Market Research Future published a research report on “Field Service Management (FSM) Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Field service management (FSM) is the process of managing the company’s field operations by allocating them strategically for enhancing customer satisfaction and to maximize the productivity and efficiency of the company.
The increasing number of field operations adds up the complex process of the organization which in turn require highly reliable and efficient service management software. However, the field service management software offers various solutions that helps organizations to streamline the business processes that includes overall tracking of field service operations and repair activities, efficient work-load management, real-time tracking of workforce location, automates field operations to eliminate the manual task, and others. In this regard, the integration of these solutions in field operations for the management of organization resources is expected to fuel the growth of Field Service Management Market during the forecast period.
In addition, some other factors that are responsible for the growth of the FSM market include the rising need of customer satisfaction and increasing adoption of smartphones & wearable devices by field service personnel. The field service management software also helps in addressing the issues faster by monitoring the resources remotely and automatically determine and allocate the resources during emergency. These features of field management software enable the enterprises to deliver faster response of services and reduced downtime that eventually enhance customer satisfaction. Moreover, the field service management software is easily integrated with smartphones that streamlines the flow of information between central authorities and field workers. However, lack of skills expertise related to field service management software is one of the factors that limit the growth of the FSM market during the assessment period.
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On March 2018, IBM partnered with SAP SE for creating field service solutions for industrial machinery and components (IM&C) companies to reduce service and maintenance costs and improves the workforce performance with the real-time operational data analysis.
The global field service management market is expected to reach approximately USD 5.59 billion by 2023 growing at a 16.6% CAGR over the forecast period 2018—2023.
Some of the key players of global field service management market includes Capterra(US), Accurent(US), Acumatica Inc. (US), Astea International Inc. (US), Click Software(US), Comarch SA (Poland), Field Aware(US), IBM Corporation (US), IFS(Sweden), Infor(US), Microsoft Corporation (US), Oracle Corporation (US), Salesforce.com (US), SAP SE (Germany), OverIT (Italy), among others.
The global field service management market is segmented into component, organization size, deployment, and vertical.
- By component, the market is segmented into solution and service.
- By solution, the market is segmented into scheduling & dispatching, route planning, mobile field service management, equipment management, inventory management, service contract management, warranty management, work order management, pre-voicing, billing & invoice, service history tracking, and others.
- By service, the market is segmented into implementation, support & training, and consulting.
- By deployment, the market is segmented into cloud, on- premise.
- By organization size, the market is segmented into SMEs and Large enterprise.
- By vertical, the market is segmented into healthcare, education, manufacturing, retail, IT& telecom, construction, and others.
The geographical analysis of the global field service management market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North-America is dominating the global field service management market during the forecast period. The market growth is due to the presence of IT giants that include IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com and other leading companies in the FSM market. The early adoption of the technology and high investment in the research and development as part of growth approach of the leading and IT giants are some propelling factors for the market growth. Moreover, Asia-Pacific is expecting to reach highest CAGR during the forecast period due to rising number of highly field service personnel in the IT & telecom sector and growing adoption of smartphones in the region.
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- Professional service providers
- Customer Relationship Management (CRM)/Enterprise Resource Planning (ERP) providers
- Mobile application developers
- Telecom Network Operators (TNOs)
- Government organizations
- Regulatory bodies
- Field service managers/supervisors/technicians
- Field service solution providers
- Cloud service providers
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