations to prioritize and execute the tasks that increase their efficiency the most. For example, they take care of training and implementation work so that clients can focus on their core business.
The need for such a technology in business has opened up opportunities for vendors to provide services to help various industries deal with the complexities of delegation, administration, and other management-related tasks, while also configuring field service management solutions.
A decade ago, it was next to impossible to run a field service business remotely. Currently, smartphones and tablets have made this a reality.
The real-time monitoring of the movement of field service technicians not only prompts the timely dispatch of the nearest technician to resolve an issue but also empowers these technicians with the information needed to fix the customer’s problem at the first visit. Technicians can remotely reboot a machine or upload new software without visiting the site with mobility powered field service management solutions.
At the customer end, real-time visibility into the technician’s movement offers the assurance of help coming at the assured time. According to a recent study, nearly 75% of businesses that use mobility tools have seen an increase in the productivity of workers, while the rest have witnessed an increase in customer satisfaction rates.
Hence, the implementation of mobility driven field service solutions helps service organizations make better business decisions, gain better control over field operations, and deliver prompt services to customers.
Who Will Dominate?
In addition to identifying potential growth in specific segments and industries, the report also examines the growth by region. North America, estimated to account for the largest share of field management services in 2019, is also likely to witness the maximum gains during the forecast period. Countries such as the US and Canada are home to several of the key industry players that offer field service management solutions and services.
In addition to being a region that is considered one of the most advanced in terms of adopting digital technologies, the North American market also has the financial stability to invest in leading tools and technologies for effective business operations.
Companies such as Oracle, Microsoft, ClickSoftware, ServiceMax, Astea, Salesforce, Trimble, ServicePower, FieldAware, and Zinier, are some of the key players in the North American market, particularly the US. Other companies from around the world, including IFS (Sweden), Comarch (Poland), SAP (Germany), GEOCONCEPT (France), and FieldEZ (India), are also considered strong contenders.
This article is adapted from the report Field Service Management Market by Component (Solutions, Services), Organization Size, Deployment Type, Industry Vertical (IT and Telecom, Energy and Utilities, Manufacturing, Transportation and Logistics), and Region – Global Forecast to 2024, published by MarketsandMarkets. For more information, please visit https://www.marketsandmarkets.com/Market-Reports/field-service-management-market-209977425.html.