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Cloud Field Service Management Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Cloud Field Service Management Market Size
According to The Business Research Company's, The cloud field service management market size has grown rapidly in recent years. It will grow from $5.38 billion in 2023 to $6.21 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increased cloud-based solutions, rise in the demand for mobility with iot, utilization of data analytics, utilization of data analytics, shifting focus towards enhancing customer experience.
The cloud field service management market size is expected to see rapid growth in the next few years. It will grow to $11.13 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to increasing industry 4.0 adoption, remote solutions, technological advancements, integration with AI and ML, mobile workforce management. Major trends in the forecast period include integration of AI, internet of things integration, cloud-based solutions, blockchain technology, continuous software updates.
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Market Drivers and Trends:
The increasing adoption of remote work is expected to propel the growth of the cloud field service management market going forward. Remote work is a form of work arrangement where employees perform their job responsibilities from a location other than the conventional office setting. The increasing adoption of remote work is due to numerous benefits such as cost savings for both employers and employees, work-life balance, and growing acceptance of non-traditional work arrangements. Cloud field service management provides the necessary tools and capabilities to support remote work by enabling accessibility, communication, monitoring, resource optimization, customer service, and flexibility. For instance, in September 2022, according to the United States Census Bureau, a US-based department, the number of people primarily working from home tripled from 5.7% (roughly 9 million people) to 17.9% (27.6 million people), according to the new 2021 census. Therefore, the increasing adoption of remote work is driving the growth of the cloud field service management market.
Major companies operating in the cloud field service management market are focusing on technological advancements in Internet of Things integration, such as DataGuide, which provides integrated data capture and report generation capabilities. A data guide refers to providing customers with information about the data collected and its intended use and encompasses various aspects such as policy data, service outlet data items, or even printing and promotional items. For instance, in June 2022, Servicemax Technologies Private Limited, a US-based service execution management company, launched DataGuide. It enables comprehensive printing and promotional item solutions, an efficient print management system, seamless integration with field service automation products, and adherence to best practices for effective implementation.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machine Corporation, Oracle Corp, Broadcom Inc, SAP SE, Salesforce Inc, Intuit Inc, ServiceNow Inc, Atlassian Corp, SolarWinds Corp, Work Wave LLC, Dispatch, ServiceMax Inc, Jobber, Cherwell Software LLC, Housecall Pro, Astea International Inc, Acumatica Inc, FieldEdge, FieldEZ Technologies Inc, FieldAware Inc, Mhelpdesk Inc, Kickserv Inc, MSI Data, Innovapptive Global Solutions Pvt. Ltd.
Cloud Field Service Management Market 2024 Key Insights:
• The cloud field service management market size is expected to see rapid growth in the next few years. It will grow to $11.13 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Adoption Of Remote Work Propelling Cloud Field Service Management Growth
• IoT Solutions Revolutionizing Cloud Field Service Management
• North America was the largest region in the cloud field service management market in 2023
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