Field Service Management Market Revenue, Growth Factors, Trends, Key Companies, Forecast To 2027
The global field
service management market is forecast to reach USD 9.88 Billion by 2026,
according to a new report by Reports and Data. Field service management (FSM)
is a system which enables coordination on-field operations by mobile devices.
It helps organizations to optimize their field service operations with higher
profitability and customer satisfaction. Field service management is an
effective tool which integrates accounting, billing, service, and distribution
processes, which in turn help organizations to gain maximum efficiency. Field service
management solution offers several advantages that include real-time
communication of work orders and status, work tracking, and customer
originations and service history.
A modern field service management system offers the needed
visibility, planning, and execution to achieve the primary goals for field
service organizations. The key functional areas include mobility, service order
management, financial management, parts materials management, labor skills
management, asset information management, service contract management, and
reporting.
The market is gaining traction, especially with the practice
of delivering field services through contractors and third-party agents.
Expansion of communication network infrastructure, growth in the preference of
enterprise mobility solutions, and rising importance in transparency in field
operations are driving the market for field service management.
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Key participants
include
IFS, SAP, Oracle, Microsoft, Astea, Infor, Trimble, Comarch,
Clicksoftware, and Overit, among others.
Further key
findings from the report suggest
Solution segment held the larger market share of 63.5% in
the year 2018. The solution system empowers organizations with a centralized
platform to manage their field operations efficiently.
Large enterprises are forecasted to grow with a CAGR of
17.7% during the forecast period. For large organizations, increasing
visibility between the office and field is very crucial. Enterprises have
multiple fleets focus on integrating information across all business units.
Cloud-base field service management provides businesses the
convenience and flexibility to run their business more efficiently in the
office as well as out in the field. Some benefits of cloud-base field services
management are; it allows remote access, offers security and data backup, it is
paperless, and also provide real-time information. The segment is forecasted to
grow with a CAGR of 17.4% during the forecast period.
Manufacturing sector held the largest market share of 24.8%
in the year 2018. Field service management is an active area of investment for
manufacturers, as they seek to respond to the call for greater
customer-centricity. Manufacturers are planning to purchase, upgrade, or
enhance their service delivery applications in the coming year, and field
service management applications, are one of the major components of service
delivery.
North America held the largest market share of 34.1% in the
year 2018. Organizations in the region are focused on providing the best
services to the customers. Higher penetration of internet, communicating
devices, and mobiles are propelling the growth of the market in the region.
Presence of major players in the region promotes awareness and supports the
demand regarding the adoption of the market.
Some of the commonly used field service management are
TrackerPal, Freshdesk, Field Force Tracker, Wrike, Ai Filed Management,
Repair-CRM, UpKeep, and Dynamics 365.
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For this report, Reports and Data have segmented into the
global Field Service Management market on the basis of resin type, composite
phases, industry vertical, and region:
Component Outlook (Revenue, USD Billion; 2016-2026)
Solution
Services
Organization Size Outlook (Revenue, USD Billion;
2016-2026)
Large Enterprise
Small and Medium
Enterprise
Deployment Mode
Outlook (Revenue, USD Billion; 2016-2026)
On-Premises
Cloud
Vertical Outlook (Revenue, USD Billion; 2016-2026)
Healthcare
IT and Telecom
Energy and Utilities
Manufacturing
Construction and
Real Estate
Transportation and
Logistics
Others
Regional Outlook (Volume, Kilo Tons; 2018-2028 and
Revenue, USD Million; 2018-2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- MEA
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