Status : Published | Published On : Jun, 2023 | Report Code : VRICT5170 | Industry : ICT & Media | Available Format : | Page : 225 |
The global field service management market size is expected to grow from USD 6 billion in 2023 and will reach USD 16.7 billion by 2030. It will register a CAGR of 17.4% during the forecast period. Field service management is a framework for tracking various aspects of field operations. Inventory management, scheduling, vehicle tracking, dispatching, invoicing, billing, and customer portals are the components of field service management. The field service management industry strives to improve field service teams' deliverability and productivity. Some of the key benefits of FSM include access to customer information from any location, reduced operational overheads and fuel expenses, management of mobile workforce, and increased customer satisfaction. Thus, field service management-based solutions have evolved as a pivotal segment in the customer service industry as a result of continuous breakthroughs in the MRO and IT service industries, which have resulted in increased attention to retain existing customers through value-added services.
The COVID-19 outbreak has elevated field service operations to a new level. The epidemic spurred businesses to choose field service capabilities like automation and remote project management. However, corporations were required to deploy field service technicians for critical maintenance to obtain additional visibility into their operations.
Better project management and remote triage skills became necessary as a result of the outbreak. Many of these elements later proved useful in enhancing productivity and asset life as the majority of enterprises started to resume their offices. FSM providers then started to enhance their customer service and effectiveness by incorporating AI, IoT, predictive analytics, and automation into their services.
Market Segmentation
Insight by Component
Based on Component, the Global Field Service Management Market is bifurcated into Solutions and Services. Solutions are further divided into Schedule, Dispatch, and Route Optimisation, Customer Management, Work Order Management, Inventory Management, Service Contract Management, Reporting and Analytics, and Others. The services is further divided into Consulting, Integration and Implementation, and Training and Support.
The solution category is anticipated to contribute the largest share during the forecast period owing to the increased adoption of FSM solutions among businesses to attain competitive and strategic advantage and have strong customer retention over other industry players. Additionally, it aids the industrial vertical in retaining individuals for a long period as workers are engaged in fieldwork. FSM solutions, which support a variety of HR tasks and data analysis for fundamental business operations, include time and attendance, leave and absence management, workforce analytics, and other solutions including fatigue management and task management. Field service management solutions are in high demand as a result of field service optimization, growing use of remote IoT connectivity, and the emergence of AR/VR in field-based verticals such as energy and utilities, oil and gas, manufacturing, construction, and real estate.
Insight by Organization Size
Based on Organization Size, the Global Field Service Management Market is segregated into Large Enterprises and Small and Medium Sized Enterprises (SMEs). Large enterprises is expected to witness the highest share during the forecast period as FSM solutions are affordable and provide solutions for a large workforce. Field service management solutions are used by large businesses to handle workforce, and customer valuable data as well as manage business operations remotely.
Insight by Deployment
Based on Deployment, the Global Field Service Management Market is bifurcated into On-Premise and Cloud. The on-premise segment dominates the field service management market owing to its attributes i.e., security and flexibility. FSM firms handle confidential and sensitive information of their customers and other businesses. On-premise solutions are those that are installed and used within a company's IT department's infrastructure. Businesses must make a significant upfront investment, but unlike cloud deployment, there are no ongoing fees. They reduce a company's reliance on third-party applications, which could jeopardize end users' sensitive data. On-premise implementation, as opposed to cloud deployment, allows for easier interaction with existing IT infrastructure and systems.
Insight by Industry Vertical
Based on Industrial Vertical, the Global Field Service Management Market is classified as IT and Telecom, Healthcare and Life Science, BFSI, Manufacturing, Transportation and Logistics, Construction and Real Estate, Energy and Utilities, and Others. The manufacturing industry vertical dominates the FSM market owing to the increased adoption of Industry 4.0 technologies like predictive maintenance, IoT, etc so as to determine errors in machines and provide real-time alert notifications.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 6.0 Billion |
Revenue Forecast in 2030 |
U.S.D. 16.7 Billion |
Growth Rate |
17.4% |
Segments Covered in the Report |
By Component, By Organization Size, By Deployment, and By Industry Vertical |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Factors attributing to the market growth of the global field service management market include technological development, the surge in enterprise customers, rising penetration of smartphones, increased adoption of BYOD, IoT in modern business practices, and rising investment in field management services. Moreover, the rising demand for mobility to get real-time visibility, surging implementation of automation and digitalization, rising demand for prompt customer-service delivery, surging need to establish improved communication between customers and field representatives, need to improve field-technician efficacy will accelerate the market development of field management service industry. Furthermore, the rising demand for enterprise mobility solutions increased the prominence of transparency in field operations, and the expansion of communication network infrastructure will drive market development of the FSM industry. The market would expand as a result of the growing demand to increase customer satisfaction by providing quicker and better service responses and reducing downtime. The market size is further increased by the growing demand for effective solutions to resolve several serious challenges, monitor resources remotely, and evaluate and allocate resources in emergency situations.
Challenges
Lack of skilled workforce, data security issues, and using manual methods will hinder the market development of the field service management industry during the projected timeframe. Field management personnel face significant scheduling impediments. Scheduling conflicts occur when two or more events on a field service calendar occupy the same time slot. The recurring occurrence of scheduling issues can pose a significant threat to the business's regular operations.
Opportunities
The surge in the requirement of predictive analytics will offer lucrative market opportunities in the global field service management market. Factors such as increasing consumer satisfaction, growing digitization, automation in the industry, investment in research and development facilities, the establishment of various private companies, the rising popularity of smartphones and tablets, thereby creating market opportunities for the growth of the global Field Service Management Industry.
Geographic Overview
North America contributes the largest share in the global field service management market owing to the presence of a large number of industry players, technological development, well-established infrastructure, and uninterrupted internet connectivity, thereby bolstering the market growth in the region. Furthermore, the rising prominence of enterprise mobility solutions and the surge in the need to restructure field service teams and operations will boost the market growth in the region.
Competitive Insight
Due to the highly competitive environment created by numerous established firms, startups, and entrants, the field service management market looks to be fragmented. Leading facilitators work to create asset-centric field service management programs that will help users digitize their service delivery processes. The key player’s emphasis on a customer-centered approach will empower users with more individualized, outcome-based solutions that enhance service maintenance. The strategic initiatives in the FSM market include product launches, agreements and partnerships, M&A, and expansion.
Microsoft Dynamics 365 Field Service continues to innovate to keep up with the changing needs of field operations and promote seamless collaboration, from automating work orders to utilizing mixed reality. For firms to stay resilient in the face of uncertainty, quality service is essential. Because more employees are working from home or other remote places, there are fewer opportunities for one-on-one interactions. Customers want self-service tools that enable them to handle problems on their own. Remote monitoring of Internet of Things (IoT) devices continues to change service from a cost center to a revenue generator as assets get more complex. The effectiveness of frontline staff is elevated and the customer experience is improved by changes in technology that personalize the service experience, boost worker productivity, and optimize service operations. Dynamics 365 Field Service was powered by these differentiators.
Comarch FSM is field service management software that is required by every service provider. Service order placement, scheduling, technician assignment based on skills and availability, route optimization, equipment allocation, service level agreements, and report management all require an efficient field service solution. Comarch FSM is a comprehensive field service management solution that allows staffing, scheduling, and managing field force. By connecting connected devices to cloud-based field service software, it provides a smooth and profitable service. Only comprehensive tools that support end-to-end field service delivery processes can help successful service providers reduce operating costs and improve customer satisfaction.
Recent Development by Key Players
In November 2022, PTC, a software developer focused on the digital side of product lifecycle management, paid $1.46 billion in cash to acquire ServiceMax, a developer of cloud-native field service management software.
In November 2022, Zinier and FLS - FAST LEAN SMART announced a collaboration to develop solutions based on the full integration of the two companies field service management technologies.
In October 2022, Salesforce launches New Field Service Innovations to Increase Operational Efficiency. Field Service's latest innovations, powered by Salesforce Genie, leverage automation, intelligence, and real-time data to power more seamless, customized field service experiences at scale. Companies like Honeywell and Beldon Roofing are using Salesforce Field Service to scale field operations, personalize service, and connect frontline teams.
Key Players Covered in the Report
Some of the major players operating in the global field service management market include Oracle, IFS, Microsoft, Salesforce, Inc., Praxedo, PTC, Comarch SA, OverIT, GEOCONCEPT SAS, and Zinier Inc.
The Field Service Management Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2025-2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
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