Investing in the Future of Field Service Management: Market Set to Reach $29.9 Bn by 2031, Growing at a CAGR of 19.2%

The market is segmented on the basis of component, deployment, organization size, industry vertical, and region.

PORTLAND, OR , UNITED STATES, UNITED STATES, May 10, 2023 /EINPresswire.com/ — Rise in need to keep track of activities taking place in a field, increase in demand for mobility for getting real-time visibility, rise in adoption of automation & digitalization in the field services industry, an increase in the adoption of Internet Of Things (IoT) which drive the adoption of cloud-based FSM solutions, and the integration of AI, AR and VR in the field services sector drive the growth of the global field service management market.

The global field service management industry generated $5.2 billion in 2021, and is estimated to reach $29.9 billion by 2031, witnessing a CAGR of 19.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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A major shift towards digital transformation, cloud deployment, and technological advancement among small & medium businesses, and continuously ongoing modernization in work force management strategy in emerging economies is likely to present new growth opportunities for the global market in the coming years.

Based on component, the solution segment was the largest market in 2021, contributing to two-thirds of the global field service management market share, and is expected to maintain its leadership status during the forecast period. This is attributed to the increase in adoption of field service management solution among enterprises to gain strategic as well as competitive advantage, and strong customer retention over their competitors. Moreover, it helps industry verticals to engage workers on field work easily and sustain them for long time, which drives the growth of the market. On the other hand, the services segment is projected to witness the fastest CAGR of 21.0% from 2022 to 2031, as it ensures effective coordination between software provider companies and users of field service management software by providing services such as implementation, training, consulting services, and managed services.

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Based on deployment model, the on premise segment held the largest market share of nearly three-fifths of global field service management market in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to the numerous benefits provided by on-premise based deployment such as high level of data security and safety. On the other hand, the cloud segment is projected to witness the largest CAGR of 20.6% from 2022 to 2031, as cloud deployment does not need any investment on IT infrastructure, and this drives the demand for field service management software from small and medium scale organizations.

Based on region, North America was the largest market in 2021, capturing more than one-third of the global field service management market share. Factors, such as increase in awareness about advanced field management solution, cloud technology adoption, and significant adoption of mobility in the field service industry drive the growth of the market in North America. However, the Asia-Pacific market is expected to lead the trail and manifest the fastest CAGR of 22.5% during the forecast period, owing to the adoption of process automation across all industry verticals in the region to enhance customer engagement and increase effectiveness of IT infrastructure.

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Major industry players such as – Oracle Corporation, Microsoft, IFS AB, Salesforce.com Inc., ServiceMax, OverIT, Comarch SA, Infor, Praxedo, and SAP SE.

Some of the Recent Product Launches, Product approval, Announces and Merger in Field Service Management Market –

• In September 2021, ServiceMax, a leader in Field Service Management solutions, announced the acquisition of LiquidFrameworks, a provider of mobile field operations management solutions.
• In August 2021, SAP Field Service Management launched a new feature called “Job Templates” to help streamline the dispatch process for field service technicians.
• In May 2021, Salesforce announced the acquisition of Servicetrace, a provider of robotic process automation (RPA) solutions for Field Service Management.
• In April 2021, Microsoft launched Dynamics 365 Field Service, a new cloud-based solution for Field Service Management that integrates with Microsoft Teams and other Microsoft products.
• In March 2021, Zinier, a provider of intelligent Field Service Management solutions, announced a new partnership with Ericsson to help optimize field service operations for telecom companies.
• In January 2021, ServiceNow launched a new mobile app for Field Service Management that allows field technicians to view work orders, receive notifications, and update job status in real-time.

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The market numbers are verified by means of numerous data triangulation techniques. Additionally, reliable industry journals, accurate press releases from trade association, and government websites have also been revised for producing exclusive industry insights.

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