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    Field Service Management Market Forecast Analysis

    Field Service Management Market Forecast Analysis
    Report code - SR1864 Delivery - 2 Weeks
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    Field Service Management Market Size, Share, Trend, Forecast, & Industry Analysis See more...

    Market Insights

    The Field Service Management Market was estimated to grow from USD 3.3 billion in 2021 to USD 7.3 billion by 2028 at a CAGR of over 12% during the forecast period.

    Field Service Management Market Size

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    What is Field Service Management?

    Field service primarily is referred to as dispatching employees or contractors which are generally deployed to different locations to repair, install, or maintain systems or equipment. Field service management (FSM) is a system which is used for tracking several aspects of field operations. It engages with the management of a company’s resources employed. It helps in coordinating field operations via mobiles.

    Key Players

    The key players operating in the field service management market are-

    • Oracle(US),
    • Salesforce(US),
    • Microsoft(US),
    • ServiceMax(US),
    • IFS(Sweden),
    • Infor(US),
    • SAP (Germany),
    • Comarch(Poland),
    • Trimble(US),
    • ServicePower(US)

    Market Dynamics

    Field Service Management Market Snapshot

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    Significant growth in the adoption of FSM solutions by small and medium-sized businesses owing to its ability to streamline the business processes which comprises of overall tracking of field service operations & repair activities, real-time tracking of workforce location, efficient workload management, and automating field operations to eliminate manual tasks.

    The factors driving the growth of the field service management industry include-

    • The increased need to track activities in the field,
    • Rising demand for mobility for real-time visibility,
    • Growth in adoption of automation and digitalization in the field services industry,
    • Increased adoption of cloud-based FSM solutions, and
    • The integration of AI, AR, and VR in the FSM sector. 

    However, a lack of skilled labour to operate FSM and data security concerns, as well as a preference for manual methods, are expected to hinder the FSM market growth during the forecast period.

    Segment Analysis

    Component Trends

    The market has been classified into Solution & Services. Under these, the Solution segment dominated the overall market & held a significant share in 2021, which bolsters the growth during the Forecast period.

    Deployment Type Trends

    The market has been classified into on-premise and cloud. Under these, the on-premise segment held a significant market share in 2021 mainly due to the flexibility & security offered by them while retrieving data, as field service enterprises deal with confidential & sensitive information regarding its customers and companies, thus augments the segment growth.

    End-Use Trends

    The market has been classified into Telecom, IT and IteS, Healthcare and Life Sciences, Manufacturing, Construction and Real Estate, Transportation and Logistics, Energy and Utilities, Oil and Gas, Others. Under these, the Manufacturing segment held a significant market share in 2021.

    Regional Trends

    The Asia Pacific market held the highest market share in 2021 and is projected to grow at a healthy CAGR in the coming years. This is mainly ascribed to growing number of business processes, increasing consumer expenditure, high internet penetration, emerging startups having limited IT budgets, and surging adoption of cloud technologies, which bolsters the regional market growth during the review period.

    Field Service Management Market by region

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    Report – Features

    Market Segmentation

    3

    Regions Covered

    4

    Countries/Sub-Regions Covered

    16

    No. of Figures & Tables

    >130

    Company Profiles

    10

     

    The market is segmented into the following categories: 

     By Component

    • Solution
    • Services

    By Deployment Type

    • On-Premise
    • Cloud

    By End-Use

    • Telecom
    • IT and IteS
    • Healthcare and Life Sciences
    • Manufacturing
    • Construction and Real Estate
    • Transportation and Logistics
    • Energy and Utilities
    • Oil and Gas

    By Region

    • North America (Country: The USA, Canada, and Mexico)
    • Europe (Country: Germany, France, The UK, Russia, Italy, and the Rest of Europe)
    • Asia-Pacific (Country: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Country: Brazil, Argentina, and Others).

    Field Service Management Market Segmentation

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    COVID-19 Impact

    The COVID-19 pandemic has positively impacted the field service management industry. The engineers, developers, and designers are increasingly relying on digital collaboration tools such as field service management and inventory management software during the coronavirus outbreak. Contractors and engineers worldwide are using augmented reality & virtual reality simulation to re-optimize schedules and re-plan projects, thus boosting the market growth, amid the pandemic.

    Target Audience

    The target audience of Market includes-

    • Field Service Management companies
    • Field Service Management distributors
    • Telecom companies
    • Government organizations

    Research Methodology

    • This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
    • More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
    • We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way & the structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    The following are the key features of the report:

    • Overview, industry life cycle & supply chain analysis.
    • Environment analysis: Growth drivers and constraints, Porter’s five forces & SWOT analysis.
    • Trend and forecast analysis.
    • Segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Field Service Management Market Features

    Market Size in 2028

    USD 7.3 billion

    Market Size in 2021

    USD 3.3 billion

    Market Growth (2022-2028)

    12% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Component (Solution, Services),

    By Deployment Type (On-Premise, Cloud),

    By End-Use (Telecom, IT and IteS, Healthcare and Life Sciences, Manufacturing, Construction and Real Estate, Transportation and Logistics, Energy and Utilities, Oil and Gas, Others),

    By Region (North America, Europe, Asia Pacific, Middle East and Africa. Rest of the world).

    Top Companies in 2022

    • Oracle(US),
    • Salesforce(US),
    • Microsoft(US),
    • ServiceMax(US),
    • IFS(Sweden),
    • Infor(US),
    • SAP (Germany),
    • Comarch(Poland),
    • Trimble(US),
    • ServicePower(US)

    Dominant Region

    Asia Pacific market held the highest market share in 2021 and is projected to grow at a healthy CAGR in the coming years.

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Field service primarily is referred to as dispatching employees or contractors which are generally deployed to different locations to repair, install, or maintain systems or equipment. Field service management (FSM) is a system which is used for tracking several aspects of field operations. It engages with the management of a companys resources employed. It helps in coordinating field operations via mobiles.

    The market is projected to grow at a CAGR of over 12% during the forecast period.

    The market is projected to grow from USD 3.3 billion in 2021 to USD 7.3 billion by 2028.

    Significant growth in the adoption of FSM solutions by small and medium-sized businesses owing to its ability to streamline the business processes which comprises of overall tracking of field service operations & repair activities, real-time tracking of workforce location, efficient workload management, and automating field operations to eliminate manual tasks.

    The key players operating in the market are Oracle(US), Salesforce(US), Microsoft(US), ServiceMax(US), IFS(Sweden), Infor(US), SAP (Germany), Comarch(Poland), Trimble(US), and ServicePower(US).

    The target audience of Market includes Field Service Management companies, Field Service Management distributors, Telecom companies, Government organizations.

    Asia Pacific market held the highest market share in 2021 and is projected to grow at a healthy CAGR in the coming years.

    The study period of this report is 2016-2028.