Field service management (FSM) is basically a hosted or cloud-based system for managing workforce and operations of any organization, thereby streamlining the entire process along with ensuring efficiency of work and boosting productivity. These FSM solutions make sure that work is assigned to the right person at the right time along with the necessary requirements. Although the market for FSM is still in growing phase, the fast-paced adoption rate of FSMs by large enterprises is expected to boost the growth of this market further.
Key Market Drivers and Restraints
The global field service management market is still in a developing stage, and is expected to witness a considerable growth in the near future. The major factors influencing the growth of this market are:
- Rising demand for better efficiency and productivity and streamlining of operations
- Soaring demand for reducing the operational costs
- Need for enhanced customer satisfaction
Moreover, escalating demand for low-cost solutions among large enterprises as well as SMBs is fueling the overall market growth. Also, the adoption rate of cloud-based FSM solutions is expected to rise among SMBs. Furthermore, rising demand for FSM solutions integrated with M2M connectivity is also predicted to open the gates to an array of opportunities, thereby playing a vital role in the efficient management of these services.
However, lack of knowledge about the functioning of FSM solutions, higher implementation costs, and demand for competent IT resources for managing these solutions may act as a major challenge in front of the key market players.
Market Predictions
Expected to grow at a CAGR of 17.3% during the forecast period, the global field service management market which was valued at $1.58 Billion in 2014 is projected to reach $3.52 Billion by 2019. Among regions, North America is expected to hold the largest market share, whereas Europe and Asia-Pacific are expected to be the fastest-growing markets over the forecast period.
The key players competing in the global market for field service management include Oracle Corporation, SAP AG, IBM Corporation, ClickSoftware Technologies Ltd., Astea International, PTC, Infor, Service Power, and Trimble Navigation.
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Research Scope
The worldwide market for field service management has been analyzed and forecasted on the basis of following segmentation:
- Solution: Schedule and Dispatch, Work Order Management, Mobile Field Execution, Customer Management, Reporting, Billing & Invoicing, Inventory Management, Tracking & Performance Management
- Deployment Type: Cloud, On-Premises
- User Type: Large Enterprises, SMBs
- Industry Vertical: Oil & Gas, Construction, Home & Residential Services, Manufacturing, Security & Alarm, Transportation, Energy & Utilities, Healthcare, Others
- Geography: North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
