Market Scenario
Field service management (FSM) is the process of managing the company’s field operations by allocating them strategically for enhancing customer satisfaction and to maximize the productivity and efficiency of the company.
The increasing number of field operations adds up the complex process of the organization which in turn require highly reliable and efficient service management software. However, the field service management software offers various solutions that helps organizations to streamline the business processes that includes overall tracking of field service operations and repair activities, efficient work-load management, real-time tracking of workforce location, automates field operations to eliminate the manual task, and others. In this regard, the integration of these solutions in field operations for the management of organization resources is expected to fuel the growth of Field Service Management Market during the forecast period.
In addition, some other factors that are responsible for the growth of the FSM market include the rising need of customer satisfaction and increasing adoption of smartphones & wearable devices by field service personnel. The field service management software also helps in addressing the issues faster by monitoring the resources remotely and automatically determine and allocate the resources during emergency. These features of field management software enable the enterprises to deliver faster response of services and reduced downtime that eventually enhance customer satisfaction. Moreover, the field service management software is easily integrated with smartphones that streamlines the flow of information between central authorities and field workers. However, lack of skills expertise related to field service management software is one of the factors that limit the growth of the FSM market during the assessment period.
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On March 2018, IBM partnered with SAP SE for creating field service solutions for industrial machinery and components (IM&C) companies to reduce service and maintenance costs and improves the workforce performance with the real-time operational data analysis.
The global field service management market is expected to reach approximately USD 5.59 billion by 2023 growing at a 16.6% CAGR over the forecast period 2018—2023.
Key Players:
Some of the key players of global field service management market includes Capterra(US), Accurent(US), Acumatica Inc. (US), Astea International Inc. (US), Click Software(US), Comarch SA (Poland), Field Aware(US), IBM Corporation (US), IFS(Sweden), Infor(US), Microsoft Corporation (US), Oracle Corporation (US), Salesforce.com (US), SAP SE (Germany), OverIT (Italy), among others.
Field Service Management Global Market – Competitive Analysis
The market of Field Service Management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Field Service Management Global Market- Segmentation
The Field Service Management Market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Solution: Comprises of Schedule and Dispatch, Work Order Management, Mobile Field Execution, Reporting and Dashboards, Billing and Invoicing, Inventory Management and Tracking and Performance Management
- Segmentation by Service: Comprises of Implementation, Training and Support and Consulting
- Segmentation by Organization Size: Comprises of SMEs and Large Enterprises
- Segmentation by Deployment: Comprises of Cloud and On Premise
- Segmentation by Vertical: Comprises of BFSI, Healthcare, Manufacturing, Energy & Utilities, Transportation and Others
- Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Field Service Management Global Market- Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the Field Service Management market in North America owing to the presence of a large number of established key players such as Oracle Corporation, IBM Corporation, Microsoft Corporation, ClickSoftware Technologies, ServiceMax Inc., Infor, and Astea International Inc. among others. The growing technological developments in the field of cloud, analytics, and the emergence of bring your own device (BYOD) have led to the high adoption of field service management applications in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of cloud bas ed applications in the region, the market is likely to show immense growth in the coming future. Field Service Management market in Asia Pacific is expected to grow at a substantial CAGR during 2018 to 2023 due to rise in IT technology and increasing adoption of Field Service Managements in the region. Whereas, the Europe market for Field Service Management is expected to grow at a considerable CAGR (2018-2023).
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Target Audience
- Professional service providers
- Customer Relationship Management (CRM)/Enterprise Resource Planning (ERP) providers
- Mobile application developers
- Telecom Network Operators (TNOs)
- Government organizations
- Regulatory bodies
- Field service managers/supervisors/technicians
- Field service solution providers
- Cloud service providers
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