Press release
Field Service Management Market: Size, Growth, Key Players, Trends, and Forecast for 2024-2029
Field Service Management Market
Diving into the Expansion of the Field Service Management Market and its Projected Growth in the Coming Years
What Is The Projected Market Size Of The Global Field Service Management Market And Its Growth Rate?
The field service management market is experiencing swift expansion with promising growth rates. Key statistics include:
• 2024 Market Size: $4.55 billion
• 2025 Market Size: $5.15 billion (13.3% CAGR)
• 2029 Market Size: $9.07 billion (15.2% CAGR)
Factors such as demand for automation, the rise in customer expectations, globalization, and advancing technology contribute to the market's rapid growth.
What Is Driving The Growth In The Field Service Management Market?
The primary growth driver for the field service management market is the increasing adoption of automation and digitalization. The usage of digital technology for automatic task execution optimizes resource utilization, enhances monitoring, and reduces operational costs. For instance, Cavintek Inc. reported in September 2023 that over 80% of corporate executives increased automation to speed up work processes. The growing demand for automation and digitalization continues to drive the field service management market's growth.
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Who Are the Key Players Driving Field Service Management Market Growth?
Companies driving the field service management market include:
• Accruent LLC
• Acumatica Inc.
• Comarch SA
• FieldAware Group Ltd.
• Geoconcept SAS
• Kirona Solutions Ltd.
• IFS AB
• International Business Machines Corporation
• Microsoft Corporation
• ServiceMax Inc.
• ServiceNow Inc.
What Are The Key Trends In The Field Service Management Market?
Latest trends in Field Service Management Market are:
• Integration with ERP and CRM systems
• Emphasis on data analytics
• Augmented reality (AR) integration
• Mobile-first approach
• Blockchain for security
• Subscription-based models
What Are The Segments Of The Global Field Service Management Market?
The field service management market segments are
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
Which Region Leads The Field Service Management Market?
In 2024, North America led the field service management market. However, the Asia-Pacific region is anticipated to experience the fastest growth during the forecast period. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Field Service Management Market Global Market Report?
- Market Size Analysis: Analyze the Field Service Management Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Field Service Management Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Field Service Management Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Field Service Management Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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