Field Service Management (FSM) Market by Enterprises (Small, Medium, and Large), Solutions (Service Contract Management, Mobile Field Execution, Warranty Management, Customer Management, Workforce Management, and Inventory Management), Deployments (Cloud and On-premise), Service (Training & Support, Implementation, and Consultancy & Advisory), Applications (Telecom, Manufacturing, Energy & Utilities, Healthcare, BFSI, Construction & Real Estate, and Transportation & Logistics) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global field service management (FSM) market was valued at USD 1,725.5 million in 2019. The market is projected to expand at a CAGR of 10 % during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing number of field operations across several end-use industries such as oil & gas, telecom, construction, and energy & utilities.

Field service management (FSM) software helps companies to process job orders, collect payments in the field, and dispatch technicians.

Market Trends, Drivers, Restraints, and Opportunities:

• Rising adoption of FSM solutions by several small and medium enterprises is estimated to fuel the market.
• FSM software allows tasks to be sent to the field worker’s mobile. It contains information like spare parts and tools required, best route to the site, and contact numbers. These factors are anticipated to drive the market.
• High accuracy is obtained when field service management software is used to track and maintain processes.

Scope of the Report:

The report on the field service management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights:

The large enterprise segment is estimated to expand at a rapid pace during the forecast period

Based on enterprises, the global field service management market is segregated as small, medium, and large. The large enterprise segment is expected to hold a major share of the field service management market. Growth of the segment is attributed to presence of large workforce. It helps in maintaining member records, sub-contracting, individual performance statistics, document maintenance, and contract renewals. The FSM software is integrated with mobile computing to improve communication with field workers, enhance productivity, and streamline work processes.

The small and medium enterprise segment contains few employees as compared to large enterprises. These enterprises are largely adopting FSM across their organizations. The growth of the segment is attributed to increasing adoption of technological developments in mobility, Software as a Service (SaaS), and machine learning. This software helps technicians to reach customer locations for offering several services such as repair & maintenance.

The mobile field management segment is expected to expand at a robust CAGR during the forecast period

On the basis of solutions, the global field service management market is fragmented as service contract management, mobile field execution, warranty management, customer management, workforce management, inventory management, and others. Field service management software helps in better communication between management and technicians. Improvement of technologies such as cloud advanced analytics, and big data supports the integration of cloud and mobility with FSM software. Numerous cloud technology service providers offer advanced level of FSM solutions, which fulfill the needs of small, medium, and large enterprises and are projected to boost the market during the forecast period.

FSM software offers several solutions for the accomplishment of fieldwork. It helps to gain visibility in the individual performance of technicians and field workers. FSM software helps in the execution and management of service contracts made with vendors, customers, employees, and partners. The service contract management segment generally deals with processes such as tooling, travel, sub-contracting, contract renewals, help desk service, and document maintenance. Some technology service providers offer improved level of FSM solutions that cater to the requirements of large, medium, and small enterprises.

This software supports in quick reduction of reserve & warranty costs, improved cash flow for maximum profitability, forecasting accuracy, and supplier recovery. It offers supervision of non-capitalized assets & stock items and inventory management services. This software helps to lower the costs involved in field processes. Therefore, many enterprises opt for FSM software for increased productivity and enhanced performance of their organization.

The cloud segment held a major market share of the total revenue in 2016

In terms of deployment, the global field service management market is bifurcated into cloud-based and on-premise. The cloud segment is anticipated to expand at a substantial CAGR during the forecast period. Industries are slowly transferring their data from on-premise to the cloud, as deployment of cloud service provides efficiency of work processes and increased storage space.

Cloud deployment helps to minimize capital and operational expenses. Cloud-based FSM solutions provide scalability, flexibility, real time access to data, and low cost irrespective of location of the employees.

On-premise segment requires large storage space on the system. Moreover, it is flexible to use. If many users are held on same cloud server, a hacker may try to break into the data of the users hosted.

The healthcare application is expected to expand at a robust CAGR during the forecast period

On the basis of applications, the global field service management market is segregated as telecom, manufacturing, energy & utilities, healthcare, BFSI, construction & real estate, and transportation & logistics. Growth of the healthcare segment is attributed to increased competition in the healthcare sector in developing countries, which calls for effective FSM solutions to minimize supply chain management costs.

The utilities sector held a major market share in 2016. Growth of the segment was attributed to increasing demand to automate business processes in power plants under pressure to surge their business productivity. The oil & gas segment is projected to expand at a rapid pace during the forecast period, owing to rising demand for petroleum products. The construction segment is anticipated to expand at a high CAGR during the forecast period, due to increasing population and rapid industrialization in developing countries such as China and India. The construction segment uses FSM for tracking construction activities on the site. Therefore, the growth of construction sector is expected to boost the demand for FSM.

The implementation segment held a major market share of the total revenue in 2016

Based on services, the global field service management market is fragmented as training & support, implementation, and consultancy & advisory. The service segment is expected to expand, owing to its increasing prominence among end-users, due to upsurge in implementation and integration services. FSM software is integrated in organizations for help in workforce management. The software acts as an alternative for field survey, does the needed work, and provides updated information. Additionally, it provides training to the workers.

FSM solutions, when integrated in the organization, offer consultation services to enterprises. The software helps in organizing all the data and provides it as and when it is required. Additionally, it provides suggestions to the organization to improve its efficiency and performance. Moreover, it minimizes human efforts, saves time, and is efficient, which in turn, drives the market.

The market in North America held a key share of the total revenue in 2016

On the basis of regions, the global field service management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a rapid pace during the forecast period. Companies in the region are increasing expenditure on IT to improve security features such as encryption of end-to-end data transfer and secure access, which in turn, is expected to drive the market.

The market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. Rising demand for integrated connectivity and growing adoption of advanced technology among consumers is estimated to fuel the market.

Segments

The global field service management market has been segmented on the basis of

Enterprises

• Small
• Medium
• Large

Solutions

• Service Contract Management
• Mobile Field Execution
• Warranty Management
• Customer Management
• Workforce Management
• Inventory Management

Applications

• Telecom
• Manufacturing
• Energy & Utilities
• Healthcare
• BFSI
• Construction & Real Estate
• Transportation & Logistics

Deployments

• Cloud
• On-premise

Services

• Training & Support
• Implementation
• Consultancy & Advisory

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Comarch SA
• Infor
• Accenture
• ClickSoftware Technologies
• SAP SE
• Trimble Navigation Limited
• Astea International, Inc.
• Tech Mahindra Limited
• Klugo Group

Competitive Landscape

Key players in the global field service management market include Comarch SA, Infor, Accenture, ClickSoftware Technologies, SAP SE, Trimble Navigation Limited, Astea International, Inc., Tech Mahindra Limited, and Klugo Group. Manufacturers are involved in several strategies, such as mergers and acquisitions to increase their market share.