USD 4.71 billion
Report ID:
SQSG45E2019 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
150
|Figures:
78
Field Service Management (FSM) Market size was valued at USD 5.84 Billion in 2023 and is poised to grow from USD 7.1 Billion in 2024 to USD 33.72 Billion by 2032, growing at a CAGR of 21.5% during the forecast period (2025-2032).
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.
Global Market Size
USD 4.71 billion
Largest Segment
Solutions
Fastest Growth
Services
Growth Rate
14.57% CAGR
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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.
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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.
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Field Service Management (FSM) Market Driver
Growing Uptake of FSM Solutions Based on Mobile Devices
Remote AR Support for On-Site Assistance
Restraints
Organizational Security Concerns About Data Confidentiality
Time Consuming Resource Management
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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
Field Service Management (FSM) Market Recent Developments
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 2023 | USD 5.84 Billion |
Market size value in 2032 | USD 33.72 Billion |
Growth Rate | 21.5% |
Base year | 2024 |
Forecast period | 2025-2032 |
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQSG45E2019
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