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2021
Field Service Management Market

Field Service Management Market by Component (Software and Service), Deployment Mode (On-premise, Cloud), Organization Size (Large Enterprise, Small and Medium Size Enterprise), and Industry Vertical (IT & Telecom, Healthcare & life sciences, Manufacturing, BFSI, Transportation & Logistics, Energy & Utilities, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.

A02147
Pages: 305
Sep 2021 | 19253 Views
Author(s) : Rachita Rake & Shreyas Wadodkar , Vineet Kumar
Tables: 148
Charts: 78
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Field Service Management Market Statistics—2030

The global field service management market size was valued at $4,005.00 million in 2020, and is projected to reach $24,294.00 million by 2030, growing at a CAGR of 19.7%from 2021 to 2030.

The COVID-19 outbreak has a positive impact on the growth of the field service management market as field service management technologies are helping enterprises to address the extensive capacity demand of field service. The outbreak of COVID-19 has affected communities globally while governments and companies are trying their best to respond faster to the challenges posed by this pandemic. However, construction and manufacture sites in various countries have shut down. On the other hand, organizations across the energy and utility industry are shifting to remote ways of working. For instance, developers, engineers and designers rely on digital collaboration tools such as field service management and inventory management software. Contractors and engineers across the globe are using augmented reality and virtual reality simulation to re-optimize schedules and re-plan projects.

Field service normally means dispatching Employees or contractors are usually deployed to specific locations to install, repair, or maintain systems or equipment. Field service management (FSM) is a system for tracking of various aspects of field operations. These components usually include inventory management, scheduling, vehicle tracking, dispatching, invoicing, billing, customer portals, and others. Field service management aims to improve the deliverability and productivity of field service teams. Some of the key advantages of FSM include access to customer information from any location, a reduction in operational overheads and fuel expenses, management of mobile workforce, increased productivity, and improved customer satisfaction.

field-service-management-market

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On the basis of organizational size, the large-scale enterprise segment dominated the overall field service management industry in 2020, and is expected to continue this trend throughout the forecast period. This is due to an increase in the adoption of field service management by enterprises to gain strategic and a competitive advantage over their competitors. Furthermore, it enables large-scale industry verticals to gain quick & easy-free access to the operation performing on the field as the number of workers is very high. Large companies use these solutions to monitor and manage the activity and workforce on the field, which drives the market growth. However, the small and medium scale enterprise segment is expected to grow the most, and this trend is expected to continue during the forecast period. The small and medium scale businesses are shifting their business to a digital platform, small scale businesses are using field service management solutions to monitor field activity on the client location. This factor drives the field service management market globally.

Depending on the deployment model, the on-premise segment captured the largest share in 2020 and is expected to continue this trend during the forecast period. This is due to the numerous advantages offered by this on-premise deployment such as a high level of data security and safety. However, the cloud segment is expected to witness the highest growth in the upcoming years. As a cloud deployment requires no investment in IT infrastructure as all data is stored on cloud server, which increases the demand for field service management software in small and medium scale organizations.

The report focuses on the growth prospects, restraints, and field service management market analysis. The study uses Porter’s five forces analysis of the field service management industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the field service management market trends.

Segment Review

The market is segmented on the basis of component, deployment, organization size, industry vertical, and region. By component, the market is divided into software, and services. The solution segment is sub-divided into segments such as schedule, dispatch, & route optimization, customer management, work order management, inventory management, service contract management, reporting & analytics, and others. The services segment is categorized into implementation & integration, training & support, consultancy services. On the basis of deployment, the market is classified into on-premise and cloud. On the basis of the organization size, market is classified into large enterprises, and small & medium sized enterprises (SMEs). On the basis of the industry verticals, market is divided across IT & telecom, healthcare & life sciences, manufacturing, banking financial stocks & insurance, transportation & logistics, energy & utilities, construction and others. On the basis of region, the global field service management market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of COVID-19 on the Field Service Management market trends

As per field service management market forecast the post COVID-19, the field service management market size was valued at $4,819.00million in 2021 and is projected to reach $24,294.00million by 2030, growing at a CAGR of 19.7%% from 2020 to 2030. The COVID-19 outbreak has a moderate impact on the growth of the field service management market as worldwide lockdown during the COVID-19 has increased wide adoption of FSM software allowing projects to continue in a virtual and digital environment even when participants were unable to meet in person. The pandemic has compelled to find safer and efficient ways for construction of highways, offices, and homes.

Field Service Management Market
By Component

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Service segment is projected as one of the most lucrative segments.

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This global public health crisis has confirmed a significant demand for new methods of building roads, manufacturing goods and providing energy & utilities by using smart field service management to address field service, inventory and dispatch issues, outdated techniques, inefficiency, and environmental challenges. Furthermore, the field service management market is expected to grow during the forecast period, as the COVID-19 pandemic has created challenges, such as low productivity, affected margins, and drop in R&D investments; hence, manufacturing, energy & utilities, and construction firms are being compelled to adopt field service management software faster.

Top Impacting Factors  

The factors that drive the growth of the field service management market include the increased need to track of activities in the field, the increased demand for mobility for real-time visibility, the increased adoption of automation & digitalization in the field services industry. also the increase in adoption of IoT driving the adoption of cloud-based FSM solution, and the integration of AI, AR, and VR in the field services sector provide lucrative field service management market opportunity. However, a lack of skilled labor to operate on FSM & data security concerns, as well as a reliance on manual methods are expected to hinder the market growth during the forecast period.

Field Service Management Market
By Deployment Model

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Cloud segment is projected as one of the most lucrative segments.

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The Need to Keep a Track of Activities Taking Place in the Field globe

The number of field technicians operating globally has reached around 20 million and is expected to increase during the forecast period. Field service companies are realizing the importance of ensuring that all the resources are being accurately used for the business purpose and that workers/technicians in the field are performing the assigned tasks efficiently. This can be difficult for the field service companies because they are unable to track the live-work location due to physical absence on the field. It is possible to achieve maximum efficiency of business processes & improved productivity among field service providers by implementing an appropriate field service management solution, that can be integrated with ERP, CRM, and other relevant systems installed in the organization.

The field service management market is primarily driven by the implementation of field service management software, which allows for simplified tracking of the progress and ensures timely completion of the allotted jobs. Furthermore, an increase in need for field service organizations to adopt FSM solutions to improve customer satisfaction, differentiate services, reduce the labor costs, and improve overall productivity propelling the global field service management market growth.

Field Service Management Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific is projected as one of the most significant region.

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the field service management market share along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the field service management market size is provided.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the field service management market.
  • The quantitative analysis of the field service management market share from 2020 to 2030 is provided to determine the field service management market potential.

Key Market Segments

  • BY COMPONENT
    • Solution
      • Schedule, Dispatch, and Route Optimization
      • Customer Management
      • Work Order Management
      • Inventory Management
      • Service Contract Management
      • Reporting and Analytics
      • Others
    • Services
      • Implementation & integration
      • Training & support
      • Consultancy services

  • BY DEPLOYMENT
    • On-Premise
    • Cloud

  • BY ORGANIZATION SIZE
    • Large enterprises
    • SMEs

  • BY INDUSTRY VERTICAL
    • IT & Telecom
    • Healthcare & life sciences
    • Manufacturing
    • BFSI
    • Transportation & Logistics
    • Energy & Utilities
    • Construction
    • Others

  • BY REGION
    • North America
      • U.S
      • Canada
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • India
      • Japan
      • Singapore
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa

Key Market Players

  • COMARCH SA
  • IFS AB
  • INFOR
  • MICROSOFT CORPORATION
  • ORACLE CORPORATION
  • OVERIT
  • PRAXEDO
  • SALESFORCE.COM, INC
  • SAP SE
  • SERVICEMAX
 

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According to CXOs of the leading companies, the global field service management market provides lucrative opportunities to market players. Increase in scope of applications of FSM, such as scheduling & dispatching, route optimization, work order management, inventory management, and service contract management, have contributed toward the field service management market growth. Prominent players in the market have developed and launched new technologies, such as AI based FSM software enabling automated scheduling, dispatching, routing to cater to a wide field technicians base in various locations, usage of AR goggles for assessing the equipment failure & predictive maintenance. The manufacturing segment has a predominant share in the global field service management market and is expected to maintain this trend during the forecast period. However, the demand for field service management solutions is expected to significantly increase across sectors such as transportation & logistics, healthcare, real estate, energy & utilities, and retail.

Moreover, increase in technological advancements such as driverless cars, 3D mapping, and other supporting software components is expected to supplement the growth of the FSM services market. Market players have adopted acquisition, partnership, and product launch strategies to improve their product portfolio and expand their geographical outreach. Emerging economies are expected to provide lucrative growth opportunities to market players in the near future. The proliferation of connected devices such as smartphones and advent of Internet of Things (IoT) is expected to create increasing demand for mobile field service management solutions, which in turn is expected to boost the growth of the field service management market. Furthermore, adoption of IoT along with AI in field services empower field service organizations to avoid equipment downtime and offer predictive maintenance. This is again expected to garner significant opportunities for market growth.

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