Field Service Management Market worth $5.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 30, 2021 /PRNewswire/ -- According to a new market research report "Field Service Management Market with COVID-19 Impact Analysis, by Component (Solution and Services), Organization Size (SMEs and Large Enterprises), Deployment Mode (On-premise and Cloud), Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the FSM market size is expected to grow from USD 3.2 billion in 2021 to USD 5.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.
The increase in adoption of automation and digitalization in the field services industry and the increase in adoption of BYOD and mobile-based FSM solutions, increasing need for predictive analytics are a few factors driving the growth of the FSM solutions and services.
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Adoption of work order management solutions is noticeably increasing in among large enterprises due to increased need to enhance efficiency and productivity of the workforce
Work order management software is a solution that allows facility managers to effectively track and manage all work order information through a single dashboard. With a centralized place to create service requests, monitor real-time status updates, track completion, and leave feedback on work performed, location managers can easily manage work orders across a multi-location enterprise. The work order management solution enables clients to automate the service workflow process and increase the efficiency and productivity of the workforce. This solution helps field service representatives, office staff, and call center executives to manage work orders, job assignments, customer details, and service histories. Customer information, along with analytics, helps field service organizations gain insights into a customer's behaviour and conduct marketing campaigns accordingly. The work order management solution empowers managers or dispatchers to schedule a job for a field service representative as per various criteria, including availability, proximity, urgency, and level of expertise. It also helps service organizations minimize revenue leakage, increase the cash flow, and provide faster service delivery with enhanced quality.
Growing need to provide professional services in lesser time and cost is enhancing usage of the integration and implementation services by the organizations.
Professional services include the assistance provided to a company by external sources. These services include system integration and implementation, too. Companies that offer professional services encompass technical consultants, dedicated project management teams, and enterprise video experts that specialize in the design and delivery of critical decision support software, tools, services, and expertise. Integration and implementation services are likely to share large revenues in the estimated year, as they enable clients to appropriately deploy and integrate field service management solutions with their existing systems, such as ERP and CRM. These services are provided by trained and technically expert professionals who can ensure the accurate deployment of field service management solutions. The market for field service management solutions is expected to grow because these solutions deliver field services in lesser time and cost.
Enterprises are choosing cloud due to ease of operations and enhanced scalability
The increasing adoption of mobile devices supports cloud-based field service management solutions. These solutions are useful for real-time workforce optimization despite employee location. Field service enterprises are adopting cloud-based deployment, as it offers several benefits, such as reduced physical infrastructure, less maintenance cost, and 24/7 data accessibility anytime and anywhere. Some of the other benefits include increased storage, scalability, flexibility, portability, and compliance. SMEs, in particular, are adopting the cloud deployment type largely due to its cost-effectiveness and ability to produce advanced results. These solutions also support real-time collaboration, empowering field service organizations to communicate with employees and customers before, during, and after each appointment. Cloud-based field service management solutions are gaining traction in the market as an enormous amount of data is generated by field technicians, workers, and customers. The need for remote deployment due to containment measures amidst the pandemic drives the growth of field service management cloud solutions.
Increased awareness related to cloud benefits among small enterprises is driving its adoption
These enterprises are growing companies and need to increase their availability as they have a high level of competition. Small and medium-sized enterprises face the greater challenge of limited budgets than large enterprises and require better methods to resolve complexities and optimize the cost of their business processes. SMEs have various problems while deploying field services management solutions, such as hiring a skilled workforce and the requirement of IT infrastructure. They use low-cost field service management solutions to remain competitive in the market. Hence, cloud deployment of field service management solutions is expected to have a higher adoption rate during the forecast period among SMEs. SMEs have various challenges while deploying field service management solutions. Some of these challenges are hiring a skilled workforce, requirements of IT infrastructure, and the use of low-cost field service management solutions to remain competitive in the market. Hence, the market for cloud deployment of field service management solutions is expected to have a higher adoption rate during the forecast period among SMEs.
The need for on-time service delivery and reduced operational cost are driving the growth of Transportation and Logistics vertical in Field Service Management Market to enhance performance and customer satisfaction.
The Field service management solutions empower enterprises in the transportation and logistics vertical through the efficient movement of people and goods from one location to another. Field service management solutions ensure proper execution of business processes in organizations within the time frame, resulting in on-time service delivery, reduced operational costs, and enhanced performance and customer satisfaction. In ever-changing situations, an FSM system can help a lot. Managing transport and logistics services is demanding, given the growing flexibility needs of personnel and customers. Planning and cost-effective management of daily changes require a modern system that makes the overall situation quickly perceptible. An FSM system requires no installations and works on all devices with an Internet connection. It handles working time monitoring, automatic two-way SMS notifications as well as email notifications, attachments, electronic signatures, and much more in real-time.
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North America to dominate the FSM market in 2021
North America is one of the most technologically advanced regions in the world. It comprises the US and Canada and accounts for the largest share of the global Field Service Management Market due to the early adoption of the by the US markets. The increased pace of digitalization in SMEs across verticals is boosting the adoption of FSM. The region has a presence of large FSM vendors and customers, which is also driving the market growth in the region.
The leading FSM vendors in the region include Oracle (US), Microsoft (US), ServiceMax (US), Salesforce (US), Infor (US), Trimble (US), and ServicePower (US), along with several start-ups in the region, are offering FSM solutions to cater to customers' requirements. The high adoption of the mobile workforce and cloud technology is driving North American market growth. Developed countries, such as the US and Canada, are expected to account for larger market shares among other countries in the region. These vendors are investing heavily toward the adoption of FSM software. The region is experiencing an immense amount of technological advancement, which includes the usage of FSM systems to reduce unnecessary work and increase focus on their main task. Oracle, in the US, continues to lead because of the market size and high adoption rate. FSM vendors in this region are expanding and upgrading their services, thereby transitioning and leveraging technologies, such as IOT, AI, Machine learning and cloud.
The Field Service Management Marketis dominated by companies such as Oracle (US), Microsoft (US), Salesforce (US), IFS (Sweden), ServiceMax (US), SAP (Germany), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIT (Italy), FieldAware (US), Geoconcept (France), Zinier (US), Accruent (US). These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them to increase revenues.
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