Field Service Management Market To Reach USD 9.88 Billion By 2026 | Reports And Data
5 August 2019
New York, Aug. 05, 2019 (GLOBE NEWSWIRE) -- The increasing interest in mobility solutions to streamline field operations is the key factor for the growth of the field service management market.
The global field service management market is forecast to reach USD 9.88 Billion by 2026, according to a new report by Reports and Data. Field service management (FSM) is a system which enables coordination on-field operations by mobile devices. It helps organizations to optimize their field service operations with higher profitability and customer satisfaction.
Field service management is an effective tool which integrates accounting, billing, service, and distribution processes, which in turn help organizations to gain maximum efficiency. Field service management solution offers several advantages that include real-time communication of work orders and status, work tracking, and customer originations and service history.
A modern field service management system offers the needed visibility, planning, and execution to achieve the primary goals for field service organizations. The key functional areas include mobility, service order management, financial management, parts materials management, labor skills management, asset information management, service contract management, and reporting.
The market is gaining traction, especially with the practice of delivering field services through contractors and third-party agents. Expansion of communication network infrastructure, growth in the preference of enterprise mobility solutions, and rising importance in transparency in field operations are driving the market for field service management.
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Further key findings from the report suggest
- Solution segment held the larger market share of 63.5% in the year 2018. The solution system empowers organizations with a centralized platform to manage their field operations efficiently.
- Large enterprises are forecasted to grow with a CAGR of 17.7% during the forecast period. For large organizations, increasing visibility between the office and field is very crucial. Enterprises have multiple fleets focus on integrating information across all business units.
- Cloud-base field service management provides businesses the convenience and flexibility to run their business more efficiently in the office as well as out in the field. Some benefits of cloud-base field services management are; it allows remote access, offers security and data backup, it is paperless, and also provide real-time information. The segment is forecasted to grow with a CAGR of 17.4% during the forecast period.
- Manufacturing sector held the largest market share of 24.8% in the year 2018. Field service management is an active area of investment for manufacturers, as they seek to respond to the call for greater customer-centricity. Manufacturers are planning to purchase, upgrade, or enhance their service delivery applications in the coming year, and field service management applications, are one of the major components of service delivery.
- North America held the largest market share of 34.1% in the year 2018. Organizations in the region are focused on providing the best services to the customers. Higher penetration of internet, communicating devices, and mobiles are propelling the growth of the market in the region. Presence of major players in the region promotes awareness and supports the demand regarding the adoption of the market.
- Some of the commonly used field service management are TrackerPal, Freshdesk, Field Force Tracker, Wrike, Ai Filed Management, Repair-CRM, UpKeep, and Dynamics 365.
- Key participants IFS, SAP, Oracle, Microsoft, Astea, Infor, Trimble, Comarch, Clicksoftware, and Overit, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/global-field-service-management-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global field service management market on the basis of component, organization size, deployment mode, vertical and region:
Component Outlook (Revenue, USD Billion; 2016-2026)
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
- Large Enterprise
- Small and Medium Enterprise
Deployment Mode Outlook (Revenue, USD Billion; 2016-2026)
Vertical Outlook (Revenue, USD Billion; 2016-2026)
- IT and Telecom
- Energy and Utilities
- Construction and Real Estate
- Transportation and Logistics
Platform Outlook (Revenue, USD Million; 2018-2026)
- Web-Based Applications
- Mobile-Based Applications
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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