Overview and Scope
Field service management (FSM) solutions are comprehensive software systems designed to streamline and optimize the management of field service operations. These solutions are particularly valuable for businesses with a mobile workforce that provides on-site services, such as technicians, maintenance workers, and field engineers.
Sizing and Forecast
The field service management solution market size has grown rapidly in recent years. It will grow from $2.21 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to the adoption of cloud-based field service solutions, increased preference for software-as-a-service (SaaS) over traditional on-premise software, increase in demand for mobility for real-time visibility, rapid adoption of FSM solutions, economic growth.
The field service management solution market size is expected to see rapid growth in the next few years. It will grow to $5.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to rising acceptance of smartphones, increasing number of skilled field service employees in the IT And telecom industry, rising adoption of wearable devices, increasing demand for enhanced customer experience, rise in adoption of automation and digitalization in the field services industry. Major trends in the forecast period include emergence of mobility solutions, incorporation of virtual reality (VR) and augmented reality (AR), adoption of cloud-based technology, technological advancements, increasing collaborations.
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Segmentation & Regional Insights
The field service management solution market covered in this report is segmented –
1) By Components: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Mid-Size Enterprises
4) By Verticals: Telecom, Energy And Utilities, IT And ITEs, Manufacturing, Construction And Real Estate, Transportation And Logistics, Oil And Gas, Healthcare And Life Sciences, Other Verticals
North America was the largest region in the field service management solution market in 2023. The regions covered in the field service management solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in the adoption of IoT (Internet of Things) is expected to drive the growth of the field service management solution market. The Internet of Things (IoT) refers to a network of interconnected devices, sensors, and objects that communicate and exchange data without human intervention. The rise and adoption of the Internet of Things (IoT) across various industries is due to the emergence of 5G networks, advancements in connectivity technologies, and the spread of cloud and edge computing. Integrating IoT technology into FSM leverages cloud-based technology to automate and manage flexible solutions for clients, optimize operations, and enable focus on core business objectives. For instance, in January 2022, according to the GSM Association, a UK-based non-profit organization, the number of Internet of Things (IoT) connections is predicted to expand from 15.1 billion in 2021 to over 23.3 billion overall by 2025. Therefore, the increase in the adoption of IoT (Internet of Things) drives the growth of the field service management solution market.
Key Industry Players
Major companies operating in the field service management solution market are Microsoft Corporation, Verizon Connect, Oracle Corporation, SAP SE, Salesforce Inc, IFS AB, Comarch SA, ServiceTitan, WorkWave, Field Nation LLC, ServiceMax Inc, Workiz, Jobber, Jotform, Sig Saucer Inc., Zinier Inc., Skedulo, Praxedo, FieldPulse, FieldAware Inc., OverIT S.p.A., SIMPRO S.p.A, Azuga Inc, TrueContext Corporation, Route4Me Inc
The field service management solution market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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