The global Field Service Management Market size is expected to grow from USD 3.0 billion in 2020 to USD 5.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The major factors driving the growth of the field service management market include rising need for mobility with IoT, need of predictive analytics and increasing adoption of cloud based applications.
Large Enterprises segment to hold the largest market size during the forecast period
The adoption of field service management solutions is higher in large enterprises, and the trend is expected to continue during the forecast period. Field service management solutions are important for large enterprises, as they have a large workforce, large volumes of documentation, and have to maintain extensive customer records.
Moreover, large enterprises face challenges in assigning work orders to field technicians and engineers. In case work orders are not managed efficiently by large enterprises, it can lead to increased costs and lesser productivity. This can also lead to loss of customer loyalty and market share. Large enterprises are focusing on adopting field service management solutions to centrally manage their business processes and critical data of their workforce and customers.
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Cloud deployment type to record the fastest growth rate during the forecast period
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 from anytime, anywhere. It also offers various benefits, such as 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, thereby 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.
Major field service management vendors include Oracle (US), Microsoft (US), SAP (Germany), IFS (Sweden), ServiceMax (US), Salesforce (US), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIt (Italy), FieldAware (US), GeoConcept (France), Zinier (US), Accruent (US), Praxedo (France), FieldEZ (India), FieldEdge (US), Jobber (Canada), ServiceTitan (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the field service management market. Product enhancements and collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
IFS is one of the leading players in the field service management market. Currently, IFS is working toward enhancing its market share and presence with the help of inorganic and organic growth strategies, such as acquisition and product enhancements. For instance, in November 2018, IFS acquired WorkWave to integrate solutions with WorkWave’s highly scalable and cloud-based SaaS solutions for the field service, last-mile delivery, and logistics industries.
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ServiceMax is a growing player in the field service management market. The company is focusing on organic and inorganic growth strategies to improve its position in the field service management industry. For instance, in April 2019 2020, ServiceMax enhanced its FSM portfolio. ServiceMax Remote Triage, a new module for the ServiceMax platform that uses the power of Aquant’s machine learning engine. This update allowed service organizations to analyze data from multiple sources and reduce unnecessary dispatching of technicians and service equipment.
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