Field Service Management Market Expected to Reach USD 41.20 Billion in 2021 with 17.6% CAGR during the forecast period - Reports and Data

The Field Service Management Market had a size of USD 41.20 billion in 2021 and is expected to experience a revenue compound annual growth rate (CAGR) of 17.6% during the forecast period. The market growth is being driven by factors such as the increasing demand for real-time updates through mobility and the adoption of bring your own device (BYOD) policies for employees. Additionally, the market is expected to benefit from the shortened repair time and increased customer satisfaction that field service management offers.

Field service management involves optimizing and organizing tasks and operations that are performed by employees outside the office. FSM has become essential for companies that have resources in the field and need to track them. According to Fieldpoint 2020, 48% of organizations are currently using FSM software for their daily operations. Resource management is becoming increasingly important, and FSM can automate resource field activities, enhancing monitoring and productivity across the firm. These field activities include sales, consultations, customer support, inspections, and maintenance. All of these activities are improving the customer-organization relationship and driving market revenue growth.

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Segments Covered in the Report:

The field service management market can be divided by component, deployment mode, and technology.

By component, the market includes solutions such as inventory management, service contract management, work order management, mobile field service management, schedule and dispatch, remote support (with and without augmented reality), geo-location, analytics and dashboard, offline mobile management, and others. In addition to solutions, services are also offered.

By deployment mode, the market can be segmented into on-premises and cloud-based solutions.

Finally, the market can be segmented by technology, including connected solutions, automated software and real-time scheduling, route management, digital work order management, integrated digital ecosystem, and others.

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Strategic development:

The field service management market is experiencing strategic development as companies focus on optimizing and organizing tasks executed by employees outside of the office. This has led to the development of solutions such as inventory management, service contract management, work order management, and mobile field service management, among others. These solutions enhance productivity, improve monitoring, and shorten repair times, ultimately increasing customer satisfaction.

As the market continues to grow, the deployment mode has also become a strategic focus, with both on-premises and cloud-based solutions available. Additionally, technology plays a crucial role in strategic development, with connected solutions, automated software and real-time scheduling, route management, digital work order management, and integrated digital ecosystems all playing a role in the growth and development of the field service management market.

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Competitive Landscape:

Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major players in the market include Microsoft Corporation, Oracle Corporation, ServiceMax, Inc., Comarch SA, Salesforce.com, Inc., PRAXEDO, GEOCONCEPT, Infor, Inc., OverIT S.p.A, and Trimble Inc.

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