According to a recent report published by Allied Market Research, titled, “Field service management Market Analysis by Component, Deployment Mode, Organization Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
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 2020 to 2030.
Surge in adoption of new cutting-edge technologies in various organizations and rise in need to create new mile stone in onsite workforce management sector drive the growth of the market. In addition, increase in demand for Field service dispatch management among small & medium enterprises fuels the growth of the market. Furthermore, increase in need of interactive, efficient and cost-effective field service scheduling service along with emerging technology such as augmented reality and virtual reality are expected to provide remunerative opportunities for the expansion of the market during the forecast period.
On the basis of component, the solution segment dominated the overall field service management industry in 2020, and is expected to continue this field service management market trends during the forecast period. This is attributed to increase in adoption of field service management solution among enterprises to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, it helps industry vertical to engage workers on field work easily and sustain them for long time, which drives the market growth. However, the service segment is expected to witness highest field service management market growth, as service segment of field service management industry ensures effective coordination between software provider companies and users of field service management software by providing services such as implementation, training, consulting services, and managed services. The adoption of these software speeds up the customer satisfaction of various industrial verticals such as BFSI, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.
Depending on deployment mode, the on-premise segment garnered the largest field service management market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of field service management software in small and medium scale organizations.
Post COVID-19, the global field service management market size is estimated to grow from $ 4,819.00 million in 2021, and reach $24,294.00 million by 2030, at a CAGR of 19.7%.
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. Furthermore, integrated digital-twin solutions are being developed to be used for end-to-end support from project concept to implementation. Surge in online services has been observed in adoption of online channels by contractors for monitoring well-being of their employees through apps, managing scarce resources accurately, ordering construction materials, and maintaining cash flow.
Key Findings Of The Study
- By component, the solution segment dominated the field service management market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
- On the basis of Deployment Mode, the on-premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
- Depending on industry vertical, the manufacturing segment generated the highest revenue in 2020. However, the energy & utility segment is expected to witness the highest growth rate in the near future
- Region wise, the field service management market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
This report gives an in-depth profile of some key market players in the field service management market are Oracle Corporation, Microsoft, IFS AB, Salesforce.com Inc., ServiceMax, OverIT, Comarch SA, Infor, Praxedo, and SAP SE. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.