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The global field service management market size is expected to gain momentum by reaching USD 7.09 billion by 2027. This is attributable to the increasing adoption of Bring-your-own-device (BYOD) that propels the demand for this service management globally. This information is published by 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.” The report further mentions that the market stood at USD 2.54 billion in 2019 and is projected to exhibit a CAGR of 13.8% between 2020 and 2027.
Carlsberg Deploys IFS Field Service Management Software to Strengthen its Hospitality Services
In July 2020, IFS, a global enterprise solutions company, announced that one of the leading global brewery groups, Carlsberg will be deploying its FSM software for their European service organizations that includes sites present at Sweden, Poland, Denmark, Switzerland, and Norway.
Carlsberg is aiming to provide efficient services to its customers such as installation, maintenance, and repair services across the hospitality industry. IFS provides the company with the much needed central FSM solution that offers an open and enabled platform for advanced technologies such as artificial intelligence (AI) and the internet of things (IoT), while covering every business process. The companies focusing to provide a better customer-centric service and solution are expected to contribute to the growth of the market.
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Increasing Adoption of BYOD Concept to Favor Growth
The growing trend for remote working and distributed workforce has enabled the organizations to favor the bring-your-own-device concept across the globe. According to the concept, personnel can bring their own personal mobile devices and laptops at the workplace that drastically reduces the overall IT cost and further offers efficient availability of tools and applications for the field workers. The increasing adoption of BYOD propels the demand for advanced field service management that rapidly and easily connects with the devices to provide real-time connectivity. Therefore, the emergence of such concepts and advanced mobility solutions is expected to contribute to the growth of the global field service management market during the forecast period.
Product Innovations by Major Companies to Strengthen Their Market Positions
The global FSM market is fragmented by the presence of several companies that are striving to consolidate their positions and gain a competitive edge over their rivals. They are doing so by focusing on innovating new products to cater to the evolving demand of the consumers to provide efficient and advanced management services. Additionally, key players adopting strategies such as merger and acquisition to expand their product portfolio will bode well for the growth of the market.
List of the Companies Operating in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Organization Size