Global Field Service Management Market Overview
The key drivers impacting the field service management market are the rapidly rising adoption of cloud-based applications. Also, the growing demand for optimized workflow and enhanced productivity likely propel organizations to adopt these solutions. Moreover, the rising need for mobility with IoT and an ever-increasing number of field operations across the manufacturing, oil & gas, and construction sectors contribute to field service management market demand in the later years.
According to Value Market Research, the global field service management market size was valued at about USD 3.2 BN in 2020 and is estimated to grow at a CAGR of around 10.5% during the forecast period 2021 to 2027.
The rising adoption of cloud-based applications and increasing need for predictive analytics is will likely augment the demand for field service management software in the forecast period. Also, the extensive adoption of FSM software by small and medium enterprises is contributing to market growth. However, a lack of awareness regarding field service solutions and their applications hampers the market in the long run. In addition, the high installation and maintenance costs impede the market growth. Nevertheless, the market trends, such as surging demand for automation across several end-use industries, and the appearance of technologies, such as augmented reality, might provide considerable opportunities to the market's leading players.
The field service management market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key companies include Comarch SA, Accenture, ClickSoftware TechnologiesKlugo Group, Infor, SAP SE, Trimble Navigation Limited, Tech Mahindra Limited, Astea International, Inc., and among others.
In this research report, the field service management market is segmented by deployment, , Enterprise, Service, application, and region.
Analysis by Deployment
By deployment, the report is segmented into hosted/cloud and on-premises. The cloud deployment of the FSM software segment dominates the deployment type segment with the highest share of 62% in 2020. It is due to industries are gradually moving their storage from on-premise to the cloud as the incorporation of cloud services gives better efficiency of work processes and increased storage space contribute to the growth of the cloud deployment segment.
Analysis by Enterprise
By enterprise, the report is divided into large enterprises, small & medium enterprises. The large enterprise segment dominates with a significant market share of 61% in 2020. It is because large enterprises are the primary FSM software adopters as compared to small & medium enterprises due to the presence of a large workforce. Moreover, it assists in maintaining employee records, their performance statistics, sub-contracting, contract renewals, document maintenance, and others, contributing to the vast market demand from large enterprise segments in the forecast period.
Analysis by Service
By service, the report is divided into implementation, training & support, and consulting & advisory. The integration and implementation service segment dominates with a significant market share of 27.5% in 2020. It is due to its massive adoption as it offers support to its employees and the organization concerning various aspects such as customer and inventory management, employee performance, and work status. Moreover, FSM solutions are implemented in organizations majorly for workforce management assistance, thereby contributing to the growth of the nutrition & fitness segment in the forecast period.
Analysis by Application
By application, the report is divided into energy & utilities, telecom, manufacturing, healthcare, BFSI, construction & real estate, transportation & logistics, and others. The healthcare segment dominates with the highest market share of 15% in 2020. It FSM solutions are implemented in organizations for assistance in workforce management which contributes to the increased market demand healthcare segment growth.
Analysis by Region
In the regional outlook of the global field service management market, the North America region dominates with the largest market share of 36% in 2020. It is due to the increase in the adoption of field service management solutions. Moreover, the increase in the presence of numerous key players and the increase in technological advancement, and improved investment opportunities in research and development contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Deployment
By Enterprise
- Small & Medium Enterprises
- Large Enterprises
By Service
- Implementation
- Training & Support
- Consulting & Advisory
By Application
- Energy & Utilities
- Telecom
- Manufacturing
- Healthcare
- BFSI
- Construction & Real Estate
- Transportation & Logistics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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