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 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.

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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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