Press release
Field Service Management Market 2024- By Size, Growth, Trends And Global Forecast To 2033
Field Service Management Market
Field Service Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $7.84 billion In 2028 At A CAGR Of 14.0% :
The field service management market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to demand for automation, rising customer expectations, globalization, compliance and regulations.
The field service management market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to focus on predictive maintenance, rise of mobile workforce, increased cloud adoption. Major trends in the forecast period include integration with erp and crm systems, emphasis on data analytics, augmented reality (ar) integration, mobile-first approach, blockchain for security, subscription-based models.
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Field Service Management Market Major Segments
The field service management market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Application: Energy And Utilities, Telecom, Manufacturing, Healthcare, BFSI, Construction And Real Estate, Transportation And Logistics, Other Applications
Key Driver - Rising Demand For Automation And Digitalization Catalysts Field Service Management Market Growth
The increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period. Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology. The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs. For instance, in September 2023, according to Cavintek Inc., a US-based company that provides workflow automation as well as productivity applications, more than 80% of corporate executives reported hastening work process automation and increasing the usage of remote work. 43% of organizations intend to minimize their staff by implementing automation technology. Therefore, the increasing demand for automation and digitalization drives the growth of the field service management market.
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Prominent Trend - Rising Trend Enhanced Field Service Management Through Saas Solutions And Innovations
The increasing availability of SaaS solutions and value-added features is a key trend gaining popularity in the field service management market. Software as a service (SaaS) is an abbreviation that refers to a software distribution model in which a cloud provider hosts applications for simple access by end-users. The advantages of SaaS solutions are ease of access, minimal setup time, and customizability based on the requirements. SaaS solutions are widely incorporated in field service management to effectively track and manage resources. For instance, in October 2021, Opsivity, Inc., an Australia-based field service management company launched its SaaS services in the US market. The US customers can now use Opsivity's SaaS-based solutions for real-time remote field support.
Field Service Management Market Players
Major companies operating in the field service management market report are Accruent LLC, Acumatica Inc., Astea International Inc., ClickSoftware Technologies Ltd., Comarch SA, FieldAware Group Ltd., Geoconcept SAS, Kirona Solutions Ltd., Coresystems AG, IFS AB, Infor Inc., International Business Machines Corporation, Microsoft Corporation, Mize Inc., OverIT S. p. A, Praxedo SAS, Salesforce. com Inc., SAP SE, ServiceMax Inc., Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, Acce*nture plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the field service management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field service management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Field Service Management Market Report Structure
3. Field Service Management Market Trends And Strategies
4. Field Service Management Market - Macro Economic Scenario
5. Field Service Management Market Size And Growth
…..
27. Field Service Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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