Global Field Service Management Market Set for Remarkable Expansion, Studies Suggest Industry Expected to Reach $29.9 Billion by 2031

As per the report, the global field service management market is projected to gather a revenue of $29.9 billion by 2031. The market accounted for a sum of $5.2 billion in 2021 and is anticipated to surge at a CAGR of 19.2% during the 2022-2031 period. The report provides a comprehensive analysis of current market trends, regional scenarios, and the competitive landscape of the market.

Field Service Management (FSM) market refers to the software solutions and systems designed to help organizations manage their field operations effectively. This includes managing work orders, scheduling, dispatching, inventory management, and tracking of field personnel. FSM solutions are widely used across various industries such as utilities, telecommunications, healthcare, construction, manufacturing, and more.

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The expansion of the worldwide field service management sector is primarily due to the increasing embrace of automation and digital transformation within the field services field. Additionally, the emergence of cutting-edge technologies like Augmented Reality (AR), Virtual Reality (VR), the Internet of Things (IoT), and Artificial Intelligence (AI) is expected to propel market growth. Conversely, challenges such as a shortage of skilled workers and rising worries about data security could impede the market's progress. However, advancements in technology among small and medium-sized enterprises aiming to modernize workforce management could create numerous investment prospects within the market.

On the basis of deployment mode, the on-premise segment garnered the largest field service management market size in 2021, and is expected to continue this field service management market trends during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of field service management software in small and medium scale organizations.

By component, the solution segment held the highest market share in 2021 and is predicted to maintain its leadership role during the analysis timeframe. Growing assimilation of field service management solutions by businesses to gain a strategic edge over its peers is estimated to strengthen the position of the market. However, the services segment is expected to demonstrate the highest CAGR of 21.0% during the analysis timeframe. Increasing demand for different services offered by field service management software including training and consulting services is forecasted to propel the segment ahead.

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Region-wise, the FSM market size was dominated by North America in 2021, and is expected to retain its position during the forecast period. Increase in usage of advanced technology such as AI, machine learning, augmented and virtual reality to enhance the product offerings by market vendors encourages the growth of the market in this region. However, Asia-Pacific is expected to grow at the highest rate during the forecast period. Owing to adoption of process automation across all industry verticals to enhance customer engagement and increase effectiveness of IT infrastructure. This will drive the FSM market growth for Asia-Pacific in the future.

Trends and Technologies:

• Integration with IoT: FSM systems are increasingly integrating with Internet of Things (IoT) devices for real-time monitoring of equipment and assets in the field.

• Artificial Intelligence (AI): AI-powered FSM solutions help in predictive maintenance, route optimization, and smarter scheduling.

• Mobile Applications: Mobile apps are crucial for field technicians to access work orders, customer information, and navigation tools on the go.

• Augmented Reality (AR): AR is being used for remote assistance, enabling technicians to get guidance from experts through smart glasses or mobile devices.

• Subscription-based Models: Many FSM solutions are offered on a Software-as-a-Service (SaaS) basis, allowing organizations to scale and customize as per their needs.

• Focus on Customer Experience: There is a growing emphasis on providing excellent customer service, with FSM systems enabling better communication, feedback collection, and transparency.

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The global impact of the COVID-19 pandemic has been profound, affecting communities worldwide. Governments and companies are striving to swiftly address the challenges it presents. Construction and manufacturing sites in numerous countries have been forced to close as a result. Conversely, organizations in the energy and utility sector are transitioning to remote work arrangements. Professionals such as developers, engineers, and designers are increasingly relying on digital collaboration tools, including field service management and inventory software.

Contractors and engineers globally are embracing augmented reality and virtual reality simulations to recalibrate schedules and plan projects afresh. Additionally, comprehensive digital-twin solutions are being developed for end-to-end support, from project inception to execution. A surge in online services is noticeable, with contractors turning to digital platforms to monitor employee well-being through apps, accurately manage scarce resources, place orders for construction materials, and ensure steady cash flow.

Furthermore, the manufacturing, construction, and energy and utility sectors were grappling with a shortage of skilled labor even before the crisis hit. This shortage is anticipated to worsen with ongoing physical distancing measures and restrictions on cross-border labor movements. Consequently, the use of digital tools such as AR/VR simulations, real-time progress monitoring, advanced scheduling optimization, and digital workflow management has seen a notable uptick.

Due to similar reasons, there has been a noticeable rise in research and development (R&D) spending across these industries. The focus is on developing new standardized building systems to automate and expedite various aspects of design and construction processes. In countries like India, numerous infrastructure projects such as road development and railway upgrades have been stalled due to lockdowns. However, these projects are slated to be completed in the coming years, a development expected to drive market growth during the forecast period.

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