Field Service Management Market 2022, Industry Trends Analysis, and Global Opportunities Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Field Service Management Market for 2022 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2022- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2022, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2022. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2022. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2022. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2022 till March 2022 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Field Service Management Market products.

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“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Overview:
Over the past few years, the usage of mobile devices and smart applications has enhanced the capabilities of software to track field professionals in service organizations. The increase in adoption of wearables and IoT has enriched the capabilities of FSM solutions in tracking the inventory and equipment in the field. Furthermore, the automation of field service processes with existing systems such as CRM, ERP and others have improved the overall business of an organization.

Market Revenue and Segmentation Analysis:
The field service management market revenue is estimated to reach $3.18 billion in 2018 and is expected to reach $6.98 billion by 2023, growing at a CAGR of 17.06% during the forecast period 2018–2023. The solutions include schedule and dispatch, work order management, tracking and performance management, inventory management, billing and invoicing, and reporting and dashboards. The billing and invoicing solution segment is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region is expected to realize the potential of implementing the FSM solutions and maximize the productivity of the field workers.

The services types include deployment & integration, support and maintenance, and consulting. The deployment & integration holds the largest market size in services. The adoption of FSM solution is the highest in North America owing to an early adoption of technology and optimization of service processes. The cloud deployment mode offers enterprises to opt for SaaS on subscription basis rather than incurring costs on hardware and infrastructure. The Asia Pacific region holds a huge potential for the FSM vendors and is expected to grow at the highest CAGR during the forecast period 2018 – 2023.

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The organization size includes large enterprises and SMEs. The large enterprises will hold the larger market share in 2018, however the SMEs are expected to grow at higher CAGR. The service organizations are facing tremendous competition in the market and SMEs are facing a resource crunch. The FSM solutions will help SMEs to maximize the productivity of their limited workforce.

The industry vertical includes energy and utilities, manufacturing, telecom and IT, construction and real estate, healthcare and life sciences, transportation and logistics, BFSI and others. The FSM market is dominated by the North American vendors. The vendors from Europe are expected to follow North America and expand its reach to new customers. The manufacturing, energy and utilities, and telecom and IT, are the major contributors to the FSM market.

Regions Analysis:
The countries 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.

Benefits and Vendors:
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. Integration of technologies such as mobility, IoT, AI, and automation are expected to impact the FSM offerings in the market. Companies profiled in the report are Microsoft, Salesforce, IBM, SAP, Oracle, IFS, ClickSoftware, ServiceMax, ServicePower, and Jobber.
The study offers a comprehensive analysis of the “Field Service Management” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions

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Table of Contents
1. Industry Outlook 11
1.1 Industry Overview 11
1.2 Industry Trends 12
1.3 PEST Analysis 13
2. Report Outline 14
2.1 Report Scope 14
2.2 Report Summary 15
2.3 Research Methodology 17
2.4 Report Assumptions 18
3. Market Snapshot 19
3.1 Total Addressable Market 19
3.2 Segmented Addressable Market 19
4. Market Outlook 21
4.1 Overview 21
4.2 Market Trends 22
4.3 Market Segmentation 23
4.4 Porter 5 (Five) Forces 24
5. Market Characteristics 25
5.1 Evolution 25
5.2 Market Dynamics 26
5.2.1 Drivers 27
5.2.1.1 Better planning of projects 27
5.2.1.2 Increased mobile device adoption 27
5.2.1.3 Streamline work allocation and automation 27
5.2.2 Restraints 27
5.2.2.1 Relying on manual processing of data for the field professionals 27
5.2.2.2 Lack of knowledge to operate the FSM solutions 27
5.2.3 Opportunities 27
5.2.3.1 Enhance the tracking and performance management of field workers 27
5.2.3.2 Growing digitalization in the Asia Pacific and Middle East Region 28
5.2.4 DRO – Impact Analysis 28
6. Solutions: Market Size and Analysis 29
6.1 Overview 29
6.2 Schedule and Dispatch 30
6.3 Work Order Management 30
6.4 Tracking and Performance Management 31
6.5 Inventory Management 32
6.6 Billing and Invoicing 32
6.7 Reporting and Dashboards 33
7. Services: Market Size and Analysis 35
7.1 Overview 35
7.2 Deployment and Integration 35
7.3 Support and Maintenance 36
7.4 Consulting 37
8. Deployment Mode: Market Size and Analysis 38
8.1 Overview 38
8.2 On-premises 38
8.3 Cloud 39
9. Organization Size: Market Size and Analysis 40
9.1 Overview 40
9.2 Large Enterprises 40
9.3 SMEs 41
10. Verticals: Market Size and Analysis 42
10.1 Overview 42
1.1.1 Market Size and Analysis 42
10.2 Energy and Utilities 43
10.3 Manufacturing 43

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