Product ID: SQSG45E2019
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.
Global Field Service Management (FSM) Market Report Snapshots
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