A survey by CSG International, titled ‘Delivering a Differentiated Customer Experience in the Home’, found that 89% of respondents preferred an “Uber-like” experience. In this era of faster connectivity through the Internet, patience among consumers is decreasing. Services are being judged solely on the basis of their ability to work within the consumer’s time frame, thereby creating a demand for better service management. Field Service Management (FSM) is the process of managing assets and resources positioned across third-party locations. It also consists of managing personnel and assets while in transit, and delivering services at customer locations. With tremendous scope of application across industries like telecom, healthcare, transportation, online repairing and food delivery services, and e-commerce; the global field service management market which is leveraging cloud computing and Internet of Things (IoT) technologies was evaluated to be $2.56 billion in 2020. Industrial application in the oil and gas, mining, and energy sectors, which includes locating vehicles, managing worker activity, and ensuring driver safety, has further elevated the global FSM market which is estimated to be growing at a CAGR of 14.70% during the forecast period 2020-2025.
Field Service Management Market Outlook:
Since incorporating IoT, Field Service Management has emerged as a cutting-edge service which can enhance not only the efficiency of business processes, but also customer satisfaction. North America, which was among the initial adopters of cloud computing and mobile solutions, has been immensely responsive towards implementation of field service management solutions. This region, which is host to economies like the U.S. with a substantial influx of federal investments into IT, and a broad spectrum of industries with a substantial workforce, alone consumed 35.28% of the global FSM demand in 2020. According to Oil and Gas journal, there are more than 10 million full-time workers in the U.S. oil and gas industry, whose productivity can be optimized through FSM.
Among industry verticals, the global field service management market is seeing maximum demand from the manufacturing sector. The application in manufacturing is the fastest growing FSM segment with an estimated CAGR of 10.67% going through 2025. As manufacturing enterprises begin leveraging the latest advances in technology in a bid to increase efficiency and maximize profits, FSM solutions aid their efforts by ensuring greater client satisfaction, augmented output from existing business practices, shorter billing cycles and optimal utilization of workforce.
Field Service Management Trends and Growth Drivers:
- Field service software, amalgamated with conversational Artificial Intelligence (AI) solutions, is automating existing services. Conversational AI solutions, such as Google Duplex, is automating customer service processes. The trend of bots taking over traditional call centers and engaging in dialogue with clientele, is resulting in hybrid customer service concepts which add efficiency to field service management operations.
- India is among the fastest growing smartphone markets in the world. Google Inc., in collaboration with B2X, is evolving the face of field service management in India by delivering a seamless experience to customers through in-home repair services and support for users of Google Pixel smartphones.
- Augmented reality (AR) and virtual reality (VR) are the latest trends and tools for mock drills which can be used to coach field service technicians as these novel innovations are employed to mimic emblematic on-site circumstances. Device manufacturers are utilizing AR and VR tools to demonstrate support operations and repair processes for their products.
- In terms of deployment of FSM, cloud computing is a major growth driver which is adding impetus to the market. Cloud computing offers numerous benefits, such as lower cost of setting up physical infrastructure, decreased maintenance costs, and round the clock data availability for enterprises, regardless of time and location.
- Flourishing sectors such as oil and gas, telecom, and mining, which have a majority of their operations occurring on-field is an essential growth driver for the field service management market. These verticals employ mobile workforce management for schedule, dispatch, and route optimization solutions provided by FSM.
Field Service Management Market Players Perspective:
Some key players operating in the field service management industry are Accruent LLC, Acumatica, Astea International, ClickSoftware Technologies, Comarch Group of Industries, ConnectMyWorld Technologies Pvt. Ltd., Coresystems AG, FieldAware, GEOCONCEPT Group, IBM Corporation, IFS AB, Infor Global Solutions Inc., Jobber, Kickserv, Microsoft Corporation, Oracle Corporation, OverIT, Praxedo, Salesforce.com Inc., SAP SE, ServiceMax, ServiceNow Inc., ServicePower Inc., ServiceTitan, and ServiceTrade Inc.
Field Service Management Market Research Scope:
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the field service management market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in global field service management market, and their specific advantages to the market.
The Field Service Management report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions.
The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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