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Field Service Management Solution Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Mergers and Acquisitions
As per the report, the field service management solution market size has grown rapidly in recent years. It will grow from $2.21 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The field service management solution market size is expected to see rapid growth in the next few years. It will grow to $5.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%.
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IoT Adoption Fueling Growth of Field Service Management Solution Market
The increase in the adoption of IoT (Internet of Things) is expected to drive the growth of the field service management solution market. The Internet of Things (IoT) refers to a network of interconnected devices, sensors, and objects that communicate and exchange data without human intervention. The rise and adoption of the Internet of Things (IoT) across various industries is due to the emergence of 5G networks, advancements in connectivity technologies, and the spread of cloud and edge computing. Integrating IoT technology into FSM leverages cloud-based technology to automate and manage flexible solutions for clients, optimize operations, and enable focus on core business objectives. For instance, in January 2022, according to the GSM Association, a UK-based non-profit organization, the number of Internet of Things (IoT) connections is predicted to expand from 15.1 billion in 2021 to over 23.3 billion overall by 2025. Therefore, the increase in the adoption of IoT (Internet of Things) drives the growth of the field service management solution market.
Innovation In Field Service Management With GenAI Solutions
Major companies operating in the field service management solution market are focused on developing innovative solution platforms, such as GenAI solutions, to increase their profitability in the market. GenAI refers to artificial intelligence solutions generated through various methods, including genetic algorithms, deep learning, and other evolutionary computation techniques. For instance, in November 2023, ServiceNow, Inc., a US-based software company, launched Now assist generative AI portfolio with new capabilities to transform user experiences and increase productivity. The GenAI technologies integrated into the ServiceNow Platform include Now assist in virtual agent, flow generation, and Now assist for field service management (FSM). These solutions enhance ServiceNow's portfolio of practical generative AI applications, enabling customers to streamline workflows, improve efficiency, and enhance user interactions.
The field service management solution market covered in this report is segmented -
1) By Components: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Mid-Size Enterprises
4) By Verticals: Telecom, Energy And Utilities, IT And ITEs, Manufacturing, Construction And Real Estate, Transportation And Logistics, Oil And Gas, Healthcare And Life Sciences, Other Verticals
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Major companies operating in the field service management solution market are Microsoft Corporation, Verizon Connect, Oracle Corporation, SAP SE, Salesforce Inc, IFS AB, Comarch SA, ServiceTitan, WorkWave, Field Nation LLC, ServiceMax Inc, Workiz, Jobber, Jotform, Sig Saucer Inc., Zinier Inc., Skedulo, Praxedo, FieldPulse, FieldAware Inc., OverIT S.p.A., SIMPRO S.p.A, Azuga Inc, TrueContext Corporation, Route4Me Inc
Contents of the report:
1. Executive Summary
2. Field Service Management Solution Market Report Structure
3. Field Service Management Solution Market Trends And Strategies
4. Field Service Management Solution Market - Macro Economic Scenario
5. Field Service Management Solution Market Size And Growth
…..
27. Field Service Management Solution Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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