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Field Service Management Market Size Forecast to Reach $6.5 Billion by 2025

field service management market size forecast to reach 6 5 billion by 2025

Field Service Manage

iCrowdNewswire   Feb 2, 2021  8:00 AM ET

Field Service Management Market size is forecast to reach $6.5 billion by 2025, at a CAGR 15.4% during 2020-2025. The growing demand for mobile apps to gain real-time visibility into field operations and the adoption of cloud-based field service management solutions, with increasing time demands and cost-effective solutions will drive the market. The increasing demand for mobility-based solutions to boost field operations, scaling up the activities of field technicians with the assistance of advanced technologies are some of the major drivers for the development of the service management industry. The number of field technicians employed worldwide has already surpassed the 20 million level and is expected to continue to rise over the forecast period. Hence with the increasing number of field service technicians market for field service management is expected to rise in the forecast period.

By Component – Segment Analysis

The category of services is likely to grow even faster than the segment of solutions. Field service management services have a broad range of uses, varying from customer support for products delivery, policy and execution to business needs. Field resources support companies connect legacy systems to modern applications and carry out preparation and deployment research so that consumers can concentrate on their core business. This has created opportunities for vendors to provide services to businesses in different industries and help them deal with challenges when configuring solutions for field service management.

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By Deployment Mode – Segment Analysis

The cloud distribution method is expected to grow faster in this sector at 22.9% due to its easy, flexible, inexpensive and scalable characteristics, as it is quickly implemented by different companies. The cost of installing cloud-based field service management tools is however smaller than on-site applications. It also provides the highest level of security and reliability of the tests. As the installation costs for cloud-based field service management solutions are smaller than the on-site solutions, they face higher adoption.

By Vertical Outlook

The manufacturing sector dominated the global market in 2019 on the basis of vertical production, and is expected to rise in the forecast period. Field service approaches enable manufacturing companies to reliable, productive and error-free their business operations. This helps companies to increase the quality of their products and services to help reduce the time, effort and cost of producing products and service delivery. The rapid growth in small and medium-sized company adoption of these solutions is projected to further fuel market growth over the forecast period. Field service management is an important investment sector for manufacturers as they try to adapt to the customer-centered market. Manufacturers are planning to buy, update or boost their service delivery applications in the coming year and field service management systems are one of the key components of service delivery.

Geography – Segment Analysis

Field Service Management technology market is dominated by North America, North America has the largest market share with 36.8%, as the country is a major hub for technological innovation and an early adopter of new technologies. Organizations in the area are focused on providing consumers with the best-in-class facilities, ensuring that their field technicians access the right information and tools at the right time to solve consumer problems. Higher internet penetration, communication devices, and mobile phones also significantly changed consumer preferences purchasing behavior. Organizations implement creative field service management systems to satisfy customer needs. The participation of major players in the region often fosters competition and appreciation of the benefits gained through the implementation of field service management solutions.

Drivers – Field Service Management Market

Increase development and digitalization transition in the field services industry

Field service providers are evolving from conventional solutions to modernization of their business processes. Due to changes in customer requirements, field service organizations are gradually incorporating technology and digitalization into field service activities. Automation allows workers boost their productivity and best serve their customers. This allows them to adapt to changing field operator requirements throughout the day, eradicating unproductive tasks and saving time. Accordingly, companies realize the need to simplify field service management systems, increasing market demand. Product retailers are aggressively seeking to improve their products through the use of advanced technologies like AI.

Increased accessibility demands for real-time exposure

It was almost impossible to run a field service company remotely a decade ago. Nowadays, smartphones and tablets make this a reality. The real-time tracking of the progress of field service technicians not only encourages the immediate deployment of the closest technician to solve a problem, but also empowers such technicians with the necessary information to solve the problem of the consumer at the first encounter. Technicians may restore a system remotely or update new software without having to visit the site utilizing field service management technologies enabled by mobility. At the edge of the client, real-time insight into the activity of the technician provides certainty of assistance arriving at the expected time. The introduction of field service technologies powered by connectivity thus lets service organizations make better business decisions, gain better control of field operations and provide timely services to customers.

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Challenges –Field Service Management Market

Safety concerns pertaining to data security

It is very difficult for field service organizations to select the right approach from the pool of alternatives that can meet their particular business needs and thus stay professional in an extremely complex and highly competitive setting. There is no clear way of determining a field service solution’s strengths or operation quality. Organizations are very cautious of their results, as data loss may cost the company a considerable amount and can tarnish the organization’s brand image. Therefore, if the approach applied failed to address any of the criteria, it would impact the day-to-day field operations of businesses and the efficiency of their employees, which could contribute to further capital losses.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Field Service Management market. In 2019, the market of Field Service Management market has been consolidated by the top players – Oracle (US); Microsoft (US); IFS (Sweden); ClickSoftware (US); ServiceMax (US); Astea (US); Comarch (Poland); SAP (Germany); Salesforce (US); Trimble (US); Infor (US); OverIT (Italy); ServicePower (US); FieldAware (US); GEOCONCEPT (France); FieldEZ (India), Zinier (US), Glidesys Technologies, SAS Institute, Teradata, Tibco, Adobe, Cisco, IBM, Sisense, Astea, Comarch

Launches/Acquisitions

Oracle launched Oracle Service Logistics Cloud in March 2019, an end-to-end system that puts together customer experience, field service, and supply chain processes within a single comprehensive cloud solution. This product launch would allow companies to improve field service operations and provide customer experience seamlessly.

IFS released a new version 6.0 of IFS Field Service Management in February 2019 to help its customers exploit their new capabilities. This new product update includes major improvements, such as a framework for improving preparation and scheduling, module for customer engagement and a new user interface.

In July 2018, Microsoft collaborated with National Oilwell Varco, Inc., a global oil & gas industry leading provider of technologies, facilities, and services. This collaboration helped National Oilwell Varco to streamline its business processes, access data and insights in real-time, and revolutionize field service operations with a new, mobile first approach.

Key Takeaways

Increasing the use of mobile devices in several market sectors has aided in handling inventories. In the current market situation, inventory management solutions are implemented in several mobile devices to help service organizations exploit data from the field to enhance the preparation and forecasting of their components.

Cloud-based field service management offers companies the ease and versatility to more effectively run their business in the workplace as well as in the sector. Some of the advantages of cloud-base field resources management are; it allows remote access, provides security and data preservation, is paperless, and also delivers information in real time.

In 2018, the manufacturing sector had the largest 24.8 per cent market share. Field service management is a significant investment sector for producers, as they seek to address the need for greater consumer awareness.

North America is expected to account for the Field Service Management Market’s largest share. The region comprises developed countries – United States and Canada, and is deemed the most mature country for the use of digital technologies.

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https://www.industryarc.com/Research/Cloud-Field-Service-Management-Market-Research-505493

B. Workforce Management Market

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