Field Service Management Market, By component Outlook (Solution, Services), By solutions (Schedule, Dispatch, and Route Optimization, Work Order Management, Customer Management, Inventory Management, Service Contract Management, Reporting and Analytics, Other Solutions), By services: (Integration and implementation, Training and Support, Consulting), By Deployment Type: (Cloud, On-Premise), By Organization Size: (SMEs, Large Enterprises), By verticals, (Construction, and Real Estate, Transportation and Logistics, Energy and Utilities, Oil and Gas, Other Verticals), By Region – Global Analysis Forecast Till 2030

Field Service Management Market size was accounted for USD 2.75 Billion in 2021 and is projected to reach USD 7.59 Billion by 2030, growing at a CAGR of 14.57% from 2022 to 2030.

On-site service typically means dispatching an employee or contractor to a specific location to install, repair, or maintain systems or equipment. Field Service Management (FSM) is a system designed to track the various components of field operations. These components typically include inventory management, reservations, fleet tracking, dispatch, invoicing, billing, customer portals, and more. The field service management industry seeks to improve the deliverability and productivity of field service teams. Some of the crucial benefits of FSM include access to customer information from any location, reduced operational overhead and fuel costs, increased productivity, mobile workforce management and increased customer satisfaction.

Field service management is a vital component for businesses that rely on efficient service delivery in various locations. To streamline operations and enhance productivity, companies often turn to service management software and field management software. These powerful tools enable seamless coordination and organization of field management activities, such as scheduling and dispatching field service technicians. With field service scheduling software, businesses can optimize resource allocation, minimize response times, and improve customer satisfaction. Field service software further facilitates real-time communication, task tracking, and data management, ensuring that field operations run smoothly and efficiently.

Market Dynamics:

Drivers:

Real-time field service systems are seeing soaring demand across industries to increase customer satisfaction. With real-time monitoring and management by field technicians, businesses can connect with the nearest service provider to resolve customer inquiries on the first attempt. Therefore, these solutions are gaining traction in all businesses. These solutions help businesses improve customer experiences and relationships by responding quickly to customer issues. A real-time FSM solution can efficiently manage all field operations to make better business decisions.

Real-time monitoring of field operations simplifies the process of identifying and dispatching service requests in a fast and efficient manner. For example, in March 2021 ORTEC launched a cloud-based field service that schedules and dispatches software to continuously monitor and access operations. This continuous monitoring helps provide customer satisfaction and the ability to address issues promptly. Real-time visibility into field operations thus provides a better customer experience and business sustainability.

Restraints:

Service providers and managers face a variety of challenges in managing complex assets and services due to an unskilled workforce. Providers are seeing on-the-ground issues such as miscommunication about work, increased round-trip travel, scheduling conflicts, and incomprehensible instructions due to limited trained personnel. Lack of training and knowledge transfer between technicians can hinder fieldwork. In addition, increasing strain on the field workforce prevents the company from retaining or attracting new employees. This is expected to negatively impact field service management market growth. To control the situation, many companies are implementing discrete solutions such as automation to reduce the workload.

Key players:

• Oracle,

• Microsoft,

• Salesforce,

• IFS,

• ServiceMax,

• SAP,

• Infor,

• Trimble,

• Comarch,

• ServicePower,

• OverIT,

• FieldAware,

• Geoconcept,

• Zinier,

• Accruent

Market Segmentation:

Field Service Management Market, By components:

• Solution

• Services

Field Service Management Market, By solutions:

• Schedule, Dispatch, and Route Optimization

• Work Order Management

• Customer Management

• Service Contract Management

• Reporting and Analytics

• Inventory Management

• Other Solutions (Invoicing, Billing, Tracking and Performance Management)

Field Service Management Market, By services:

• Integration and implementation

• Training and Support

• Consulting

Field Service Management Market, By Deployment Type:

• On-Premise

• Cloud

Field Service Management Market, By Organization Size:

• Large Enterprises

• SMEs

Field Service Management Market, By verticals:

• Telecom

• IT and IteS

• Healthcare and Life Sciences

• Manufacturing

• Construction and Real Estate

• Transportation and Logistics

• Energy and Utilities

• Oil and Gas

• Other Verticals (BFSI and Retail)

Field Service Management Market, By regions:

• North America

  • US

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Rest of Europe

• APAC

  • China

  • Japan

  • India

  • Rest of APAC

• Middle East

  • UAE

  • Saudi Arabia

  • South Africa

  • Rest of MEA

• Latin America

  • Brazil

  • Mexico

  • Argentina

  • Rest of Latin America

Regional Analysis:

Geographically, the market is divided into five major regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. They are further categorized by country.

North America is likely to dominate the market share due to rising preference for enterprise mobility solutions and continued focus to streamline field service teams and operations. The region is considered a hub for technological advancement and houses major key players in field service management solutions. These players in North America are investing in research and development activities to efficiently serve their customers.

The adoption of these solutions is growing exponentially in Europe by embracing automation for today's manual field service processes. Various industries in European countries are eager to invest in new technologies to support their respective on-site workforce. For example, in February 2020, Anesco, a UK-based provider of renewable energy solutions, partnered with an FSM software provider called Advanced to improve site safety, and efficiency and reduce costs.

Asia Pacific outperformed the field service management market in terms of CAGR. Large-scale industrialization across countries such as India, Japan, and China present a very demanding FSM solution to achieve optimized workflows and improved productivity. In addition to this, organizations in the region are turning to innovative ways of servicing their customers, which has further increased the demand for effective FSM solutions.

Scope of the Report:

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