Field Service Management Market Size to Grow at a CAGR of 16% in the Forecast Period of 2023-2028

The ‘Global Field Service Management Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global field service management market, assessing the market on the basis of its segments like component, organisation size, deployment type, industry vertical, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Field Service Management Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 16%

The increased demand for tracking of field activities in developing regions and the growing adoption of mobility-based alternatives are the major factors driving the growth of the global field service management market. With the development of advanced technologies like artificial intelligence, Internet of Things, and smart devices, the need for digitised tracking systems has increased and this market has flourished. The availability of real-time monitoring systems has made it easier for businesses to resolve the queries of consumers quickly and efficiently through their strong networks with the nearest service providers. Furthermore, the development of mobile-based tracking applications has further ensured better control over field operations remotely, which is positively impacting the growth of this market.

The schedule, dispatch, and route optimisation solutions of field service management are expected to witness a burgeoning demand owing to their benefits like automated scheduling requests, faster delivery services, and enhanced dispatch operations. The growing adoption of customer-centric business approaches and the need to maintain loyal consumer bases is leading to the steady growth of the customer management solutions component of the field service management market. Furthermore, the growing need for data security and retrieval due to the large volume of sensitive data in BFSI, healthcare, and government sectors is likely to bolster the on-premises type of deployment of field service management in the forecast period.

Field Service Management Market Industry Definition and Major Segments

Field service managements refers to the management of in-person services, involving the dispatch of contractors or workers outside the premises of the company for the repair or installation of machinery or assets. These services/solutions seek to deliver improved performance by enhancing profitability and reducing costs, through better management of people, technology, and processes.

On the basis of component, the market is divided into:

• Solutions

 Breakup by type
 Schedule, Dispatch, and Route Optimisation
 Customer Management
 Work Order Management
 Inventory Management
 Service Contract Management
 Reporting and Analytics
 Others

• Services

 Breakup by type
 Consulting
 Integration and Implementation
 Training and Support

Based on organisation size, the market is bifurcated into:

• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)

On the basis of deployment type, the market is segmented into:

• On-Premises
• Cloud

Based on industry vertical, the market is differentiated into:

• IT and Telecom
• Healthcare and Life Sciences
• Manufacturing
• Transportation and Logistics
• Construction and Real Estate
• Energy and Utilities
• Others

On the basis of region, the market is classified into:

• North America
• Europe
• Asia pacific
• Latin America
• Middle East and Africa

Field Service Management Market Trends

The growing penetration of smartphones and mobile-enabled software has aided the growth of the field service management market. The growing shift towards automation systems and the prevailing usage of cloud-based field management services are the key trends observed that have led to the overall growth of this market. With the onset of emerging technologies like augmented reality and virtual reality, training and repairing have become more efficient and maintenance procedures have become hassle-free, leading to increased cost savings. The availability of remote-software upgradation solutions has replaced the need for visiting sites, thus saving time and offering convenience to the users and further bolstering the field service management market.

The availability of field service management software helps businesses keep a track of outsourced activities, thus ensuring that the services of the third-party contractors have been delivered on time and avoiding any negative feedback from consumers. Furthermore, the increased investments in the research and development of field service management are likely to positively impact the growth of this market. The increasing usage of 5G networks and telematics across the world is increasingly assisting users in the seamless monitoring of activities, which is likely to enhance the growth of the field service management market.

Key Market Players

The major players in the global field service management market report are:

• Oracle Corporation
• Microsoft Corporation
• ClickSoftware Technologies Ltd. (Acquired by Salesforce.com, Inc.)
• ServiceMax, Inc.
• Astea international Inc. (Acquired by IFS Aktiebolag)
• Comarch S.A.
• Others.

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.