What is the global market size of Field Service Management (FSM) Market?

Global Field Service Management (FSM) Market size was valued at USD 4.71 billion in 2021 and is poised to grow from USD 5.4 billion in 2022 to USD 25.4 billion by 2030, growing at a CAGR of 14.57% in the forecast period (2023-2030).

Who are the key vendors in the Global Field Service Management (FSM) Market?

The global field service management market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, Metallic DMaaS on Oracle Cloud is now a part of Commvault's strategic relationship with Oracle, a pioneer in intelligent data services across on-premises, cloud, and SaaS settings. Metallic's market-leading services will be made available on Oracle Cloud Infrastructure (OCI) and will be accessible in all commercial OCI regions worldwide as part of Commvault's multi-cloud strategy. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Oracle Corporation', 'SAP SE', 'IBM Corporation', 'IFS AB', 'ServiceMax, Inc.', 'ClickSoftware Technologies Ltd.', 'Astea International Inc.', 'Trimble Inc.', 'Salesforce.com, Inc.', 'Microsoft Corporation', 'Infor, Inc.', 'PTC, Inc.', 'Comarch SA', 'ServicePower Technologies plc', 'ServiceNow, Inc.', 'Verizon Communications Inc.', 'FLSmidth & Co. A/S', 'Coresystems AG', 'OverIT Spa', 'Industrial and Financial Systems AB (IFS)'.

What is the key driver of Global Field Service Management (FSM) Market?

To increase customer satisfaction, there is a growing need across sectors for real-time field service solutions. By linking customers with the closest service provider, businesses can respond to consumer inquiries right away thanks to the real-time monitoring and administration of field personnel. As a result, these solutions are becoming more popular across all industries. These solutions assist companies in promptly reacting to customer issues, which enhances the relationship with the experience of the consumer. All field activities may be effectively managed by the real-time FSM system to help you make smarter business decisions.

What is the key market trend for Global Field Service Management (FSM) Market?

Early adopters of mobile technology were field service providers, and today's businesses who use mobile-enabled software are receiving clear advantages. According to the Infographic HSO CRM study, 45% of the staff of the organization uses smartphones or mobile devices as their main means of communication. According to the survey, 60% of field service managers are utilizing the bring your own device method to improve productivity and communication. Because of this, FSM providers are concentrating on businesses with mobile-driven cultures to give top-notch experiences. For instance, SAP SE provides the company with mServiceOrder, a field service management solution. With real-time analytics, the app helps field technicians fix problems quickly.

Which region accounted for the largest share in Global Field Service Management (FSM) Market?

Due to the rising popularity of workplace mobility solutions and ongoing efforts to simplify field service teams and operations, North America is projected to have a disproportionately large share of the global field service management market. The area is regarded as the center of technical development and is home to important key figures engaged in developing field service management solutions. To provide clients with effective services, these North American players are investing in research and development operations. For example, in order to jointly provide Oracle Cloud Infrastructure (OCI) services to businesses and organizations in Colombia's public and commercial sectors, Oracle and Claro announced their alliance. Claro will take on the role of host partner for an Oracle Cloud region in Colombia, allowing it to provide OCI platform services with expert and managed services to assist clients in implementing cloud solutions. In addition, Claro will move over 100 on-premises servers running mission-critical workloads to OCI to assist streamline its customer support and invoicing procedures.

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 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.

Field Service Management (FSM) Market Report Snapshots

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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).

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. '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)'

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.

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.

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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

Field Service Management (FSM) Market Regional Insights

Field Service Management (FSM) Market Report Snapshots

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What is the global market size of Field Service Management (FSM) Market?

Who are the key vendors in the Field Service Management (FSM) Market?

What is the key driver of Field Service Management (FSM) Market?

What is the key market trend for Field Service Management (FSM) Market?

Which region accounted for the largest share in Field Service Management (FSM) Market?

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