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

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.