Field Service Management Market To Target Disruptive Innovation | OVERIT, PRAXEDO, SERVICEMAX

According to the report published by Allied Market Research, the global field service management market was pegged at $3.12 billion in 2018 and is estimated to hit $10.81 billion by 2026, registering a CAGR of 16.9% from 2019 to 2026.

The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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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.

However, scarcity of skilled workforce to operate on FSM & data security concerns and sticking to manual methods hamper the global market growth.

On the other hand, 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.

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By industry vertical, the manufacturing segment contributed to nearly one-fourth of the total market share in 2018 and is anticipated to lead the trail throughout the forecast period. Simultaneously, the transportation & logistics segment would grow at the fastest CAGR of 19.2% till 2026.

By region, North America generated the highest share, garnering more than one-third of the global market and is projected to dominate, in terms of revenue, by 2026. Simultaneously, the region across Asia-Pacific would manifest the fastest CAGR of 18.4% during the study period.

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By component, the solution segment accounted for nearly three-fourths of the total market revenue in 2018 and is expected to rule the roost by the end of 2026. The service segment, on the other hand, would manifest the fastest CAGR of 19.3% throughout the forecast period.

The leading market players analyzed in the global field service management market report include Oracle, Tableau, SAS Institute, SAP SE, Sisense, Teradata, Adobe, Cisco, Tibco, and IBM. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their stand in the industry.

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Covid-19 scenario-

• Covid-19 led to disruptions in various field activities and the field services industry has been affected indeed. Also, there has been a significant decline in the number of skilled workforce to operate on field management service systems due to lockdown.

• Nevertheless, due to social distancing, there has been a steep increase in the need to automate manual field service business operations such as scheduling, dispatching, transporting, and fleet trailing which, in turn, has given the market a positive boost.

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