Global Field Service Management Market: Snapshot
Field Service Management can be defined as the managing of a company’s resources which may be en route or employed at client’s property, rather than company’s property. Among many examples of field service management, prominent ones are the locating of vehicles, scheduling and dispatching of work, managing worker’s activities, accounting, billing and so on. There are many benefits of field service management software. Some of these are growth in revenue, reduction of cost, better resource allocation and co-ordination. These software also take care of the billing, statement of work and provide oversight.
Growing need for improved efficiency and migration to cloud are expected to be major drivers of the market. The market is also expected to grow from the high degree of technological advancements in developed and developing countries such as the U.S., the U.K., France, Germany, China and Japan among others. However, the market growth is expected to be hindered by the concerns over data security. Moreover, the market is expected to face restraint due to the growing costs of field service management solutions.
The global field service management market is expected to expand at a CAGR of 14.1% during the forecast period of 2017 to 2025 and reach US$ 8,593.6 Mn in 2025.
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Telecom and IT Sector Forecast to Exhibit High Demand
The global field service management market is segmented on the basis of solution, service, deployment type, user type and industry vertical. On the basis of solution, the market is segmented into billing and invoicing, inventory management, mobile field execution, reporting and dashboards, schedule and dispatch, tracking and performance management, and work order management. The work order management sub-segment is expected to hold a major share of the market while inventory management is anticipated to grow at a substantial pace. On the basis of service, the market is segmented into consulting, implementation, and training and support. On the basis of deployment type, the market is segmented into cloud and on-premise. Based on user type, the market is segmented into small and medium enterprise (SME) and large enterprise. On the basis of industry vertical, the market is segmented into BFSI, construction and real estate, energy and utilities, healthcare, manufacturing, telecom and IT, transportation and logistics, and others. The market on the basis of industry vertical is expected to be dominated by telecom and IT while manufacturing sub-segment is projected to grow at rapid pace.
Exhibiting Lucrative Prospects, North America to Contribute Dominant Share
The global field service management market is expected to be driven by the North America region. North America is estimated to contribute a major share to the overall field service management market with the U.S. contributing most to the region’s revenue. The presence of major industry players along with high adoption of such software across many verticals is expected to drive the market in the region. The presence of necessary internet and communication infrastructure is also expected to bolster the market growth. North America is expected to be followed by Europe and Asia Pacific in terms of market share.
Asia-Pacific region is expected to emerge as the fastest growing region for the field service management market. This growth is accountable from the countries such as China, Japan and India while South East Asian countries with the growing industrialization are also expected to contribute substantially to the region’s growth.
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Major players in the field service management market include Oracle Corporation, SAP SE, ClickSoftware Technologies Ltd., Astea International Inc., Coresystems AG and IFS AB (Industrial and Financial Systems). Other prominent players in the field service management market are Microsoft Corporation, Praxedo, Retriever Communications Pty Ltd. and ServiceMax, Inc.
Modern Advancements to Influence Growth of Field Service Management Market between 2017 and 2025
The field service management market is expected to gain substantial growth during the assessment period of 2017-2025 on the back of the escalating need for affordable and less time-consuming solutions. The allocation of customer-centric pricing strategies may also have a positive influence on the growth of the field service management market to a great extent.
- The increasing demand for better services and the rising utilization of the cloud in field service management may serve as growth multipliers for the field service management market. The ubiquitous application of field service management in a wide range of applications such as real estate, healthcare, energy and utilities, telecom, IT, logistics, and others may serve as key growth generators for the field service management market across the assessment period of 2017-2025.
- The integration of digital technologies such as Big DATA, Augmented Reality (AR), Artificial Intelligence (AI), and virtual reality (VR) will ensure intensive growth opportunities for the global field service management market between 2017 and 2025. The growing industrialization and urbanization across the globe are further contributing immensely to increase the growth rate of the field service management market.
- Major industry players are focusing on research and development activities. These activities are helping in discovering novel insights and adding new features. Strategic collaboration activities like mergers, acquisitions, joint ventures, partnerships, and collaborations are further helping the players to strengthen their influence, eventually resulting in an increase in the growth rate.
- The COVID-19 outbreak has a significant impact on the growth of the field service management market. Restrictions imposed by the governments of various countries led to immense losses as a large number of businesses were closed. This aspect led to a decline in the demand for field service management services. However, the relaxations announced on the grounds of the novel coronavirus outbreak are providing an opportunity for the field service management market to retain their lost growth.