Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) — The global field service management market size is expected to reach USD 7.09 billion by 2027 while exhibiting a CAGR of 13.8% between 2020 and 2027. This is attributable to the increasing adoption of advanced technologies such as artificial intelligence and the internet of things (IoT) in the development of innovative field service management solutions across the globe. Fortune Business Insights, in its latest report, titled, “Field Service Management (FSM) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services) By Deployment (Cloud, On-Premise), By Organization Size (Large Enterprises, Small and Medium Sized Enterprises (SME’s)), By Vertical (Banking, Financial Services and Insurance (BFSI), IT and Telecommunication, Healthcare and Life Sciences, Manufacturing, Transportation and Logistics, Construction and Heavy Equipment, Energy and Utilities, and others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 2.54 billion in 2019.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Surging Demand for Mobile-based Solutions amid COVID-19
The global pandemic has provided a boost to remote working owing to the restrictions on working together across companies to contain its spread. This is propelling the demand for advanced mobile-based solutions to ensure efficient working of the businesses. This is primarily favoring the field service management technicians to complete their tasks, while maintaining safety of selves and customers. Therefore, the global pandemic is expected to bode well for the market growth in the near future.
Field service management (FSM) software is beneficial for companies to deliver efficient and fast-paced services such as managing personnel, tracking requests, and maintaining real-time visibility of operations. It includes advanced features such as inventory management, work order management, and others. Additionally, it aids the companies to manage service requests and repairs, along with installation of equipment to maintain continuity in processes.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Increasing Adoption of Artificial Intelligence to Surge Demand
The growing competition among businesses to provide efficient and sophisticated services to the consumers has led to the increasing adoption of advanced technologies such as artificial intelligence (AI) and the internet of things (IoT). These technologies allow the field service management technicians to leverage large amount of data and further aid in automating several crucial tasks. Additionally, they are able to respond faster and solve the customer queries within time enabling customer satisfaction and rising revenue sales. Therefore, the adoption of AI-based field service planning is anticipated to bode well for the growth of the global field service management in the forthcoming years.
Manufacturing Segment Held 23.2% Market Share in 2019
The manufacturing segment, based on vertical, is expected to remain dominant owing to the growing adoption of automation services across several manufacturing units to expedite operations and provide optimum customer-centric solutions. The segment held a market share of about 23.2% in 2019.
North America to Remain Dominant; Increasing Focus on R&D Activities to Propel Growth
Among all the regions, North America generated USD 855.7 million in 2019 and is expected to hold the highest position in the global market during the forecast period. This is attributable to the increasing focus on R&D activities by the companies to develop innovative field service management solutions to increase productivity and efficiency in operations.
The market in Asia-Pacific is anticipated to showcase a considerable growth owing to the large presence of small and medium-sized enterprises that propel the demand for advanced solutions in countries such as India and China between 2020 and 2027.
Have any Query? Speak to Analyst at: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/field-service-management-fsm-market-102215
Product Launches by Major Companies to Brighten Market Prospects & Boost Sales Revenue
The global field service management market is consolidated by the active participation of key players that are striving to maintain stronghold by introducing advanced field service management solutions to cater to the complex demand of businesses globally. Additionally, the major companies are establishing partnerships with others to expand their product portfolios that will boost the market growth in the forthcoming years.
- November 2019 – Sig Sauer, Inc introduces Plant 360 Asset Management, an integrated FSM and asset performance management (APM) digital solution. According to the company, the solution is expected to aid food and beverage companies to boost production and cater to the changing consumer preferences by adopting automation services.
List of the Companies Profiled in FSM Market:
- ServiceMax, Inc. (California, United States)
- Oracle Corporation (California, United States)
- IFS AB (Industrial and Financial Systems, Aktiebolag) (Linköping, Sweden)
- Salesforce.com, Inc (ClickSoftware) (California, United States)
- PROV INTERNATIONAL, INC (Florida, United States)
- SAP SE (Walldorf, Germany)
- PRAXEDO (Paris, Ile de France)
- Infor, Inc. (New York, United States)
- Comarch SA (Kraków, Poland)
- OverIT S.p.A. (Fiume Veneto, Italy)
- FieldAware Group Ltd.( Plano, Texas)
- GEOCONCEPT SAS (Bagneux, France)
- Mize, Inc (Telangana, India)
- Zinier, Inc. ( California, United States)
- Sig Sauer, Inc. (Eckernförde, Germany)
Quick Buy – FSM Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102215
Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- 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
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Field Service Management (FSM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (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.)
- Integration and Implementation
- Training and Education
- Support and Maintenance
- By Deployment (Value)
- By Organization Size(Value)
- Large Enterprises
- Small and Medium Sized Organization
- By Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- IT And Telecom
- Healthcare And Life Sciences
- Transportation And Logistics
- Construction And Heavy Equipment’s
- Energy And Utilities
- Others (Government, Media and Entertainment, Education, Etc.)
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
Have a Look at Related Research Insights:
Internet of Things (IoT) Security Market Size, Share & COVID-19 Impact Analysis, By Component (Software, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-Premise), By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Application (Smart Homes, Smart Manufacturing, Connected Logistics, and Others), By End-use Industry, and Regional Forecast, 2020-2027
Digital Signature Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Hardware, and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Healthcare & Life Science, Education, Retail, Real Estate, and Others), and Regional Forecast, 2020-2027
Video Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Conference Type (Telepresence, Integrated, Desktop, and Service-based Video Conferencing System), By Deployment (Cloud, On-premises), By Enterprises Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Application (Small Rooms, Huddle Rooms, Middle Rooms, and Large Rooms), and Regional Forecast, 2020-2027
Team Collaboration Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services and Insurance (BFSI), IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education, Others), and Regional Forecast, 2020-2027
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
Fortune Business Insights™
LinkedIn | Twitter | Blogs