Market Research Future published a research report on “Field Service Management Industry Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Field service management (FSM) market Overview
Field service management (FSM) refers to a process used to manage an organization’s field operations by strategically allocating tasks for enhanced customer satisfaction and maximization of employee productivity and efficiency within the company. With an increase in the number of field operations, the functional complexity of the organization becomes difficult to handle, creating a need for field service management solutions. A field service management platform enables organizations to streamline business processes.
An FSM platform allows companies to keep a complete track of field service operations and repair activities, real-time tracking of workforce location, efficient workload management, and automation of field operations. These mentioned features are pushing organizations based in multiple industry verticals to adopt a field service management platform as they effectively eliminate many manual tasks, efficiently conduct field operations, and provide higher economies of scale. The global Field Service Management Industry is estimated to reach USD 5.59 billion, registering a 16.6% CAGR by 2023.
Furthermore, growth in the FSM market can be accredited to a high need for customer satisfaction and speedy adoption of smartphones and wearable devices by field service personnel. A field service management platform is capable of monitoring resources remotely and hence, addressing issues faster by automatically determining and allocating necessary resources during an emergency. The field service management (FSM) market is gaining traction due to enterprises adopting FSM solutions to enable a shorter response time and reduced downtime. Alternatively, the field service management (FSM) market is expected to face some resistance for growth due to a lack of skills and expertise in the handling of an FSM software.
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The field service management (FSM) market is segmented on the basis of component, organization size, deployment, and vertical. By component, the FSM platform market is segmented into solution and service. Based on solution, the field service management (FSM) market is segmented into scheduling & dispatching, route planning, equipment management, inventory management, mobile field service management, service contract management, warranty management, work order management, pre-voicing, billing & invoice, and service history tracking. By service, the field service management (FSM) market is segmented into implementation, support & training, and consulting.
By deployment, the field service management (FSM) market is segmented into on-cloud and on-premise. Cloud-based deployment is estimated to spearhead the field service management (FSM) market. Factors responsible for such market domination include a rise in the demand for cloud-based FSM platforms. Cloud-based platforms offer flexibility, scalability, real-time data access, and higher economies of scale which is burgeoning their demand in various verticals. By organization size, the field service management (FSM) market is segmented into SMEs and Large enterprise. By vertical, the FSM market is segmented into healthcare, education, manufacturing, retail, IT& telecom, and construction.
Some of the key players of global Field Service Management Industry includes Capterra(US), Accurent(US), Acumatica Inc. (US), Astea International Inc. (US), Click Software(US), Comarch SA (Poland), Field Aware(US), IBM Corporation (US), IFS(Sweden), Infor(US), Microsoft Corporation (US), Oracle Corporation (US), Salesforce.com (US), SAP SE (Germany), OverIT (Italy), among others.
The FSM market report includes a region-based analysis for North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). With the presence of some of the prime market players in the U.S. and Canada, North America is expected to stand at the forefront of the FSM market. Further, growing technological developments in cloud-based analytics, rapid emergence of BYOD has mushroomed the rate of FSM platforms adoption in the region.
The APAC is expected to witness rapid advances in IT technology and increasing adoption of FSM platforms, boosting significant market growth in the region. Europe is expected to record a sizable CAGR between 2018-2023 due to technological developments and the growing adoption of field service management platforms by numerous organizations.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
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