Mind And perfection
Field services management involves managing the resources employed by a company. FSM more generally applies to organizations that have to handle network or device deployment, operation, or repair. It helps coordinate field operations via mobile phones. It may also allude to software as well as cloud-based platforms that help in the field service management. The field service management program offers multiple advantages, including real-time work order and progress interaction, mission reporting, customer origination, and operating history. Field Service Management is gaining momentum across various characteristics, in particular through the practice of providing field service via third-party agents and the contractors. Field service management also integrates processes for billing, distribution, accounting, and service, helping the organizations to achieve the highest productivity in one ‘s field services.
The Global Field Service Management market size was valued at USD 3.4 billion in 2019 and projected to reach USD 9.5 billion by 2027, growing at a CAGR of 13.5% during the forecast period, 2020-2027 owing to the swift implementation of field service management software across the globe in the small and medium sized organizations. In addition, over the past few years, the field service management industry has seen exponential growth, which is largely fueled by the mounting demand for time and cost-effective solutions. Furthermore, the rapid growth in the use of tablets and smartphones is also projected to propel the global field service management market at a significant rate. Moreover, increasing preference for the exclusion of paper processes in the field service operations coupled with the rising upgradation in the technology to upsurge the business efficiency is anticipated to drive the global market. Moreover, the required growth to track the activities, which take place in the field is also expected to fuel the field service management market across the globe.
However, the outbreak of covid-19 is projected to challenge the growth of the market. The rising concern about the data confidentiality of the organizations and the lack of skilled experts are estimated to create hindrance in the growth of the field service management market. The execution cost is also one of the vital factors which are expected to limit the growth over the forecasted period of 2020-2027 across the globe.
The growing acceptance of digitalization and automation in the service sector is on the rise due to changes in the demands of the customers, which is projected to fuel the global field service management market by 2027. Field service companies are switching their operating structures from conventional activities to modernizing activities. Automation allows workers to increase their efficiency so they can support their customer’s needs. It allows the adaptation to respond to the needs of the field operator over the day and eliminating inefficient operations and save costing. As a result, organizations are adopting automation, which is fueling the global market.
The rise in the mobility demand for real-time visibility is expected to drive the market at a significant rate across the globe. The monitoring of the field service technicians estimated to aid in the timely dispatch of the nearest technicians to resolve an issue. Technicians can also reset a machine remotely or install new applications and software by using the field service management systems instead of heading to the location. In addition, the customer will also track the movement of the technician via mobile application. As a result, it helps the customer by delivering the service at a fast pace, which projected to fuel the field service management market.
Recently, the outbreak of COVID-19 has vigorously affected the healthcare system of developed and developing economies across the globe. The health issue has an unprecedented effect on companies around various industries. Field service management is also experiencing the challenges in ensuring the safety and leading the team efficiently & effectively. The risk is running high compared to before the pandemic. It is more critical to an organization to built confidence among the employees, which was around 70% before the pandemic.
Based on the component, the global field service management market segregated into solution and services. The solution segment is estimated to lead the global market as the solution system enables companies by having a centralized platform to utilize their production activities effectively. These solutions also help reduce the warranty costs & reserves quickly, predict the accuracy, surge the supplier recovery, and improve cash flow to maximize productivity, which is anticipated to drive the market.
However, the service segment is projected to have a significant growth rate by 2027, owing to the rapid growth in the integration and implementation services. In addition, it helps in deploying the software of field service management. Furthermore, it also offers assistance to its workers and organizations on numerous issues, such as employee progress, worker productivity, and consumer and inventory.
Based on the deployment, the global field service management market is bifurcated into cloud and On-premises. The cloud segment is expected to dominate the market and estimated to continue its dominance by 2027 across the globe due to the various application of cloud-based field service management such as data backup and data security. In addition, it also helps in accessing the business remotely. Cloud-based field service management solutions are growing traction in the industry as field personnel, field technicians, and consumers generate enormous data. Industries are increasingly shifting their data from the on-premise to the cloud-based, as cloud facilities’ application results in greater work progression.
However, the On-premises segment is anticipated to have considerable growth owing to its flexibility of nature. In addition, On-premises software needs a larger space for its disposition, which is expected to fuel the market.
Based on the organization size, the global field service management market classified into Large Enterprises, Small & Medium-sized Enterprises. The large enterprises segment is holding the largest share owing to its occurrence of hefty workforces. Enterprises rely on the integration of data from all branches and fleets of businesses, which expected to fuel the global field service management market during the forecast period of 2020-2027. Field service management approaches are essential for large organizations owing to the extensive client records and enormous data.
Small and medium sized enterprises segment is estimated to have a significant growth rate across the globe. The number of employees in such enterprises is less; therefore, small and medium sized enterprises are progressively adopting field service management in their company, which helps boost business efficiency and propel the global market.
Based on the verticals, the global field service management market is segmented into Telecom, Healthcare and Life Sciences, IT and ITeS, Manufacturing, Transportation and Real Estate, Construction and Real Estate, Oil and Gas, Transportation and Logistics, Energy and Utilities, and Others. The transportation segment is projected to dominate the market by 2027 as the field service management is an important expenditure sector for manufacturers. They try to adapt to the demand for stronger customer attention. In addition, the construction segment is estimated to grow at a considerable rate due to the rising population among the emerging nations such as India and China.
However, the transportation and logistics segment anticipated to have the fastest growth rate in the vertical segment as many companies has implemented numerous field service management approaches, computer programs, and technology to meet increasing consumer demands.
By geography, the global field service management market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is estimated to dominate the global field service management market during the forecasted period of 2020-2027 due to the upgradation in the technology coupled with the research and development activities across the region. In addition, the presence of a large numeral of vendors with the implementation of mobility solutions is also projected to fuel the global market.
However, the Asia Pacific region is estimated to have the fastest growth rate compared to other regions due to the high energy demand among the consumers. In addition, the rapid development of healthcare industries in the emerging economies is also expected to fuel the global field service management market.
Companies such as Microsoft, SAP, Oracle, ServiceMax, Salesforce, IFS, Infor, Comarch, OverIt, Trimble, FieldAware, ServiceTitan, Zinier, ServicePower, Accruent, Praxedo, FieldEZ, FieldEdge, GeoConcept, and Jobber are the key players in the global Field Service Management market.
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Global Field Service Management Market