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  • Field Service Management Market Forecast | 2022-2028

    Field Service Management Market Forecast | 2022-2028

    Field Service Management Market Forecast | 2022-2028
    Report code - SR1864 Delivery - 2 Weeks
    Field Service Management Market Size, Share, Trends, Dynamics, Forecast & Growth See more...

    "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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    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.

    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.

    Field Service Management Market Snapshot

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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.

    Segment Analysis

    Component Trends

    "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.

    Deployment Type Trends

    "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.

    End-Use Trends

    "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 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 Segmentation

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    key Players

    The following are the key players in the Telemedicine Market (arranged alphabetically)

    • 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.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

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

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth analysis of the Field Service Management Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    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.