Field Service Management Market, By Solution (Billing & Invoicing, Inventory Management, Mobile Field Execution, Reporting and Dashboards, Schedule and Dispatch, Tracking and Performance Management, and Work Order Management), By Service (Consulting, Implementation, and Training & Support), By Deployment (Cloud and On Premises), By User (Small & Medium Enterprises(SME) and Large Enterprises), By Vertical (BFSI(Banking, Financial Services and Insurance), Construction & Real Estate, Ener

Field Service Management Market size is accounted to grow from USD 3.1 billion in 2020 to USD 8.9 billion by 2030, at a CAGR of 11.2% during the forecast period. Field service management refers to managing an organization’s resources, including employees and equipment in the field. Some of the key advantages of the field service management (FSM) reaches every component of the field operation, including scheduling work orders, communicating with employees, assigning employee to new work assignments, collecting field data (such as time of arrival, job completion, requests for information), sharing job data or customers history with filed employees, managing product inventory and availability and routing employee to different jobs. Some of the key advantages of the field service management software are, growth in revenue, reduction of cost, better resource allocation and co-ordination. This software also takes care of work statement, billing, and provide oversight. A major threat faced by large enterprises in operating a business is monitoring overheads. The quality of customer service has become an increasingly important criteria for business to differentiate themselves in the market. Consequently, large enterprises are focusing on excelling in delivering services and retaining customers.

Market Segmentation:

Based on by solution, the field service management market is distributed into billing & invoicing, inventory management, mobile field execution, reporting & dashboards, schedule and dispatch, tracking and performance management, and work order management. Based on by service, the market is categorized into consulting, implementation, and training & support. Based on by deployment type, the market is further classified into cloud and on premises. Based on user type, the market is divided into small & medium enterprises (SME) and large enterprises. Based on by vertical type the market is distributed into BFSI (banking, financial and services insurance) construction & real estate, energy &  utilities, healthcare, manufacturing, telecom & IT, and transportation & logistics. By Geography the field service management market is divided into North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

Increasing need to keep a track of field activities, surge in adoption of automation and digitalization in the field services   are some of the factors responsible to drive the growth of the field service management market. Additionally, rise in the demand of mobility for getting real time visibility in field operations also boosting the growth of the field service management market. However, incorporation of advanced technologies including AR, AI, and VR (Artificial Intelligence, Virtual Reality, Augmented Reality) in the field service sector and increase in implementation of IoT, growth in the adoption of cloud-based field service market solution are expected to offer profitable opportunities for market expansion. Inclination towards software-as-a-service (SaaS) over the traditional on-premise software is set to rise considerably during the forecast period, supported by the growing demanding for better and faster service. With the growth of cloud computing, various enterprises are switching to cloud-based field service management solutions which in turn is bolstering the market growth. The key challenge faced by the field service management market is the safety concerns relating to data security. The adoption of field service management solutions is higher in large   enterprises, and the trend is anticipated to continue during the forecast period. This is due the presence of large volume of documentation, workforce, and have to maintain extensive customer records. Large enterprises are concentrating on adopting field service management solutions to centrally manage critical data of their workforce and customers and their business processes. Field service providers are developing from conventional solutions to modernization of their business processes. Moreover, lack of skilled workforce to operate on field management service systems is anticipated to hinder the market growth.

Geographic Analysis:

North America has the major field service management market share in terms of revenue (add year) accounting 36.8%, as the region is a main hub for technological innovation and an early adopter of new technologies. Moreover, the growing technological developments in the field of analytics, cloud, and the emergence of BYOD (bring in your own device technology) have led to the high implementation of field service management in North America and Europe. Furthermore, Asia Pacific is anticipated to be the fastest-growing market over the forecast period followed by Europe. The increase in the number of end-use industries along with the increasing demand for optimized workflow and improved productivity in the region is expected to boost the demand for the field service management solution in this region. Adoption of the field service management will be able to create better solutions in various fields. However, due to lack of awareness about the benefits of field service market solutions in these regions is the major factor hindering for the wide adoption of field service management solutions. China is one of the main E-Commerce markets in the world. The expansion in this sector is a significant driver for the adoption of field service management market growth.

Competitive Scenario:

The key players in the field service management industry include Accenture, Comarch SA, ClickSoftware Technologies, Infor, Klugo Group, SAP SE, Astea International Inc., Trimble Navigation Limited, and Tech Mahindra Limited, among others.

Field Service Management Market Report Scope