Global Field Service Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Services and Solutions) By Deployment Mode (On-Premises and Cloud-Based) By Technology (Route Management, Connected, Integrated Digital Systems and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) Analysis and Forecast 2021 – 2030.Industry: Information & Technology
Global Field Service Management Market Insights Forecasts to 2030
- The global field service management market was valued at USD 5.2 Billion in 2021.
- The market is growing at a CAGR of 19.2% from 2022 to 2030
- The global field service management market is expected to reach USD 25.26 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The global Field service management market is expected to reach USD 25.26 Billion by 2030, at a CAGR of 19.2% during the forecast period 2022 to 2030. The field service management market has grown because this system maintains the privacy and confidentiality of data and also helps to keep track on the work flow of employees. There are advancements in new technologies to help ease the field service management experience of people, which is expected to provide growth opportunities for the market during the forecast period.
Field Service Management enables companies to track of and organize work performed outside their office. It involves the management of field equipment, employees and resources. Smartphones are readily integrated with field service management software to help central authorities and field workers share information. The worldwide lockdown has caused a moderate impact of COVID-19 on the field service management market during the outbreak. As a result of the lockdown, field service management software has become increasingly popular to allow projects to continue virtually and digitally even when participants cannot meet in person. In the age of resource management, field service management makes it easier to automate resource field activities, enhancing monitoring and productivity across the organization. Field service management software solution enables companies to manage their contractors and administrative tasks through vendor portals. By providing a real-time update on workers, companies can address customer issues at their earliest convenience, connecting them to the nearest service provider available, which has increased the popularity of field service management software. Field service management providers integrate Microsoft Power Automate with their software for low code integration and automation, allowing them to leverage the benefits of integrated workflows by connecting their field service platform with Microsoft products, apps and web services.
This research report categorizes the global field service management market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global field service management market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global field service management market sub-segments.
- Driver- Rising Adoption of Automation
The main drivers of the market during the forecast period are the rising demand for mobility for real-time visibility and the quick adoption of automation and digitalization in the field. The adoption of cloud-based FSM solutions is being driven by rising IoT demand, which is anticipated to present the industry with significant opportunities in the near future. A further aspect that is projected to drive the market is the incorporation of AI, AR, and VR in the field services industry. Implementing field management software has a significant impact on the market for field service management. The market is expected to be driven by the growing requirement to implement FSM solutions in order to provide better customer services, lower labour costs, and increase productivity.
- Restraint- Lack of Security
Most field service data is processed on servers protected by corporate firewalls. Devices that access this data, however, lack such security. Cyberattacks have increased along with expanding digitization. Therefore, corporations now have a serious problem with data security. As data is moved more frequently from the field to the cloud and servers, communication routes, and networks are more frequently assaulted, cybersecurity assaults have significantly increased. Additionally, BYOD policies have improved such instances. When technicians are linked to an insecure network, their personal devices are open to attacks.
- Opportunity- Rise in Usage
According to the report, service contract management is anticipated to grow significantly in the near future. The same capabilities that enterprise firms require where client visibility is a top priority are demanded by organisations that use third-party service providers for their fieldwork. Field service outsourcing can help businesses reduce personnel expenditures and improve productivity. For example, it was revealed in September 2020 that the Salesforce field service platform will receive a third-party add-on that would help service providers and clients monitor and manage equipment much more effectively. In order to save maintenance costs and boost device uptime, ServiceMax Asset 360 for Salesforce will provide a 360-degree insight of a number of variables, such as instal base, asset performance, and warranties.
- Challenges- Reduced Site Visits
Due of the COVID-19 epidemic, field service businesses are being forced to reduce site visits in order to reduce human-to-human connection. Reduced service requests are one problem the field service sector is dealing with. Some businesses saw a 12% decline in daily calls. Demand is declining globally in industries like energy , oil and gas.
Global Field Service Management Market Report Coverage
|Market Size in 2021:||USD 5.2 Billion|
|Forecast Period 2021-2030 CAGR:||19.2%|
|2030 Value Projection:||USD 25.26 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||209|
|Tables, Charts & Figures:||129|
|Segments covered:||By Component, By Deployment Mode, By Technology, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Microsoft, FieldAware, Oracle, Comarch, Service-Power, Connect My World, SAP, IFS AB, Zinier, Capterra, Core system AG, IBM Corporation, Acumatica Inc., and OverIT.|
|Pitfalls & Challenges:||Due to the increasing number of COVID-19 cases|
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- In 2021, the solutions segment accounted for the largest share of the market, with 52.6% and market revenue of 2.7 billion.
Based on the technology, the field service management market is categorized into suspensions, gels, spray solutions, ointment, solution and emulsion. In 2021, the solutions segment accounted for the largest share of the market, with 52.6% and a market revenue of 2.7 billion. Customers can engage with business staff at all levels in new ways, and managers can modify how they approach customer service with field service management solutions.
- In 2021, the on-premise segment accounted for the largest share of the market, with 56.9% and a market revenue of 2.9 billion.
Based on the application, the field service management market is categorized into on-premises and cloud-based. In 2021, the on-premise segment accounted for the largest share of the market, with 56.9% and a market revenue of 2.9 billion. A field service management company deals with confidential and sensitive information of their customers and different companies, which is taken care of by an on-premise field service management solution.
- In 2021, the connected segment accounted for the largest share of the market, with 30.6% and market revenue of 1.59 billion.
Based on the technology, the field service management market is categorized into route management, connected, integrated digital systems and others. In 2021, the connected segment accounted for the largest share of the market, with 30.6% and a market revenue of 1.59 billion. A connected solution that allows real-time communication with colleagues allows customers to receive first-visit resolutions.
Regional Segment Analysis of the Field Service Management Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific emerged as the largest market for the global field service management market, with a market share of around 35.87% and 5.2 billion of the market revenue in 2021.
- In 2021, Asia Pacific emerged as the largest market for the global field service management market, with a market share of around 35.87% and 5.2 billion of the market revenue. Asia Pacific is expected to be the largest market. Artificial intelligence and cloud technologies are increasingly being adopted, internet penetration is high, and consumer spending is growing. Small-scale projects and e-commerce are also on the rise as a result of which the demand for field service management systems is increasing in the region.
- Asia Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. There is an increasing tendency among businesses and enterprises to implement technologically innovative customer service methods, which is expected to accelerate the regional market's growth.
The report offers the appropriate analysis of the key organizations/companies involved within the global field service management market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Connect My World
- IFS AB
- Coresystem AG
- IBM Corporation
- Acumatica Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In April 2021, as part of their latest Spring Release '21 for Salesforce Field Service, Salesforce added features such as a briefcase builder, appointment assistants, and point-to-point predictive routing.
- In July 2021, as part of its efforts to meet the challenges inherent in the energy industry, ServiceMax has signed a definitive agreement to acquire LiquidFrameworks.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global field service management market based on the below-mentioned segments:
Global Field Service Management Market, By Component
Global Field Service Management Market, By Deployment Type
Global Field Service Management Market, By Technology
- Route Management
- Integrated Digital Systems
Global Field Service Management Market, Regional Analysis
- North America
- THE US
- Rest of Europe
- The Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Field Service Management market?As per Spherical Insights, the size of the Field Service Management market was valued at USD 5.2 billion in 2021 to USD 25.26 billion by 2030.
What is the market growth rate of the Field Service Management market?The Field Service Management market is growing at a CAGR of 19.2% from 2022 to 2030.
Which country dominates the Field Service Management market?Asia Pacific emerged as the largest market for Field Service Management.
Who are the key players in the Field Service Management market?Key players in the Field Service Management market are Microsoft, FieldAware, Oracle, Comarch, Service-Power, Connect My World, SAP, IFS AB, Zinier, Capterra, Coresystem AG, IBM Corporation, Acumatica Inc., and OverIT.
Which factor drives the growth of the Field Service Management market?Rapid digitalization is expected to drives the market's growth over the forecast period.
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