Global Field Service Management Market to Grow at a CAGR of 12.7%, during Forecast Period
Published | 26 September 2022
Global Field Service Management Market is thriving owing to the increase in mobile phone usage, the introduction of the newest AI-based technologies, the rise in R&D activities, and the growing acceptance of smart wearable technology.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Field Service Management Market was worth USD 3.61 billion in the year 2021. The market is projected to grow at a CAGR of 12.7%, earning revenues of around USD 8.27 billion by the end of 2028. The management of Field Services has been a major factor in the market's rapid expansion. The Field Service Management Market is anticipated to expand significantly throughout the forecast period as a result of the growing adoption of back-end automation technologies and mobility solutions for remote monitoring. The forecast for the industry is expected to improve due to the increase in mobile phone usage and the introduction of cutting-edge AI-based technologies. The expansion of the market as a whole is being fueled by an increase in R&D activities and the rising demand for smart wearable technology. Additionally, Field Service Management is becoming more and more popular because of its advantages, including quicker billing, workflow standardization, cost savings, and precise task tracking. However, a lack of skilled workforce is hampering the field service management, in turn, may act as a huge restraining factor for the market growth.
Service Contract Management supports Market Expansion
According to the analysis, service contract management will gain significant traction shortly. Organizations that rely on third-party service providers for fieldwork expect the same services as enterprise businesses that prioritize client visibility. Outsourcing field services can help businesses reduce labor costs while improving operations. For example, it was announced in September 2020 that the Salesforce field service platform would be getting a third-party add-on to help service providers and customers monitor and manage equipment more efficiently. ServiceMax Asset 360 for Salesforce will provide a 360-degree view of several metrics, such as install base, asset performance, and warranties, to reduce maintenance costs and increase device uptime.
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Need for Mobility to Provide Real-time Visibility is Growing
Demand for real-time visibility services is rising and propelling market expansion. In all industries, there is a growing demand for real-time field service systems to increase customer satisfaction. Businesses can respond to customer inquiries right away by connecting them with the closest service provider, thanks to the real-time monitoring and management of field technicians. As a result, these solutions are becoming more popular across all sectors. During the anticipated period, all of these factors will contribute to the global field service management market's growth (2022-2028).
Reduced Call for Services owing to COVID-19 Outbreak leading to reduced Site Visits Hampering the Market Growth
Infectious diseases continue to present a serious threat to society despite significant medical advancements over the past few decades. While some illnesses are only found in a particular geographic area, others can spread and turn into epidemics or pandemics. The loss of human life is the most important aspect of an epidemic, but there are also serious economic consequences when a virus spreads across a country or region. Any disease outbreak affects international trade, which further impairs the efficiency of global supply chains. For instance, the global economy was impacted by the COVID-19 pandemic in 2020. COVID-19 originated in Wuhan, China, and has had a significant impact on that country's economy. The field service sector is dealing with problems like a decline in service requests.
Segmental Coverage
Global Field Service Management Market - By Organization Size
Based on organization size, the Global Field Service Management Market is segmented into large enterprises and SMEs. During the forecast period, the large enterprise segment will contribute more to the growth of the Field Service Management market. Because of the low cost and high economies of scale, organizations can reap the benefits of FSM. Large corporations have numerous departments and a distributed workforce. Large enterprises are more likely to use field service management solutions, and this trend is expected to continue during the forecast period. Large enterprises require field service management solutions because they have a large workforce, a large volume of documentation, and must keep extensive customer records.
Impact of COVID-19 on Global Field Service Management Market
The COVID-19 outbreak has caused significant changes in how goods and services are purchased and offered by organizations all over the world. During and after the COVID-19 lockdown, many studies and survey companies, including big businesses and small and medium-sized enterprises (SMEs), increased their marketing budgets. Every aspect of society has been impacted by the COVID-19 pandemic, including people and businesses. The technological ecosystem has been important all over the world. Field service management companies are under intense pressure to successfully manage teams and guarantee safety compliance as a result of the COVID-19 outbreak. There is no place for miscommunication or mistrust. According to Harvard, the US average for organizational trust was only 70% before the pandemic.
Competitive Landscape
The leading market players in the Global Field Service Management Market are Trimble, ServicePower, Accruent, Comarch SA, IFS AB, Infor, Inc., Microsoft Corporation, Oracle Corporation, OverIT S.p.A., PRAXEDO, Salesforce.Com, Inc, SAP SE, ServiceMax, Inc., FieldAware Group Ltd., Geoconcept SAS, Zinier, Inc., Mize, Inc, Sig Sauer, Inc. The Global Field Service Management Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Field Service Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Field Service Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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