Field service management (FSM) is a system for managing remote workers and the resources a company needs to work efficiently. Field service management helps businesses manage all the resources involved in field service management activities. It can help technicians process job orders, keep track of service and repair tasks, automate scheduling and dispatch, manage customer service contracts, collect payment and more.
Sizing and Forecast
The field service management market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to demand for automation, rising customer expectations, globalization, compliance and regulations.
The field service management market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to focus on predictive maintenance, rise of mobile workforce, increased cloud adoption. Major trends in the forecast period include integration with erp and crm systems, emphasis on data analytics, augmented reality (ar) integration, mobile-first approach, blockchain for security, subscription-based models.
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Segmentation & Regional Insights
The field service management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Application: Energy And Utilities, Telecom, Manufacturing, Healthcare, BFSI, Construction And Real Estate, Transportation And Logistics, Other Applications
North America was the largest region in the field service management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field service management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period. Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology. The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs. For instance, in September 2023, according to Cavintek Inc., a US-based company that provides workflow automation as well as productivity applications, more than 80% of corporate executives reported hastening work process automation and increasing the usage of remote work. 43% of organizations intend to minimize their staff by implementing automation technology. Therefore, the increasing demand for automation and digitalization drives the growth of the field service management market.
Key Industry Players
Major companies operating in the field service management market report are Accruent LLC, Acumatica Inc., Astea International Inc., ClickSoftware Technologies Ltd., Comarch SA, FieldAware Group Ltd., Geoconcept SAS, Kirona Solutions Ltd., Coresystems AG, IFS AB, Infor Inc., International Business Machines Corporation, Microsoft Corporation, Mize Inc., OverIT S. p. A, Praxedo SAS, Salesforce. com Inc., SAP SE, ServiceMax Inc., Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, Accenture plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.
The field service management market report table of contents includes:
1. Executive Summary
2. Field Service Management Market Characteristics
3. Field Service Management Market Trends And Strategies
4. Field Service Management Market – Macro Economic Scenario
5. Global Field Service Management Market Size and Growth
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31. Global Field Service Management Market Competitive Benchmarking
32. Global Field Service Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Field Service Management Market
34. Field Service Management Market Future Outlook and Potential Analysis
35. Appendix
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