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Field Service Management Solution Market Share, Size, Research And Forecast To 2033
Field Service Management Solution Market Share
According to The Business Research Company's, 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 growth in the historic period can be attributed to the adoption of cloud-based field service solutions, increased preference for software-as-a-service (SaaS) over traditional on-premise software, increase in demand for mobility for real-time visibility, rapid adoption of FSM solutions, economic growth.
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%. The growth in the forecast period can be attributed to rising acceptance of smartphones, increasing number of skilled field service employees in the IT And telecom industry, rising adoption of wearable devices, increasing demand for enhanced customer experience, rise in adoption of automation and digitalization in the field services industry. Major trends in the forecast period include emergence of mobility solutions, incorporation of virtual reality (VR) and augmented reality (AR), adoption of cloud-based technology, technological advancements, increasing collaborations.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Field Service Management Solution Market 2024 Key Insights:
• 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%.
• IoT Adoption Fueling Growth of Field Service Management Solution Market
• Innovation In Field Service Management With GenAI Solutions
• North America was the largest region in the field service management solution market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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