Field Service Management Market Analysis | 2022-2028

Market Insights

The field service management market was estimated at USD 3.3 billion in 2021 and is likely to grow at a CAGR of 12% during 2022-2028 to reach USD 7.3 billion in 2028.

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Market Dynamics

Introduction

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 that 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.

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.

Market Drivers

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 the 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 labor 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.

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Key Players

The following are the key players in the field service management market:

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Component Type

"Solution segment dominated the overall market & held a significant share in 2021".

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

By Deployment Type

"On-premise segment held a significant market share in 2021".

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 their customers and companies, thus augmenting the segment growth.

By End-Use Type

"Manufacturing segment held a significant market share in 2021".

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

Regional Analysis

"Asia Pacific market held the highest market share in 2021".

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 the 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.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s field service management market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The field service management market is segmented into the following categories:

By Component Type

• Solution
• Services

By Deployment Type 

• On-Premise
• Cloud

By End-Use Type

• 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 (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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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

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