According to the latest report by IMARC Group, titled "Field Service Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global field service management market reached a value of US$ 3.7 Billion in 2021. Field service management (FSM) includes an automated system that is utilized to streamline multiple processes associated with field operations. It aids in segregating field operations in a strategic manner for optimizing work efficiency and productivity while offering improved customer satisfaction. It involves the usage of mobile systems that assist in scheduling orders and dispatching agents to the work location while tracking the vehicles with the use of field service software solutions. Its deployment further minimizes operational overheads and fuel expenses, along with managing the mobile workforce in an organized manner. Consequently, it finds extensive applications across the healthcare, education, and travel and tourism sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Field Service Management Market Trends:
The market is majorly driven by the increasing demand for real-time visibility in field operations. FMS offers total tracking of field service operations and repair activities while ensuring optimal workload management and real-time location of workforce location. Coupled with rapid digitization across multiple industries, increasing adoption of process automation and the rising focus on improving customer relationship and experience, this is providing a boost to the demand for FSM solutions across the globe. Moreover, numerous key players are widely integrating advanced systems and software, including accounting, tax software, workforce management software, enterprise resource planning (ERP), and industry-specific calibration systems, with FSM solutions in an attempt to improve their functionality, which is acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing demand for robotizing field operations to phase out manual tasks and the rising product utilization across the oil and gas sector. On account of the aforementioned factors, the market is expected to grow at a CAGR of 16.4% during 2022-2027.
- On the basis of the solution, the market has been divided into schedule, dispatch and route optimization, customer management, work order management, inventory management, service contract management, reporting and analytics, and others.
- Based on the service, the market has been classified into implementation and integration, training and support, and consultancy services.
- On the basis of the deployment mode, the market has been segmented into on-premises and cloud-based.
- Based on the organization size, the market has been bifurcated into large enterprises and small and medium-sized enterprises.
- On the basis of the end use industry, the market has been categorized into BFSI, IT and telecom, healthcare and life sciences, manufacturing, transportation and logistics, energy and utilities, construction, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Accruent LLC (Fortive Corporation), Comarch SA, IFS AB, Infor (Koch Industries Inc.), Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, ServiceMax, ServicePower Inc., Trimble Inc. and Zinier Inc.
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