The Global Field Service Management market revenues to reach $6.98 billion by 2023
The need to enhance productivity of employees and real-time tracking of field workers are the key drivers of the field service management market
Bangalore, India, May 14, 2018: Infoholic Research LLP, a global market research and consulting company, has published a study titled “Field Service Management Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (May 2018).
According to Infoholic Research, field service management (FSM) solutions are expected to enhance the service delivery of organizations with better tracking and scheduling of operations. The increased adoption of mobile devices has enhanced the management of off-site workers with real-time tracking and updates. The cloud deployment mode has encouraged many organizations with cheaper and competitive price offerings. However, the ROI of the FSM solutions is a concern for many organizations to drive its adoption across regions.
The FSM market is estimated to grow at a CAGR of 17.06% during the forecast period 2017–2023. The introduction of IoT and AI has leveraged the capabilities of FSM with device and inventory tracking and to identify the key factors affecting the crucial elements of business. Its real-time billing and invoicing features enhances customer satisfaction; quick and accurate payments help organizations with better cash conversion cycle. The reports and dashboard help the management team to better organize and plan for projects. Moreover, the analytics software extracts vital parameters and helps in decision making to carry out field operations.
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The solution types include schedule and dispatch, work order management, tracking and performance management, inventory management, billing and invoicing, and reporting and dashboards. The FSM market is expected to innovate products with features that help teams to collaborate better and provide organizations better planning strategies to manage its field workers. The North American market holds the lion’s share in the FSM market with focus to streamline the processes of service organizations. However, Asia Pacific holds a huge potential for the FSM vendors with the presence of developing economies such as China and India. The huge population and a rapidly growing service sector in the region holds opportunity for the FSM market with greater mobile device adoption. The scheduling and dispatch solution is expected to enjoy a major market share during the forecast period.
The deployment modes include on-premises and cloud. The cloud deployment encourages many organizations to opt for solutions with incurring costs on hardware and infrastructure. SMEs who face resource crunch and require maximizing the field operations are expected to adopt FSM solutions at a higher rate than large enterprises. The increasing competition among the service organizations need the companies to adopt best resource management tools and solutions.
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The regions covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The countries covered are US, Canada, Germany, UK, France, Sweden, Spain, China, India, Australia, Japan, Singapore, South Africa (RSA), United Arab Emirates (UAE), Brazil and Mexico. The developing economies such as China and India, possess huge potential with increasing focus on infrastructure and smart city initiatives along with growth in the manufacturing, and energy and utilities sector.
“The field service management market is expected to witness huge growth among the service organizations. Services are becoming an integral part of product offering. Service offerings across regions are focusing on better customer experience and real-time collaboration among various teams,” points Swarup Bhowal, Research Analyst at Infoholic Research.
The report covers the present scenario and the growth prospects of the field service management market during the forecast period 2018 - 2023.
The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report gives details about the field service management market
- The report is analyzed based on field service management solutions, services, deployment mode, organization size, industry vertical and regions
- The services and solutions segment include, schedule and dispatch, work order management, tracking and performance management, inventory management, billing and invoicing, and reporting and dashboards, deployment and integration, support and maintenance, and consulting.
- The cloud deployment mode segment includes, cloud and on-premises.
- The organization size includes large enterprises and SMEs.
- Services type includes deployment and integration, support and maintenance, and consulting.
- The industry vertical segment includes energy and utilities, manufacturing, telecom and IT, construction and real estate, healthcare and life sciences, transportation and logistics, BFSI and others.
- The report covers the implementation of FSM solutions in the North America, Europe, Asia Pacific, Middle East Africa, and Latin America.
- The report covers the evolution of field service management, its features, advantages, and importance.
- The report also covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2023).
- It also contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views.
- The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis.
Ms. Kathakali Basu
Infoholic Research LLP