Field Service Management Market Projected to Hit $10.81 billion by 2026

The Objective of the Field Service Management Market report is to depict the trends and upcoming for Field Service Management industry over the forecast years. Field Service Management Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2019 to 2026 mulling over 2018 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

The global field service management market size was valued at $3.12 billion in 2018, and is projected to reach $10.81 billion by 2026, growing at a CAGR of 16.9% from 2019 to 2026.

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Field service normally means dispatching employees or contractors to specific locations to install, repair, or maintain systems or equipment. Field service management (FSM) is a system designed to keep track of different components of field operations. These components usually include inventory management, scheduling, vehicle tracking, dispatching, invoicing, billing, customer portals, and others. Field service management seeks to improve deliverability and productivity of field service teams. Some of the key advantages of FSM include accessibility to customer information from any location, decrease in operational overheads and fuel expenses, management of mobile workforce, improvement of productivity, and enhancement of customer satisfaction.

Ongoing modernization of older & manual field service management operations, rise in demand for field service mobility with IoT, increase in demand for automation, rise in need for time and cost-effective solutions, increase in need for advanced field service management solution to optimize utilization of resources for gaining competitive edge and handle large field workforce are the factors that majorly boost the growth of the global field market. However, scarcity of skilled employees to operate the FSM software and security concerns in terms of data privacy are expected to hamper the market growth. On the contrary, increase in adoption of emerging technology such as AI, AR, VR, machine learning & IoT are expected to offer lucrative opportunities to the market owing to bringing advanced functionalities to the FSM solutions.

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The on-premise segment held the majority of global field service management market share in 2018, and is projected to maintain its dominance during the forecast period. Although, cloud deployment of FSM solution is expected to witness highest growth rate of 18.7% during 2019-2016. This is attributed to key benefits offered by cloud-based software such as increasing demand for mobility in field service operations, lower cost, great availability and ease of implementation. Cloud deployment is also expected to gain traction in the coming years owing to the need for more agility, and scalability.

The transportation & logistics segment is expected to witness highest growth rate in global field service management market during the forecast period. Increase in vehicle fleet utilization, reduction in unloading time, improved ETA accuracy, less vehicle maintenance cost, rise in number of deliveries, greater delivery resource optimization, increased haul route visibility, and optimum route planning are the crucial factors that lead to the increase in demand for field service management software & services in transport & logistics sector.

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Region wise, the global field service management market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. It is the home to majority of the key players in the field service management market, which makes it a lucrative hub for innovation in the market. 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 FSM market in North America. Furthermore, market players are adopting various business strategies including partnership, merger & acquisition to increase their market share and improve the revenue, which is again expected to impact positively on the growth of field service management market in North America. For instance, in February 2019, ServiceMax announced the acquisition of Zinc. This acquisition will help ServiceMax to improvise its FSM products and enable real-time & contextual communication.

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