The Global Field Service Management Market size is expected to reach $7 billion by 2027, rising at a market growth of 11.5% CAGR during the forecast period. Field service management (FSM) refers to an automated system through which companies can simplify every process related to field operations. Vendors of field service can arrange the orders and send an ideal person to the right destination and monitor the vehicles with the help of field service software. FSM offers a host of benefits such as accessibility to customer information from any location, management of mobile workforce, enhanced productivity, reduced operational overheads, and fuel costs, and increased customer satisfaction.
With the help of field service management solutions, manufacturing organizations can make their business operations more streamlined, effective, and error-free. In addition, organizations are increasingly moving to these solutions in order to improve the quality of their products and services which eventually can cut down the time, cost, and efforts associated with product manufacturing and service delivery.
Using these solutions, companies can better manage the business operations such as monitoring of field service operations and repair activities, effective workload management, real-time monitoring of employee location, and automating field operations to abolish the need for the manual task. Additionally, these solutions are currently highly adopted by small and medium-sized enterprises, and hence propelling the growth & demand for these solutions in the global market.
Factors such as the high requirement to monitor activities happening in the field, growing demand for mobility for obtaining real-time visibility in field operations, and high adoption rate of automation & digitalization in the field services market are likely to boost the demand for these solutions over the forecast years. Moreover, the global market is expected to witness new avenues for growth due to the integration of modern technologies AI, VR, and AR in the field services, and the increasing adoption of IoT boost the adoption of cloud-based FSM solutions.
Companies around the world are witnessing many changes in the manner products and services are bought and sold due to the outbreak of the COVID-19 pandemic. Many surveys and studies organization, including large enterprises and SMEs, have expanded their marketing expenditure during and post the COVID-19 scenario. The technological ecosystem has been playing a major role around the world. Service vendors are under a massive burden to efficiently lead teams and comply with safety compliance during the pandemic situation.
As per the Harvard Business Review, the US average for organizational trust was 70% prior to the pandemic. Considering that tough situations aggravate fear and distrust, it becomes even more important at this juncture to develop confidence within the organization. Vendors are deploying different types of pricing strategies to sustain themselves in the highly competitive market, particularly after the pandemic. Due to technological developments, several software providers are deploying customer-centric pricing strategies.
The real-time tracking of the field service technicians can assist in the timely sending of the nearest technician to solve a problem. Additionally, it also gives crucial customer & case data and proper guidance to field technicians so that they can resolve issues of clients and enhance first-time fix rates. Rather than visiting the site, technicians can remotely restart a machine or install new software using mobility-powered field service management solutions.
There are a large number of field technicians working across the globe and this number would further increase during the forecasting period. Field service organizations are experiencing the requirement to ensure that every resource is precisely being utilized for the business purpose and workers/technicians working in the field are carrying out the allocated tasks effectively. The adoption of field service management software can bring easy monitoring of the progress and ensure time-bounded completion of the assigned jobs.
Servers behind corporate firewalls and security systems are the storehouse of the majority of field service data. On the other hand, devices that can access this data are not integrated with the required protection. Mobile devices brought by technicians to the job sites are susceptible to attacks, particularly if they are attached to unprotected Wi-Fi networks. The number of cyberattacks is directly proportional to the rate of digitalization.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated across Schedule, Dispatch, & Route Optimization, Work Order Management, Inventory Management, Customer Management, Reporting & Analytics and Others. Field service management solutions are capable of streamlining time and attendance, workforce analytics, leave & absence management, and other solutions like fatigue management and task management that assist in streamlining several HR activities and analyzing data for core business processes. The demand for field service management solutions is significantly driven by factors like field service optimization, the advent of AR/VR in field-based and massive utilization of remote IoT connectivity in field-based verticals like energy and utilities, manufacturing, oil and gas, and construction & real estate.
Based on Deployment Type, the market is segmented into On-premise and Hosted. The on-premise segment would obtain a major market size during the forecasting period. This is attributed to the security and flexibility offered by them while extracting data, as field service companies have to deal with confidential and private data with respect to customers and companies. These enterprises utilize on-premise field service management solutions to obtain complete control on information security regarding the customer and company.
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The adoption rate of cloud-based solutions among small enterprises is directly proportional to the amount of awareness associated with the cloud. These enterprises are constantly growing and should increase their availability as they have a high degree of competition. Small and medium-sized enterprises have low budgets as compared to large enterprises and are constantly looking for ways to manage complexities and optimize the cost of their business processes.
Based on End User, the market is segmented into Manufacturing, Transportation & Logistics, Construction & Real Estate, Healthcare, Telecom & IT, Energy & Utilities and Others. The manufacturing segment is expected to acquire a prominent revenue share during the forecasting period. The field service management for manufacturing companies is a thriving business. In order to reduce machine downtime, manufacturing companies are migrating to Industry 4.0 technologies that offer improvements, like intelligent predictive maintenance and IoT to find out abnormalities in machines and give real-time alert notifications.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.2 Billion |
| Market size forecast in 2027 | USD 7 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 11.5% from 2021 to 2027 |
| Number of Pages | 380 |
| Number of Tables | 573 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Type, Enterprise Size, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would exhibit a promising growth rate during the forecasting period. The APAC is one of the digital hubs globally. Enterprises in this region have been quick to recognize the advantages of tech-enabled marketing solutions to accelerate digital transformation. Factors such as increased purchasing power of consumers, the surge in the number of business processes, increased internet penetration, emerging startups having budgetary constraints, and the rise in adoption of cloud technologies are responsible for the growth of this region.
Free Valuable Insights: Global Field Service Management Market size to reach USD 7 Billion by 2027
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Field Service Management Market. Companies such as Oracle Corporation, Salesforce.com, Inc., Tata Consultancy Services Ltd. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Salesforce.com, Inc., Tata Consultancy Services Ltd., Tech Mahindra Limited, Trimble, Inc., Comarch SA, and Infor, Inc. (Koch Industries).
By Component
By Deployment Type
By Enterprise Size
By End User
By Geography
The global dye sublimated apparel market size is expected to reach $7 billion by 2027.
Increasing demand for mobility for obtaining real-time visibility are driving the market in coming years, however, companies face various security concerns associated with data confidentiality have limited the growth of the market.
Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Salesforce.com, Inc., Tata Consultancy Services Ltd., Tech Mahindra Limited, Trimble, Inc., Comarch SA, and Infor, Inc. (Koch Industries).
The expected CAGR of the dye sublimated apparel market is 11.5% from 2021 to 2027.
The large enterprises segment is expected to obtain the maximum revenue share of the global field service management market during the forecasting period.
The North American region is likely to procure the maximum revenue share of the FSM market. It is attributed to the early adoption of FSM solutions by the companies operating in the regional market.
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