Global Field Service Management Market – Industry Trends and Forecast to 2031

Field Service Management Market Analysis and Size

Major factors that are expected to boost the growth of the field service management market in the forecast period are the increase in the demand for mobility with IoT and the rising requirement for predictive analytics. Furthermore, the rise in the acceptance of cloud-based applications is further propelling the growth of the field service management market. On the other hand, the issues regarding the security of the organizations associated with data confidentiality are further anticipated to impede the growth of the field service management market in the timeline period.

Data Bridge Market Research analyzes that the global field service management market was valued at USD 2.2 million in 2023 and is expected to reach USD 9.25 million by 2031, registering a CAGR of 13.2% during the forecast period of 2024-2031. Solution segments account for the highest market share due to the increasing usage of software as a service tool among the consumer. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Field service management (FSM) is the coordination of a company’s resources, including employees and equipment, in work activities and operations off company property. It is the method of how the company is handling its field operations by separating them tactically to enlighten consumer satisfaction and to augment the productivity and effectiveness of the company. Field service management typically involves dispatching workers or contractors to a location outside company premises to install, maintain, or repair equipment, systems, or assets

Global Field Service Management Market Dynamics

Driver

• Adoption of digital technologies

The increasing urbanization and industrialization, as well as the people, are now increasingly adopting digital technologies so as to minimize the use of papers for reading and documentation tasks, thus, are positively impacting the growth of the market. Furthermore, the increasing number of applications, as well as the easy availability of customized electrowetting display devices, are also acting as an active growth driver towards the growth of the field service management market.

Opportunities

• Increasing use of advanced technologies

Artificial intelligence and machines will truly benefit the market in the long run. Such advanced technologies offer a greater degree of security and safeguard the crucial information of the user. Advanced analytics and video analytics offer security and safety against proactive risks and therefore, this will spread a positive word of mouth for the transaction monitoring technology on a global scale.

• Growth and expansion

Growth and expansion of the banking and financial services industry, especially in the developing economies, will present very many opportunities for the growth of the market. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. A rising number of end users on a daily basis, both at large and small scale, and complete digitization of operations will also work in favor of the market.

Restraint/Challenge

• Lack of technical expertise

Dearth of expert knowledge and technical expertise and lack of awareness especially in the underdeveloped economies will create hurdles for the market in regards to the smooth growth in the market value. Additionally, the stringent regulations imposed on the market concerned with the privacy of the general public will further derail the market growth rate.

This field service management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the field service management market  market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In November 2020, Under the supervision of Professor Guofu Zhou and Professor Alex Henzen, the newest achievements in colour video electronic paper displays jointly developed and manufactured by South China Normal University (SCNU) and Shenzhen Guohua Optoelectronics Ltd. are shown. The achievements are based on the team's research and development efforts in colour video electronic paper displays, which are among the most advanced

Global Field Service Management Market Scope

The field service management market is segmented on the basis of component, deployment type, organization size, and verticals. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Services

Deployment Mode

• Cloud
• On-Premises

Organization Size

• Large Enterprises
•  Small and Medium Sized Enterprises

Verticals

• IT and Telecom
• Healthcare and Life Sciences
• Manufacturing
• Transportation and Logistics
• Construction and Real Estate
• Energy and Utilities
• Financial Services

Global Field Service Management Market Region Analysis/Insights

The field service management market is analyzed and market size insights and trends are provided by country, component, deployment type, organization size, and verticals as referenced above.

The countries covered in the market report are the U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Turkey, Lithuania, rest of Europe, China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, Peru, rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Kuwait, Egypt, and rest of Middle East & Africa.

North America is expected to dominate the market due to the occurrence of major key players. Furthermore, the early adoption of the technology and improved investment prospects in the research and development will further boost the growth of the market in the region during the forecast period.

Asia Pacific is expected to show significant amount of growth in the market due to the rise in the number of highly field service workers in the IT and telecom sector. Moreover, the increase in the adoption of smartphones is further anticipated to propel the growth of the field service management market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.  

Semiconductor Infrastructure growth Installed base and New Technology Penetration

The field service management market also provides you with a detailed market analysis for every region’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the field service management market, the impact of technology using lifeline curves, and changes in battery regulatory scenarios and their impact on the field service management market. The data is available for the historic period 2010-2020.

Competitive Landscape and Global Field Service Management Market Share Analysis

The field service management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to field service management market.

Some of the major players operating in the field service management market are:

• Astea International Inc.(U.S.)
• Oracle.(U.S.)
• ServiceMax.(U.S.)
• SAP  Industrial and Financial Systems.(U.S.),
• Microsoft Corporation.(U.S.)
• Praxedo.(U.S.)
• ClickSoftware.(U.S.)

SKU-13819