Field Service Management Market to Surpass USD 8.01 Billion by 2028 Thanks to Rising Adoption of Automation and Digitization
The field service management market size was USD 3.45 billion in 2021 and is predicted to cross USD 8.01 billion by 2028, growing at a 12.8% CAGR during the forecast period (2022–2028).
Westford, USA, Jan. 12, 2023 (GLOBE NEWSWIRE) — Field service management (FSM) is a technique that uses mobile systems to automate and monitor numerous field operation components. Additionally, it helps with managing components and inventories, processing payments, regulatory compliance measures, knowledge and asset repositories, time and driver log tracking, and payment tracking. As a result, it is widely utilized globally in education, health care, travel, and tourism. Furthermore, due to the growing demand for mobility to get visibility in real-time, the increasing digitization of field services, and the integration of Artificial Intelligence, Virtual Reality, and Augmented Reality in the field service industry, the field service management market has a bright future.
According to SkyQuest’s market analysis, the number of field technicians working across the globe has already topped 20 million, and this number is anticipated to keep growing in the coming years. This emerging trend will allow vendors to offer services to companies in many industries and assist them in overcoming difficulties while setting up solutions for field service management.
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Service Contract Management to Dominate the Field Service Management Market in the Application Category
Before the pandemic, the U.S. average for organizational trust was barely 70%, according to Harvard Business Review. Given how difficult circumstances amplify mistrust and fear, it is now more important to concentrate on fostering confidence within the company. According to SkyQuest’s projection, between 2018 and 2022, the market size for field service management software in the U.S. increased by an average of 15.0% annually. The businesses may now manage their contractors and related administrative responsibilities through vendor portals.
Contractors want timely reporting on service delivery, the ability to submit claims, and real-time access to information about work orders, and components availability, just like traditional field employees. Third-party technicians are indistinguishable from an organization’s employees thanks to the FSM for outsourced services, which primarily gives visibility into contractor service delivery.
The research report on the field service management market uses a well-balanced combination of primary and secondary research approaches for analysis. The report’s readers will also be exposed to a study on market positioning that considers variables including the target audience, brand identity, and pricing strategy. In addition, the market report provides analytical data and strategic planning approaches for company decision-making.
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Cloud Deployment of Field Service Management Software to Transform the Industry
According to SkyQuest’s market insight, 39% of Asian businesses successfully integrated their digital infrastructure on the cloud in 2021, and more than 65% are anticipated to do so by 2023. With today’s age becoming more digitally savvy, there is an increasing desire from both employees and enterprises in developing countries like India, China, Japan, Singapore, and South Korea for employees to be able to use mobile apps and technology. As a result, the number of mobile workers will keep growing. In the next few years, it is anticipated that the mobile workforce will significantly surge from its current status. The role of the mobile worker is more prevalent than ever, and so is the usage of mobile apps for technical projects, thanks to the extensive range of field services and mobile roles that are now available.
Instead of traveling to the site, technicians can remotely reboot a machine or upload new software using mobility-powered field service management solutions. It is anticipated that equipping technicians with accurate information through a mobile application will increase revenue from field-based sales. Customers may monitor the technician’s whereabouts in real time through the smartphone application, ensuring that support will arrive when promised.
The market research report provides a wealth of information about the emerging trends that will shape the development of the field service management market. In addition, the analysis sheds insight into the market’s dynamics, including its drivers, constraints, trends, and prospects. Finally, it provides a regional analysis of the field service management market and the company profiles of various stakeholders.
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Key Developments in Field Service Management Market
- PTC has signed an official agreement as a part of the acquisition of ServiceMax for about $1.46 billion. ServiceMax is a cloud-native, product-focused Field service management (FSM) tool with features built on the Salesforce platform. These new features include creating and maintaining repair orders, scheduling and dispatching technicians, and managing all pertinent information regarding serviced products, such as the product description, serial number, and service history.
- Customers can remotely monitor cars and non-powered equipment on either platform thanks to data integration between market leaders Razor Tracking and EFC Systems by Ever.Ag. The operational logistics offered by Razor Tracking’s solutions are vast and include fleet monitoring, geofencing, inspections, safety reporting, dash cameras, maintenance, and more.
- The agreement between Zinier and FLS – FAST LEAN SMART to create solutions based on the complete integration of the field service management technology designed by the two firms was announced. To give customers a platform that is easily customizable for automating and optimizing an end-to-end field service solution, Zinier was developed to offer field service operations a new generation of solutions that can be adopted and updated fast.
- MiX Telematics, a top global SaaS provider of connected fleet management solutions, has signed an official agreement to buy Trimble’s Field Service Management (FSM) business. Due to the merger, our North American telematics subscriber base gains considerable scale, and the firm is also diversified into new industrial verticals.
The market research report from SkyQuest offers a thorough and analytical look at the numerous businesses aiming for a significant market share in the field service management market. This report will assist you in identifying your needs, identifying potential issue areas, finding better prospects, and helping all key leadership processes inside your firm. The research offers a thorough and analytical look at the numerous businesses vying for a significant market share.
Prominent Players in the Field Service Management Market
- ServiceMax, Inc. (California, U.SU.S.)
- IFS AB (Industrial and Financial Systems) (Linköping, Sweden)
- Oracle Corporation (California, U.SU.S.)
- PRAXEDO (Paris, Ile de France)
- Salesforce.com, Inc (ClickSoftware) (California, U.SU.S.)
- Comarch SA (Kraków, Poland)
- Infor, Inc. (New York, U.S.)
- FieldAware Group Ltd. (Texas, U.SU.S.)
- OverIT S.p.A. (Fiume Veneto, Italy)
- GEOCONCEPT SAS (Bagneux, France)
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