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Steady Expansion Forecast for Field Service Management Market, Projected to Reach $8.87 Billion by 2029
Field Service Management Market Size
Field Service Management Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of field service management has experienced a quick expansion in the last few years. Its value will increase from $4.55 billion in 2024 to $5.12 billion in 2025 with a compound annual growth rate (CAGR) of 12.5%. This development over the historical timeframe is due to factors such as the need for automation, heightened customer expectations, globalization, as well as compliance and regulations.
Field Service Management Market Size Forecast: What's the Projected Valuation by 2029?
Expectations for the field service management market size are to witness a rapid escalation in the succeeding years, hitting a value of $8.87 billion in 2029, proliferating at a compound annual growth rate (CAGR) of 14.8%. The escalation during the forecast period is principally due to factors such as amplified focus on predictive maintenance, the surge of mobile workforce, and heightened adoption of cloud technology. Some major trends predicted for this period comprise integration with ERP and CRM systems, increased emphasis on data analytics, the integration of augmented reality (AR), a mobile-first approach, reliance on blockchain for security, and the adoption of subscription-based models.
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What Are the Drivers Transforming the Field Service Management Market?
The surge in the application of automation and digitalization is expected to fuel the expansion of the field service management market during the projected timeframe. The concepts of automation and digitalization facilitate the automatic accomplishment of specific tasks at certain intervals utilizing digital technology. Major benefits of integrating automation and digitalization into field service management include efficient resource usage, effective supervision and tracking of resources, and reduced operational costs. For example, data from Cavintek Inc., a US firm offering workflow automation and productivity applications, indicated that over 80% of business executives accelerated their work process automation and remote work implementations in September 2023. Also, 43% of companies plan on reducing their workforce through the introduction of automated technology. Consequently, the escalating demand for automation and digitalization is fueling the expansion of the field service management market.
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What Long-Term Trends Will Define the Future of the Field Service Management Market?
Leading companies in the field service management market are exploiting technological advancements, such as AI-based scheduling and smartphone apps, to boost operational effectiveness and enhance service provision for field teams across diverse sectors. Workiz Genius acts as an all-inclusive field service management system that aids home service enterprises in streamlining operations, overseeing tasks, and enhancing correspondence with field teams and clientele. For example, in March 2024, Workiz, a US software company, unveiled 'Genius.' This easily operable, AI-enabled toolkit revolutionises the field service industry by integrating advanced technology smoothly with solutions that provide field service management professionals with a fresh communication approach with clients and running their operations using AI. The latter adapts and evolves, turning into a personalised intelligent aide for users. It offers pertinent suggestions and insights, and enables service professionals to concentrate on excelling in their roles.
Which Segments in the Field Service Management Market Offer the Most Profit Potential?
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 Firms Dominate the Field Service Management Market by Market Share and Revenue in 2025?
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, infograph plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.
Which Regions Offer the Highest Growth Potential in the Field Service Management Market?
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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