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Rising Demand For Automation And Digitalization Catalysts Field Service Management Market Growth: Transformative Forces Shaping the Field Service Management Market Landscape in 2025
Field Service Management Market
What Will the Field Service Management Industry Market Size Be by 2025?
In recent times, the market size for field service management has expanded swiftly. The market, valued at $4.55 billion in 2024, is expected to reach $5.15 billion by 2025, reflecting a compound annual growth rate (CAGR) of 13.3%. Factors such as the increased need for automation, elevated customer expectations, globalization, and adherence to compliance and regulations have catalyzed growth during the historic period.
What's the Long-Term Growth Forecast for the Field Service Management Market Size Through 2029?
The market size for field service management is predicted to experience a swift expansion in the upcoming years, aiming to achieve a valuation of $9.07 billion by 2029 with a compound annual growth rate (CAGR) of 15.2%. This projected growth within the forecast period is linked to the focus on preventive maintenance, the surge in mobile workforce, and the rise in cloud adoption. Some of the key trends earmarked for the forecast period include incorporation with ERP and CRM systems, emphasis on data analytics, the integration of augmented reality (AR), the mobile-first strategy, blockchain's use for security, and subscription-based business models.
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What Are the Key Growth Drivers Fueling the Field Service Management Market Expansion?
The field service management market is projected to experience significant growth due to the rising implementation of automation and digitalization in the coming period. These technologies allow for tasks to be efficiently carried out at set intervals using digital methods. The benefits of utilizing automation and digitalization in field service management include optimized resource utilization, effective resource tracking and monitoring, and reduced operational expenses. For example, Cavintek Inc., a US-based firm offering workflow automation and productivity applications, noted in September 2023 that over 80% of corporate leaders had accelerated their work process automation while also enhancing remote work utilization. Roughly 43% of businesses plan to reduce their workforce through the application of automation technology. Consequently, the growing preference for automation and digitalization propels the expansion of the field service management market.
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What Are the Key Trends Driving Field Service Management Market Growth?
Leading corporations in the field service management sector are prioritizing technological advances, such as Artificial Intelligence (AI)-enabled scheduling and mobile apps, to upgrade operational output and enhance service distribution for field units in different industries. Workiz Genius is a fully-integrated field service management system that assists home services industry-related enterprises in simplifying processes, handling tasks, and enhancing the interaction between field operatives and clients. For illustration, in March 2024, Workiz, a software company based in the United States, introduced 'Genius', an easy-to-navigate AI-enabled toolkit, revolutionizing the field service industry by flawlessly merging advanced technology with solutions that strengthen field service management specialists with a fresh approach to communicate with their clientele and manage their operations with AI. This mechanism evolves and learns over time, acting as a personalized smart assistant for users, offering vital tips and insights and enabling service professionals to concentrate on their specialty.
How Is the Field Service Management Market Segmented?
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
Subsegments:
1) By Solution: Field Service Management Software, Scheduling And Dispatching Solutions, Mobile Field Service Applications, Inventory Management Solutions, Customer Relationship Management (CRM) Integration, Analytics And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which Companies Are Leading the Charge in Field Service Management Market Innovation?
Major companies operating in 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, Mize Inc., OverIT S. p. A, Praxedo SAS, Salesforce. com Inc., SAP SE, ServiceMax Inc., Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, accenture* plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.
Which Regions Are Leading the Global Field Service Management Market in Revenue?
North America was the largest region in the field service management market in 2024. 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
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