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Field Service Management Market to Hit $7.09 Billion by 2027; Stoked by Increasing Adoption of BYOD Concept across Several Industries

October 16, 2020 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/field-service-management-fsm-market-102215


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.


Industry Development:



  • February 2020 – Silver Lake Management, LLC announces its partnership with Salesforce.com to accelerate the asset- centric field service management innovations. The partnership has witnessed an overall combined investment of about USD 80 billion in ServiceMax, Inc by both the companies.


List of the Companies Operating in the Global 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)


Further Report Findings:



  • North America is expected to remain at the forefront and dominate the global field service management market in the forthcoming years. This dominance is attributable to the development of advanced technologies such as IoT, Chatbots, and others that drives the demand for advanced field service management solutions in the region. The region stood at USD 855.7 million in 2019.

  • The market in Europe is expected to experience an exponential growth owing to the increasing adoption of automation services over current manual processes by the major companies in the region between 2020 and 2027.

  • The manufacturing segment, based on vertical, held a market share of about 12.7% in 2019 and is likely to showcase a considerable growth owing to the growing focus by the manufacturers to shift their businesses to be more customer-centric across the globe.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Component



  • Solutions


    • 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.)


  • Services


    • Managed

    • Professional


      • Integration and Implementation

      • Training and Education

      • Support and Maintenance





By Deployment



  • Cloud

  • On-Premises



By Organization Size



  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)



By Vertical



  • Banking, Financial Services and Insurance (BFSI)

  • IT and Telecom

  • Healthcare and Life Sciences

  • Manufacturing

  • Transportation and Logistics

  • Construction and Heavy Equipment

  • Energy and Utilities

  • Others (Government, Media and Entertainment, Education, Etc.)



By Region



  • North America (The U.S., and Canada)

  • Europe (The U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, Japan, India, Southeast Asia, Australia, and Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)

  • Latin America (Mexico, Brazil, and Rest of Latin America)


Field Service Management (FSM) Market
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