Field Service Management Solution Global Market Report 2024

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 observed during the historical period can be attributed to several key factors, including the widespread adoption of cloud-based field service solutions, a heightened preference for software-as-a-service (SaaS) models over traditional on-premise software deployments, a surge in demand for mobility enabling real-time visibility, rapid adoption of field service management (FSM) solutions across various industries, and overall economic growth trends.

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 projected growth in the forecast period can be ascribed to several key drivers, including the growing acceptance of smartphones, an increasing pool of skilled field service personnel within the IT and telecom industry, a rising trend towards the adoption of wearable devices, heightened demand for enhanced customer experiences, and an uptick in the adoption of automation and digitalization within the field services sector. Noteworthy trends anticipated during this period encompass the emergence of mobility solutions, integration of virtual reality (VR) and augmented reality (AR) technologies, widespread adoption of cloud-based technologies, ongoing technological advancements, and a growing number of collaborations within the industry.

The uptick in IoT (Internet of Things) adoption is anticipated to propel the expansion of the field service management solution market. IoT encompasses a network of interconnected devices, sensors, and objects facilitating autonomous data exchange. The growing prevalence of IoT across industries owes to the advent of 5G networks, advancements in connectivity, and the proliferation of cloud and edge computing. Integrating IoT into FSM harnesses cloud-based technology, automating and optimizing solutions to cater to client needs, streamline operations, and sharpen focus on core business objectives. For instance, as of January 2022, projections from the GSM Association indicate a surge in IoT connections from 15.1 billion in 2021 to over 23.3 billion by 2025, underscoring its pivotal role in driving the field service management solution market's growth trajectory.

Key players in the field service management solution sector are actively innovating their platforms, with a focus on groundbreaking solutions such as GenAI, to bolster market competitiveness and profitability. GenAI denotes artificial intelligence solutions derived from various methodologies, including genetic algorithms, deep learning, and evolutionary computation techniques. For instance, in November 2023, ServiceNow, Inc., a US-based software company, unveiled its Now Assist generative AI portfolio, introducing new capabilities aimed at revolutionizing user experiences and productivity. The integration of GenAI technologies into the ServiceNow Platform encompasses features such as Now Assist virtual agent, flow generation, and Now Assist for field service management (FSM). These solutions augment ServiceNow's suite of practical generative AI applications, empowering customers to streamline workflows, enhance efficiency, and elevate user interactions.

In October 2023, Oracle Systems Corporation, a prominent US-based IT firm, completed the acquisition of Next Technik Ltd. for an undisclosed sum. This strategic move by Oracle is aimed at enriching the offerings available to NetSuite customers, providing them with an integrated platform to digitize scheduling and dispatch functions, optimize field service operations, and tackle the challenges encountered by field service organizations. By eliminating manual processes and bolstering productivity, Oracle intends to enhance the overall customer experience. Next Technik Ltd., headquartered in Australia, specializes in delivering innovative field service management solutions.

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.

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.

The countries covered in the field service management solution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Field service management (FSM) solutions encompass robust software systems engineered to streamline and optimize the administration of field service operations. These solutions prove particularly invaluable for enterprises boasting a mobile workforce tasked with providing on-site services, including technicians, maintenance personnel, and field engineers.

The primary components within the field service management solution market comprise solutions and services. Solutions represent comprehensive approaches or methodologies devised to tackle specific challenges or fulfill distinct needs. Deployment options include both on-premise and cloud-based solutions, catering to organizations of varying sizes, encompassing large enterprises as well as small and mid-size enterprises. End-use verticals span across diverse sectors such as telecom, energy and utilities, IT and ITES, manufacturing, construction and real estate, transportation and logistics, oil and gas, healthcare and life sciences, among others.

The field service management solution market research report is one of a series of new reports that provides field service management solution market statistics, including the field service management solution industry global market size, regional shares, competitors with a field service management solution market share, detailed field service management solution market segments, market trends and opportunities, and any further data you may need to thrive in the field service management solution industry. This field service management solution market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The field service management (FSM) solution market consists of revenues earned by entities by providing services such as customization, data migration, and analytics and reporting services, which are used to tailor, integrate, and provide valuable insights for optimizing field service operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The field service management solution market also includes sales of products such as software licenses, mobile applications, and hardware devices designed to facilitate efficient planning, execution, and monitoring of field service operations. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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