Field Service Management (FSM) Market to Reach USD 8.06 Billion during 2021-2028; ServiceMax, Inc.’s Acquisition of LiquidFrameworks is Set to Spur Growth: Fortune Business Insights™


Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) — The global field service management market size was USD 2.87 billion in 2020. The market is projected to grow from USD 3.24 billion in 2021 to USD 8.06 billion in 2028 at a CAGR of 13.9% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Field Service Management (FSM) Market, 2021-2028.”

According to our analysts, the tenacious demand for customer-centric solutions among numerous businesses, which has further raised field service solution demand. The mobile-driven solution is also aiding businesses to fuel consumer-led experiences and elevate output.

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List of Key Players in Field Service Management Market:

  • ServiceMax, Inc. (California, U.S.)
  • Oracle Corporation (California, U.S.)
  • IFS AB (Industrial and Financial Systems) (Linköping, Sweden)
  • Salesforce.com, Inc (ClickSoftware) (California, U.S.)
  • PRAXEDO (Paris, Ile de France)
  • Infor, Inc. (New York, U.S.)
  • Comarch SA (Kraków, Poland)
  • OverIT S.p.A. (Fiume Veneto, Italy)
  • FieldAware Group Ltd. (Texas, U.S.)
  • GEOCONCEPT SAS (Bagneux, France)
  • Mize, Inc (Telangana, India)
  • Zinier, Inc. (California, U.S.)
  • Sig Sauer, Inc. (Eckernförde, Germany)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 13.9%
2028 Value Projection USD 8.06 Billion
Base Year 2020
Market Size in 2020 USD 2.87 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Component, Application, Deployment, Enterprise Size, Vertical and Geography
Growth Drivers Progressive FSM Solutions to Endure Service Demand amid COVID-19 Pandemic
Rising Demand for Real-time Visibility Services to Drive Market Growth
Rising Preference for Enterprise Mobility Solutions to Boost Growth in North America

COVID-19 Impact

Progressive FSM Solutions to Endure Service Demand amid COVID-19 Pandemic

The exponential outbreak of the COVID-19 disaster has augmented various obstacles and jeopardies for the field service industry. The drastic infliction of lockdown has impacted brutally to the on-site business operations. Therefore, the global COVID-19 somewhat has braked down the field service management market growth during the year 2020.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/field-service-management-fsm-market-102215

Report Coverage

The market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the human capital management market.

Segmentation

On the basis of components, the market for field service management is classified into solutions and services.

By application, the market is categorized into work order management, schedule, dispatch, route optimization, customer management, inventory management, service contract management, reporting and analytics, and others. Customer management to gain maximum market share owing to the growing focus on customer experience and retention.

In terms of deployment, the market is divided into on-premises and cloud.

Based on enterprise size, the market is branched into small and medium-sized enterprises (SMEs) and large enterprises.

On the basis of vertical, the market is segregated into BFSI, IT and telecommunication, manufacturing, construction and real estate, healthcare, and life sciences, transportation and logistics, energy and utilities, and others.

In terms of region, the market is bifurcated into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Drivers and Restraints

Rising Demand for Real-time Visibility Services to Drive Market Growth

The real-time field service systems are observing increasing demand across industries to thrust customer gratification. The real-time monitoring and management of field technicians permit businesses to resolve customer enquiries in a fresh attempt by linking them with the closest service supplier. Therefore, these solutions are attaining traction across all businesses.

However, a lack of a skilled workforce may hinder the market growth.

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Regional Insights

Rising Preference for Enterprise Mobility Solutions to Boost Growth in North America

North America held the maximum field service management market shares and is probable to lead the market owing to the rising inclination towards enterprise mobility solutions and constant emphasis to restructure field service teams and operations.

Europe is displaying drastic growth in the acceptance of FSM solutions owing to the embracement of automation in existing manual field service procedures. Numerous industries in European nations are keen on investing in novel technologies to sustain respective field forces. 

Asia Pacific outperformed the market in terms of CAGR. The large scale industrialization across nations such as India, Japan, and China is an extremely demanding FSM solution for attaining enhanced workflow and improved productivity.

Competitive Landscape

Concentration on Business Extension to Fuel Several Novel Product Launch

Key players in the market for field service management are implementing numerous strategies to endure their market position and to upsurge their business value. Novel product launch or new feature updates into the prevailing product portfolio is assisting crucial players to strengthen their market position. Key players are also emphasizing procuring small companies as well as extending their product or business network to reinforce their competitiveness.

Industry Development

July 2021: ServiceMax, Inc. attained LiquidFrameworks, which is a mobile field operation management supplier, in order to inflate its FSM solution in energy sectors.

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Field Service Management Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Field Service Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component (Value)
        • Solution
        • Services
          • Managed
          • Professional
            • Integration and Implementation
            • Training and Education
            • Support and Maintenance
      • By Deployment (Value)
      • By Enterprise Size (Value)
      • By Application (Value)
        • Work Order Management
        • Schedule, Dispatch, And Route Optimization
        • Customer Management
        • Inventory Management
        • Service Contract Management
        • Reporting and Analytics
        • Others (Resource Management, Technician and vehicle Tracking, etc.)
      • By Vertical (Value)
        • Banking, Financial Services and Insurance (BFSI)
        • IT and Telecom
        • Healthcare and Life Sciences
        • Manufacturing
        • Transportation and Logistics
        • Construction and Heavy Equipment
        • Energy and Utilities
        • Others (Government, Media and Entertainment, Education, Etc.)
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America
    • North America Field Service Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component (Value)
        • Solution
        • Services
          • Managed
          • Professional
            • Integration and Implementation
            • Training and Education
            • Support and Maintenance

TOC Continued…!

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