USD 4.71 billion
Field Service Management (FSM) Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Deployment Model(Cloud, On-Premise), By Enterprize Size(Large Enterprises, and SME's), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45E2019 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
150
|Figures:
78
Field Service Management (FSM) Market Insights
Global Field Service Management Market size was valued at USD 4.81 Billion in 2022 poised to grow from USD 5.84 Billion in 2023 to USD 27.75 Billion by 2031, growing at a CAGR of 21.5% in the forecast period (2024-2031).
The global field service management market is experiencing rapid growth due to several factors such as changing consumer expectations, technological advancements, and the rising need for efficient service delivery across all sectors. FSM solutions are important for companies that want to enhance employee productivity, simplify field activities and offer better customer support. One of the chief trends propelling growth in the FSM market has been the integration of new-age technologies such as AI, ML, IoT enabling predictive maintenance, remote diagnostics and intelligent scheduling. This trend is further enhanced making cloud-based FSM platforms increasingly preferred due to their economic value, expandability and versatility. Additionally, they also provide essential information at any place and at any moment, while maintaining compatibility with other systems within an organization.
Furthermore, an increasing focus on providing outstanding client experiences is propelling the use of field service management (FSM) systems, which give field technicians mobile device access to customer data, service history, and collaboration tools in real time. Mobile devices and their connectivity proliferation is fueling this tendency as employers tend to provide more autonomy for their mobile staff and facilitate better exchanges among the personnel working out in the country. As much as FSM industry provides firms with numerous avenues aimed at enhancing efficiency and raising earnings, it is also faced by several difficulties such as complexity in integration, lack of skills, and stiff rivalry.
US Field Service Management (FSM) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Services
Growth Rate
14.57% CAGR
Global Field Service Management Market ($ Bn)
Country Share by North America (%)
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Field Service Management (FSM) Market Segmental Analysis
The Global Field Service Management Market is segmented based on Component, Deployment Model and Enterprize Size. Based on Component, the market is bifurcated into Solution and Service. Based on the Deployment Model, the market is divided into On Premise and Cloud. Based on Enterprize Size, the market is bifurcated into Large Enterprise and SMEs. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Component
As per categorization by component, the market is classified as solution and services. Among these, solution earned the largest share and continues to dominate the market. To improve operational effectiveness and customer happiness, improved scheduling, real-time tracking, and AI-driven analytics are the main areas of current innovation and use of Solution Component in the Global Field Service Management Market. as it has the ability to bundle numerous actions, improve workflows and give helpful information, better service delivery is obtained through the dominance of Solution Component.
Due to the increased need for consultancy, integration, and support services, the services component of the global field service management market is expected to grow at the quickest rate. The industry is expanding quickly as a result of businesses looking for professional help more often to optimise field operations, integrate cutting-edge technologies, and guarantee seamless functionality.
Analysis by Deployment Mode
For the global field service management market, on-premises deployment mode innovation currently comprises improved data security, customisation, and integration capabilities. Its prominence is a result of companies wanting more control over sensitive data, customised solutions, and adherence to strict legal standards, all of which guarantee reliable and secure field service management.
The Global Field Service Management Market is expected to develop at the quickest rate due to cloud deployment mode's scalability, affordability, and accessibility. Cloud solutions are rapidly gaining traction in this industry due to their ability to handle remote operations, real-time updates, and minimal IT infrastructure, which businesses find appealing.
Global Field Service Management Market By Component (%)
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Field Service Management (FSM) Market Regional Insights
With the largest market share in 2023, the North American sector is anticipated to continue to lead the market throughout the duration of the forecast. The region is recognized as a hub for technical advancement and is home to influential individuals working on field service management solutions. Some major North American companies make investments in R&D to ensure that their clients receive quality services. Some of the biggest players in the market are based in the United States, which also serves as the main hub for technological development. These factors are expected to quicken the growth of the local market.
Throughout the projection period, the Asia-Pacific region is also expected to grow at the quickest CAGR. It is quite difficult to apply FSM solutions to achieve optimal workflow and higher productivity due to the large-scale manufacturing in nations like China, Japan, and India. Additionally, the region's firms are adopting innovative approaches to customer service, which has raised the demand for effective FSM solutions. Additionally, the majority of companies and firms favour technologically sophisticated customer service methods, which is expected to hasten the growth of the regional market.
Global Field Service Management Market By Geography
- Largest
- Fastest
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Field Service Management (FSM) Market Dynamics
Field Service Management (FSM) Market Driver
Growing Uptake of FSM Solutions Based on Mobile Devices
- With the help of mobile FSM solutions, technicians may record service operations, monitor work orders, and manage schedules all from their tablets or smartphones. By lowering administrative burdens and allowing professionals to concentrate more on customer service, accessibility increases productivity and expedites the completion of jobs. Field personnel, dispatchers, and back-office workers may collaborate and communicate in real-time thanks to mobile FSM solutions.
Remote AR Support for On-Site Assistance
- Technicians operating in the field will receive a different kind of support from remote augmented reality (AR) assistance that provides immediate guidance and expertise rendered by far away professionals. Due to AR tech, technicians may view virtual details on their physical surroundings which provide them with visual indicators as well as step-wise processes thereby enhancing their ability to solve problems. This instantaneous aid assists technicians to efficiently deal with intricate problems as it reduces shut-down period and improves provision of services.
Restraints
Organizational Security Concerns About Data Confidentiality
- Naturally, organizations that manage sensitive client data, operational information, and intellectual property would be preoccupied with data breaches that lead to illegal access. A breach in data security incurs significant consequences that include loss of finances, damage to reputation, and legal liabilities. In addition, they must comply with regulations on data protection such as HIPAA and GDPR which adds complexity and there is no absence of scrutiny.
Time Consuming Resource Management
- It can be difficult and time-consuming to integrate FSM software with current resource management systems and procedures. FSM software can be a bear when it comes to optimizing scheduling and resource allocation in dynamic field service environments. At the same time, unanticipated delays, race-day updates, and shooting stars crisscrossing the sky above hands might get in the way of proper scheduling leading to poor service delivery.
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Field Service Management (FSM) Market Competitive Landscape
Rivalry and newness are persistent in Global Field Service Management Market that see leading players continuing to enhance their products and services. Notables global competitors include Salesforce, Microsoft, IBM, Oracle, ServiceMax, and Microsoft. In order to enhance client inferiority as well as improve service delivery, they heavily invest in advanced technologies such as IoT and AI. Firms frequently engage in strategic partnerships, mergers, acquisitions among others for purposes of extending their technological and market reach.
Top Players in the Global Field Service Management Market
- Oracle (US)
- Microsoft (US)
- SAP (US)
- IFS (Sweden)
- ServiceMax (US)
- Salesforce (US)
- Infor (US)
- Trimble (US)
- Comarch (Poland)
- ServicePower (US)
- ServiceNow (US)
- OverIT (Italy)
- FieldAware (US)
- Zinier (US)
- Accruent (US)
Field Service Management (FSM) Market Recent Developments
- In June 2023, Microsoft announced revolutionary field service software that would enhance field service operations for field service managers. Triage and allocation can become simpler when dispatchers give priority to work orders which are adjacent to each other. The modernized scheduling board experience is available for all users, besides that advancements have been made in mobile applications for front-line workers.
- In August 2023, IFS bought out Falkonry. This AI-based software company monitors massive amounts of data for assets, machines, systems, and industrial processes in order to identify and analyse anomalous behaviour and failure reasons. It offers automated, high-speed data analysis to the manufacturing and defence industries.
- In June 2024, Salesforce unveiled Field Service Lightning improvements that leverage AI to improve real-time analytics and predictive maintenance. By utilising cutting-edge machine learning algorithms and IoT data integration, this innovation enables organisations to enhance field operations, decrease downtime, and boost customer satisfaction for more effective service delivery.
Field Service Management (FSM) Key Market Trends
- Field Service Management being Cost-Effective, Flexible, and Transparent Solutions: The increasing acceptance of cloud-based FSM setups is one notable trend. Businesses are seeing how cloud stages improve cost-effectiveness, flexibility, and transparency. As they have constant access to information, improved teamwork, and consistent communication with home office teams and field unit personnel, partners are able to elevate their counterarguments as a result of this revolution.
- Harnessing Mobile Solutions for Enhanced Efficiency and Growth: The market for FSM adapts to the growing need for portable solutions. The sector's potential for growth and product diversification is increased by both circumstances. Owing to the widespread usage of smartphones and tablets, workers may now quickly and conveniently access appointment details, schedules, and client data while on the job by using mobile applications.
Field Service Management (FSM) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, Technological improvements and changing company needs are driving revolutionary changes in the global field service management market. The application of AI, IoT and cloud-based solutions enhances operational efficiency, guarantees real-time access to important information and improves customer service experience.
Mobile solutions allow field technicians instant access to information resulting in increased levels of productivity; nevertheless, data protection concerns remain alongside complex integrations. However, despite these challenges the market is experiencing a swift upsurge in growth due to continuous innovations whereby the industry’s giants are acquiring modern technology with the aim of satisfying the increasing market demand while retaining their market position.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.81 Billion |
| Market size value in 2031 | USD 27.75 Billion |
| Growth Rate | 21.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Field Service Management (FSM) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Field Service Management (FSM) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Field Service Management (FSM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Field Service Management (FSM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Field Service Management (FSM) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Field Service Management (FSM) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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