Global Field Service Management (FSM) Market

Global Field Service Management (FSM) Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Application(Work Order Management, Schedule), By Deployment(Cloud, On-Premise), By Enterprise Size(Large Enterprises, Small & Medium Size Enterprises), By Vertical(BFSI, IT) - Industry Forecast 2024-2031


Report ID: SQSG45E2019 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 150 | Figures: 78

Global Field Service Management (FSM) Market Insights

Global Field Service Management (FSM) Market size was valued at USD 4.71 billion in 2019 and is poised to grow from USD 5.4 billion in 2023 to USD 25.4 billion by 2031, growing at a CAGR of 14.57% in the forecast period (2024-2031).

Field service management (FSM) is the organization of a company's resources, such as personnel and machinery, in work tasks and operations performed outside of the premises of the firm. Installing, maintaining, or repairing equipment, systems, or assets generally includes sending employees or contractors to a site outside of the company's facilities. Field service practitioners who provide clients with professional, specialized, or unique services are managed by field service managers who also maintain track of the organization's field resources.

Software called "field service management" was created to manage multiple components, including vehicle tracking, scheduling, inventory management, and customer portals, in order to coordinate field operations. Numerous firms have consistently expressed a need for customer-centric solutions, which has increased the demand for field service solutions. The mobile-driven solution aids firms in maximizing efficiency and fostering consumer-led experiences. Furthermore, the market share is probably being driven by the technologically cutting-edge improvements in FSM.

For example, for its clients, the Australian engineering company Monadelphous is frequently asked to manage extensive maintenance tasks known as "shutdowns." More than 100 people from a multidisciplinary team are needed for these projects; they must all be brought in, housed for the duration of the project, and then flown out again. Such projects frequently involve a number of concurrent initiatives with personnel dispersed around the nation. The company discovered that using its workforce management system needed too much cumbersome manual effort to plan trips, coordinate each project, and keep distant workers linked. Monadelphous created the MonaWork mobile app with OutSystems to streamline all scheduling and communication for the workplace. The software interfaces with the organization's enterprise resource planning (ERP) system to guarantee that calendars, messages, contacts, travel, and lodging data are constantly accessible and current.

US Field Service Management (FSM) Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 4.71 billion

Largest Segment

Solutions

Fastest Growth

Services

Growth Rate

14.57% CAGR

Global Field Service Management (FSM) Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Field Service Management (FSM) Market By component, 2021-2028 ($ Bn)
Global Field Service Management (FSM) Market By Component, 2021-2028 (%)

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Global Field Service Management (FSM) Market Segmental Analysis

The global field service management market is segmented based on the component, application, deployment, vertical, end-user, and region. Based on component, the global field service management market is segmented into solutions and services. Based on application, the global field service management (FSM) market is segmented into work order management, schedule, dispatch, and route optimization, customer management, inventory management, service contract management, reporting & analytics. Based on deployment, the global field service management market is segmented into cloud and on-premise. Based on enterprise size, the global field service management market is segmented into large enterprises and small & medium size enterprises. Based on vertical, the global field service management market is segmented into BFSI, IT and telecommunication, healthcare & life sciences, manufacturing, transportation & logistics, construction & heavy equipment. Based on the region, field service management market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Field Service Management (FSM) Market Analysis by Component

In 2021, the solutions segment held the largest share in the global field service management market. The solution segment is to increase its market share the most within the anticipated period. The solutions segment include things like AT&T Workforce Manager, CoConstruct, Mhelpdesk, and Salesforce Field Service, among others. These technologies assist managers in concentrating on the customer experience while empowering employees at all organizational levels to connect with their clients successfully. During the projection period, its demand will also be fueled by rising automation and digitalization.

For example, in order to better serve service firms in a connected world, ServiceMax recently introduced new functionality to its Field Service Management (FSM) solutions. The updated mobile app for Salesforce Field Service allows technicians to look up useful asset data while they're out in the field, and the new dashboards powered by Tableau CRM to track service margins and costs as well as renewal metrics are just two examples of how the new features make use of capabilities in the Salesforce platform, on which the ServiceMax product is built.

Services will experience quick growth as a result of their ability to provide management and solution functional support. The market has become divided into managed and professional services, with professional services controlling the market. These services are divided further into three categories: support and maintenance services, training and education services, and integration and implementation services. For example, Asset 360 for the Salesforce AppExchange has received additional capabilities, according to ServiceMax, a pioneer in asset-centric field service management. The new release, which builds on the product's solid field service foundation, offers features that empower strategic stakeholders like chief revenue officers and chief operating officers as well as operational and commercial stakeholders in the supply chain, sales, and marketing. These features enable the product to go beyond traditional field service personas. Asset 360 for Salesforce now allows customers to maximize technician efficiency while driving service revenue, renewals, and strategic planning with real-time information. Sales and marketing tools, the ability to manage contract status and efficiency, as well as actual savings via new dashboards, are all part of the expanded feature set.

Field Service Management (FSM) Market Analysis by Application

In 2021, the largest share in the global field service management market was held by customer management. Due to the increased emphasis on customer experience and retention, customer management is being used to increase market share.On the basis of application,the market is segmented into work order management, schedule, dispatch, and route optimization, customer management, inventory management, service contract management, reporting and analytics, and others. Due to the increased emphasis on customer experience and retention, customer management is being used to increase market share. The customer experience has to be a top priority assignment for firms as the globe has begun to adopt customer-centric company techniques. Businesses might enhance sales and income by providing better service to clients, which would help them develop a solid and devoted customer base. For example, FUJIFILM Healthcare Europe has chosen and installed ServiceMax's field service management platform for the digitalization of its service operations in Europe, according to a recent announcement from ServiceMax, Inc., a pioneer in asset-centric field service management. ServiceMax is enabling FUJIFILM Healthcare Europe to better support hospitals and other medical providers with more individualized solutions and service maintenance as they continue to expand the range of treatment and diagnostic options available to patients as part of its shift from a product-focused services strategy to outcome-based solutions.

Field Service Management (FSM) Market Analysis by Deployment

Due to its high level of security and adaptability when accessing data, on-premise deployment now has a significant share in the global field service management market. Many sectors, including BFSI, government, and healthcare, are increasingly concerned with security data, which is fueling demand for on-premises servers. Due to the security and adaptability, they offer while obtaining data, field service corporations are able to handle sensitive and private information about clients and businesses. These businesses utilize on-site field service management programs to fully regulate the security of customer and business information. The internal IT personnel of a business installs and hosts on-premise solutions within its IT infrastructure.

The use of cloud deployment is expected to increase significantly over the course of the projection period because it enables organizations to handle information in a consolidated, secure, effective, and remotely accessible way. Additionally, compared to traditional methods of distribution, cloud deployment has a cheaper installation cost. The prominent players in the market are undergoing mergers in order to provide this technology to the customers at a rapid pace. For Example, Luminate Capital Partners, a private equity firm that invests in growth and enterprise software businesses, sold LiquidFrameworks to ServiceMax, Inc., a pioneer in asset-centric field service management. LiquidFrameworks is a leading provider of mobile field operations management solutions with a focus on the energy sector. For service providers in the energy sector, LiquidFrameworks' FieldFX is a cloud-based mobile field operations software package that manages contracts, quotations, equipment, jobs, and field tickets. Along with its Core and Asset 360 products, ServiceMax will also include the LiquidFrameworks FieldFX product line in its portfolio.

Field Service Management (FSM) Market Analysis by Vertical

A significant revenue portion of this market will probably go to the manufacturing sector. The manufacturing sector is being encouraged by rapid industrialization to use technologies that automate field operations and procedures. By providing cost-effective and value-added services to their consumers, manufacturers are also reorienting their business strategies to be more customer-centric.

Due to the increased use of mobile-driven FSM solutions, the energy and utility sector is projected to see the highest growth. To assure daily employment, the industry needs the majority of the personnel in the fields. Similarly, one of the most important sectors in the use of field service solutions for managing their company operations successfully in healthcare.

Field Service Management (FSM) Market Analysis by Enterprise Size

During the forecasted period, small and medium-sized businesses are expected to see substantial growth. The need to handle field personnel and technicians effectively is pushing SMEs to integrate automated tools and procedures. For example, in order to enable international cross-border payments for small and medium-sized businesses (SME) and consumer markets quick, simple, predictable, and frictionless, Oracle Banking Payments is supporting SWIFT's most recent offering. By investing in its solutions and backing important industry efforts, Oracle hopes to reduce the total cost of ownership and make the transition for clients easier as banks manage their ISO 20022 migrations and introduce new services inside the GPI program. Banks will be able to satisfy changing cross-border payment requirements while minimizing interruption to their existing technological infrastructure thanks to Oracle Banking Payments' built-in interface with the new SWIFT service.

Due to the presence of a sizable workforce, significant documentation, and vast consumer records, large businesses dominate the category share. Field technicians are assisted by the services in managing coordination and projects, as well as an overview of the movement of the operation.

Global Field Service Management (FSM) Market By Component, 2021(%), 2023 (%)

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Global Field Service Management (FSM) Market Regional Insights

Due to the rising popularity of workplace mobility solutions and ongoing efforts to simplify field service teams and operations, North America is projected to have a disproportionately large share of the global field service management market. The area is regarded as the center of technical development and is home to important key figures engaged in developing field service management solutions. To provide clients with effective services, these North American players are investing in research and development operations. For example, in order to jointly provide Oracle Cloud Infrastructure (OCI) services to businesses and organizations in Colombia's public and commercial sectors, Oracle and Claro announced their alliance. Claro will take on the role of host partner for an Oracle Cloud region in Colombia, allowing it to provide OCI platform services with expert and managed services to assist clients in implementing cloud solutions. In addition, Claro will move over 100 on-premises servers running mission-critical workloads to OCI to assist streamline its customer support and invoicing procedures.

As present manual field service operations are becoming automated, Europe is showing an exponential increase in the use of these solutions. In order to assist their different field forces, several firms in European nations are eager to invest in innovative technology. For example, the software developer Praxedo, which specializes in giving field employees computerized solutions, has today announced the creation of a company in Germany. Praxedo will be able to accelerate its objectives for worldwide expansion and grow the number of people using its platform with the aid of the new endeavor.

In terms of CAGR, Asia Pacific surpassed the market. Large-scale industrialization in nations like China, Japan, and India makes FSM solutions extremely challenging to implement for attaining workflow optimization and productivity growth. Additionally, businesses in the area are moving toward creative customer service strategies, which has increased the need for efficient FSM solutions.

Global Field Service Management (FSM) Market By Geography, 2021 - 2028, 2024-2031
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Global Field Service Management (FSM) Market Dynamics

Field Service Management (FSM) Market Driver

  • To increase customer satisfaction, there is a growing need across sectors for real-time field service solutions. By linking customers with the closest service provider, businesses can respond to consumer inquiries right away thanks to the real-time monitoring and administration of field personnel. As a result, these solutions are becoming more popular across all industries. These solutions assist companies in promptly reacting to customer issues, which enhances the relationship with the experience of the consumer. All field activities may be effectively managed by the real-time FSM system to help you make smarter business decisions.
  • The process of quickly and effectively receiving and dispatching service requests is being streamlined through real-time monitoring of field operations. To continually monitor and access the activities, for instance, ORTEC released a cloud-based Field Service with scheduling and dispatching software in March 2021. This ongoing observation contributes to client happiness and immediate problem-solving abilities. As a result, real-time visibility into field operations improves both customer satisfaction and corporate sustainability.

Field Service Management (FSM) Market Restraint

  • Due to the underqualified workforce, service providers and managers must deal with a number of difficulties while managing complex assets and services. Due to a shortage of skilled workers, the providers are experiencing difficulties on the job, including misunderstandings about job duties, an increase in return trips, scheduling issues, an inability to comprehend instructions, and more. The on-field operations are likely to be hampered by the technician's lack of training and knowledge transmission.
  • Additionally, the corporations are struggling to retain existing employees and recruit new ones as a result of the growing burden on the field staff. This is anticipated to have a detrimental effect on the market expansion. Many businesses are using alternative solutions, including automation to lighten the burden, to control the problem.
  • Security concerns  create a major restraint in the growth of the market. Mostly the devices used on field service operate on servers behind the corporate firewall and security system but there are some devices that do have such security which includes the system of technicians. These systems are vulnerable to cyberattacks especially when they are connected to an unsecured network.

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Global Field Service Management (FSM) Market Competitive Landscape

The global field service management market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, Metallic DMaaS on Oracle Cloud is now a part of Commvault's strategic relationship with Oracle, a pioneer in intelligent data services across on-premises, cloud, and SaaS settings. Metallic's market-leading services will be made available on Oracle Cloud Infrastructure (OCI) and will be accessible in all commercial OCI regions worldwide as part of Commvault's multi-cloud strategy. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.

Top Players in the Global Field Service Management Market

  • Oracle Corporation
  • SAP SE
  • IBM Corporation
  • IFS AB
  • ServiceMax, Inc.
  • ClickSoftware Technologies Ltd.
  • Astea International Inc.
  • Trimble Inc.
  • Salesforce.com, Inc.
  • Microsoft Corporation
  • Infor, Inc.
  • PTC, Inc.
  • Comarch SA
  • ServicePower Technologies plc
  • ServiceNow, Inc.
  • Verizon Communications Inc.
  • FLSmidth & Co. A/S
  • Coresystems AG
  • OverIT Spa
  • Industrial and Financial Systems AB (IFS)

Field Service Management (FSM) Market Recent Developments

  • In July 2022, the Oracle Construction Intelligence Cloud Analytics was announced. Owners and contractors may now have a thorough knowledge of performance across all of their operations thanks to the new solution, which integrates data from Oracle Smart Construction Platform apps. With this knowledge, businesses can swiftly identify problems, fix them, and focus on strategies to promote continuous improvement throughout project planning, asset building, and asset operation.
  • In July 2022, the debut of DataGuide, a new product integrated into the ServiceMax Core platform that offers sophisticated form and report production capabilities, was announced today by ServiceMax, a pioneer in asset-centric field service management. Field specialists can do service work, complete complicated work paperwork and forms, and collect important data for the company more easily thanks to DataGuide. In order to further increase service productivity and efficiency, ServiceMax has introduced new updates to ServiceMax Core's installed base management, condition-based maintenance, schedule optimization, and field inventory management capabilities.

Global Field Service Management (FSM) Key Market Trends

  • Early adopters of mobile technology were field service providers, and today's businesses who use mobile-enabled software are receiving clear advantages. According to the Infographic HSO CRM study, 45% of the staff of the organization uses smartphones or mobile devices as their main means of communication. According to the survey, 60% of field service managers are utilizing the bring your own device method to improve productivity and communication. Because of this, FSM providers are concentrating on businesses with mobile-driven cultures to give top-notch experiences. For instance, SAP SE provides the company with mServiceOrder, a field service management solution. With real-time analytics, the app helps field technicians fix problems quickly.

Global Field Service Management (FSM) Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global field service management market analysis, in terms of the solutions segment held the largest share in the global field service management market. The solutions segment includes things like AT&T Workforce Manager, CoConstruct, Mhelpdesk, and Salesforce Field Service, among others. These technologies assist managers in concentrating on the customer experience while empowering employees at all organizational levels to connect with their clients successfully. By deployment, the on-premise segment held the largest share in the global field service management market. Many sectors, including BFSI, government, and healthcare, are increasingly concerned with security data, which is fueling demand for on-premises servers. And by region, the North American region held the largest market share. The area is regarded as the center of technical development and is home to important key figures engaged in developing field service management solutions. To provide clients with effective services, these North American players are investing in research and development operations.

Report Metric Details
Market size value in 2023 USD 4.71 billion
Market size value in 2031 USD 25.4 billion
Growth Rate 14.57%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Solutions, Services
  • Application
    • Work Order Management, Schedule, Dispatch, Route Optimization, Customer Management, Inventory Management, Service Contract Management, Reporting & Analytics
  • Deployment
    • Cloud, On-Premise
  • Enterprise Size
    • Large Enterprises, Small & Medium Size Enterprises
  • Vertical
    • BFSI, IT, Telecommunication, Healthcare & Life Sciences, Manufacturing, Transportation & Logistics, Construction & Heavy Equipment
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Oracle Corporation
  • SAP SE
  • IBM Corporation
  • IFS AB
  • ServiceMax, Inc.
  • ClickSoftware Technologies Ltd.
  • Astea International Inc.
  • Trimble Inc.
  • Salesforce.com, Inc.
  • Microsoft Corporation
  • Infor, Inc.
  • PTC, Inc.
  • Comarch SA
  • ServicePower Technologies plc
  • ServiceNow, Inc.
  • Verizon Communications Inc.
  • FLSmidth & Co. A/S
  • Coresystems AG
  • OverIT Spa
  • Industrial and Financial Systems AB (IFS)
Customization scope

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  • Company profile
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Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Field Service Management (FSM) Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Field Service Management (FSM) Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Field Service Management (FSM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Field Service Management (FSM) Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Field Service Management (FSM) Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Field Service Management (FSM) Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Field Service Management (FSM) Market size was valued at USD 4.71 billion in 2019 and is poised to grow from USD 5.4 billion in 2023 to USD 25.4 billion by 2031, growing at a CAGR of 14.57% in the forecast period (2024-2031).

The global field service management market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, Metallic DMaaS on Oracle Cloud is now a part of Commvault's strategic relationship with Oracle, a pioneer in intelligent data services across on-premises, cloud, and SaaS settings. Metallic's market-leading services will be made available on Oracle Cloud Infrastructure (OCI) and will be accessible in all commercial OCI regions worldwide as part of Commvault's multi-cloud strategy. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Oracle Corporation', 'SAP SE', 'IBM Corporation', 'IFS AB', 'ServiceMax, Inc.', 'ClickSoftware Technologies Ltd.', 'Astea International Inc.', 'Trimble Inc.', 'Salesforce.com, Inc.', 'Microsoft Corporation', 'Infor, Inc.', 'PTC, Inc.', 'Comarch SA', 'ServicePower Technologies plc', 'ServiceNow, Inc.', 'Verizon Communications Inc.', 'FLSmidth & Co. A/S', 'Coresystems AG', 'OverIT Spa', 'Industrial and Financial Systems AB (IFS)'

To increase customer satisfaction, there is a growing need across sectors for real-time field service solutions. By linking customers with the closest service provider, businesses can respond to consumer inquiries right away thanks to the real-time monitoring and administration of field personnel. As a result, these solutions are becoming more popular across all industries. These solutions assist companies in promptly reacting to customer issues, which enhances the relationship with the experience of the consumer. All field activities may be effectively managed by the real-time FSM system to help you make smarter business decisions.

Early adopters of mobile technology were field service providers, and today's businesses who use mobile-enabled software are receiving clear advantages. According to the Infographic HSO CRM study, 45% of the staff of the organization uses smartphones or mobile devices as their main means of communication. According to the survey, 60% of field service managers are utilizing the bring your own device method to improve productivity and communication. Because of this, FSM providers are concentrating on businesses with mobile-driven cultures to give top-notch experiences. For instance, SAP SE provides the company with mServiceOrder, a field service management solution. With real-time analytics, the app helps field technicians fix problems quickly.

Due to the rising popularity of workplace mobility solutions and ongoing efforts to simplify field service teams and operations, North America is projected to have a disproportionately large share of the global field service management market. The area is regarded as the center of technical development and is home to important key figures engaged in developing field service management solutions. To provide clients with effective services, these North American players are investing in research and development operations. For example, in order to jointly provide Oracle Cloud Infrastructure (OCI) services to businesses and organizations in Colombia's public and commercial sectors, Oracle and Claro announced their alliance. Claro will take on the role of host partner for an Oracle Cloud region in Colombia, allowing it to provide OCI platform services with expert and managed services to assist clients in implementing cloud solutions. In addition, Claro will move over 100 on-premises servers running mission-critical workloads to OCI to assist streamline its customer support and invoicing procedures.

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Global Field Service Management (FSM) Market

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