The global field service management market is projected to be driven by increasing automation and digitalization, along with rising demand for real-time visibility.
Wilmington, DE, Nov. 14, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “Field Service Management Market by Component (Solution, Services), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprise, SMEs), by Industry Vertical (IT and Telecom, Healthcare and Life Sciences, Manufacturing, BFSI, Transportation and Logistics, Energy and Utilities, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global field service management market is projected to gather a revenue of $29.9 billion by 2031. The market accounted for a sum of $5.2 billion in 2021 and is anticipated to surge at a CAGR of 19.2% during the 2022-2031 period. The report provides a comprehensive analysis of current market trends, regional scenarios, and the competitive landscape of the market.
Growth Drivers and Investment Opportunities
The growth of the global field service management market can be attributed to the growing adoption of automation and digitalization in the field services industry. Furthermore, the introduction of advanced technologies such as Augmented and Virtual Reality, Internet of Things, and Artificial Intelligence is anticipated to drive the market forward. On the contrary, lack of skilled workforce, along with growing concerns regarding data security can restrict market growth. Nevertheless, technological advancements among small & medium enterprises for modernization in work force management might generate multiple investment opportunities in the market.
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Report Coverage & Details:
|Market Size in 2023||$5.2 Billion|
|Market Size in 2031||$29.9 Billion|
|No. of Pages in Report||398|
|Segments covered||By Component, Deployment Model & Industry Vertical|
|Drivers||Increase in adoption of automation & digitalization in the field services industry.
Rise in demand for mobility for getting real-time visibility
|Restraints||Scarcity of skilled workforce to operate on FSM & data security concerns and sticking to manual methods are expected to hamper the field service management market growth during the forecast period.|
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The solution segment to grow rapidly by 2031
By component, the solution segment held the highest market share in 2021 and is predicted to maintain its leadership role during the analysis timeframe. Growing assimilation of field service management solutions by businesses to gain a strategic edge over its peers is estimated to strengthen the position of the market. However, the services segment is expected to demonstrate the highest CAGR of 21.0% during the analysis timeframe. Increasing demand for different services offered by field service management software including training and consulting services is forecasted to propel the segment ahead.
The on-premise segment to maintain its dominance during the forecast period
By deployment model, the on-premise segment accounted for the highest market share in 2021 and is predicted to continue on its growth trajectory during the analysis period. The advanced level of data security and safety offered by on-premise based deployment is predicted to help the market achieve great heights. However, the cloud segment is anticipated to rise at a CAGR of 20.6% during the 2022-2031 period. Extensive demand for field service management software from small and medium-scale organizations will play a huge role in helping the market to flourish.
Asia-Pacific to numerous offer lucrative opportunities by 2031
By region, the North America field service management market generated the highest revenue in 2021. Growing awareness regarding advanced field management solutions and intensifying adoption of cloud technology are the two main factors in the growth of this market. On the other hand, the Asia-Pacific market is predicted to have the highest CAGR of 22.5% during the analysis timeframe. The widespread introduction of process automation by almost all industrial sectors in the region to improve customer engagement is expected to augment the growth rate of the market.
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Leading Players of the Industry
- Oracle Corporation
- Microsoft Corporation
- Praxedo Software, Inc.
- IFS AB
- Comarch SA
- SAP SE
- Salesforce, Inc.
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