Field Service Management Market Share

Field Service Management Market Overview

The Field Service Management Market size is projected to grow from USD 7.1 billion in 2024 to USD 28.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.5% during the forecast period (2024 - 2032). Additionally, the market size for Field Service Management was valued at USD 6.7 billion in 2023.

Increasing activities monitoring, demand for mobility for real-time visibility, implementing digitization and automation, and increasing adoption of new technologies such as drones drive the market growth significantly.

Figure1: Field Service Management Market, 2018 - 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Field Service Management Market Trends

Implementing Digitization And Automation Drives The Market Growth

Field service management processes are changing with increasing automation with artificial and machine learning integration. Due to increasing customer demand, automation is becoming critical for product processing. Automation also helps employees work better and ensure the testing and development of products with great accuracy. It also helps the centralized management team track each employee's progress during operations and helps them train and design new processes to make employees more efficient. With the help of field service management tools, all the processes align with current advancements reducing the gap between employees and their work.

Figure 2: ALLIED INDUSTRIES GROWTH RATE 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

FSM market vendors are actively trying to enhance their offerings by using advanced technologies such as AI. For instance, in November 2018, ICONICS launched the CFSWorX™ app, which enables field service employees and maintenance heads to move away from the fix/legacy break model and become more proactive. The software platforms can be easily aligned into a company’s existing Customer Relationship Management (CRM) systems and Enterprise Resource Planning (ERP), utilizing existing contact information, schedules, and field workers’ cataloged skill sets. Such enhancement drives the growth of the market.

Field Service Management Market Segment Insight

Field Service Management Verticals Insights

Based on verticals, the global Field Service Management market segmentation includes IT & Telecom, healthcare, life sciences, manufacturing, construction and real estate, transportation and real estate, energy, unities, oil and gas, and other industries. The manufacturing segment accounted for the highest market share of 24.1% in 2022 and is expected to dominate the market through the forecast period. The manufacturing sector is being encouraged by rapid industrialization to use technologies that automate field operations and processes. By offering cost-effective and value-added services to their clients, manufacturers are also reorienting their business strategies to be more customer-centric. Factors including the increase in local manufacturing demand, high energy demand, and the increased adoption of cloud and mobile technologies are driving the market in the Asia Pacific area.

Figure 3: GLOBAL FIELD SERVICE MANAGEMENT MARKET, BY VERTICALS, 2022 and 2030

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Furthermore, the energy and utility industry is expected to grow at the fastest CAGR of % through the forecast period. Due to the growing adoption of mobile-driven FSM solutions, the energy and utility sector is projected to show the highest growth. As per the daily work schedule of employees in this sector, the industry needs most of the personnel in the fields. This structure must be tracked as the lag in one parameter or process can lag the whole implementation process.

Healthcare and life science is the second largest market, with a share of more than 16% in 2022, and is expected to grow at a CAGR of 20.58% throughout the forecast period. Similarly, healthcare is one of the most critical sectors in using field service solutions for managing business operations successfully. The healthcare sector has a vast employee strength and requires better management.

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Field Service Management by Component Type Insights

The global Field Service Management market segmentation includes solutions and services based on component type. The solution segment is further sub-segmented into customer management, work order management, inventory management, and service contract management. At the same time, the service segment is segregated into consulting, training and support, integration, and implementation, among others.

The solution segment accounted for the highest market share of 73.4% in 2022 and is expected to dominate the market through the forecast period. This share is attributed to businesses' growth in field service management software used to obtain a competitive edge over rivals and retain high client loyalty. Also, it aids the industrial vertical in keeping personnel on the job for an extended period, which promotes market expansion. However, the service segment is anticipated to grow fastest since it promotes efficient coordination between FSM providers and software supplier businesses by offering implementation, training, consulting, and managed services.

Conversely, the services segment is also anticipated to grow significantly over the forecast period. In addition, the services category would experience rapid growth due to its ability to provide management and solution functional support. The market has become divided into managed and professional services, with professional services controlling the market. These services are divided into three categories: support and maintenance, training and education, and integration and implementation.

Moreover, the services segment is expected to develop moderately over the projected period. Services mainly assist with managing the solution. Additionally, clients can adopt and integrate FSM solutions with their current Enterprise Resource Planning and Customer Relationship Management systems using system integration and deployment services. These services offer FSM in a shorter time and are delivered by knowledgeable and qualified staff, ensuring accuracy in field service management deployment. These elements are fueling the market's expansion.

Field Service Management by Deployment Insights

Based on deployment the global Field Service Management market segmentation includes cloud, on-premises, small enterprise, medium and large enterprises. The on-premises segment accounted for the highest market share of 68.5% in 2022 and is expected to dominate the market through the forecast period. Many sectors, including BFSI, government, and healthcare, are more concerned with security data, fueling demand for on-premises servers. Additionally, a field service management company handles sensitive and private information belonging to their clients and other businesses, which an on-premise field service management solution handles.

The cloud category has dominated the market with significant growth over the past few years. As it enables organizations to handle information in a secure, practical, remotely accessible, and centralized manner, cloud deployment is being used at a high CAGR during the projection period. Also, cloud deployment has a cheaper installation cost than traditional distribution methods. Moreover, cloud FSM solutions have been crucial in exploring new possibilities for managing many data sets concurrently across various business sectors. Knowledge chain gaps cause a reduction in an organization's operational time, which makes consumers dissatisfied.

Field Service Management Regional Insights

This market has been segmented by region into North America, Europe, Asia-Pacific, and the Rest of the World. The North American segment accounted for the highest market share of 68.5% in 2022 and is expected to dominate the market through the forecast period. The region is regarded as the center of technological development and is home to vital critical figures engaged in developing field service management solutions. Certain significant firms in North America invest in research and development operations to provide clients with adequate services. The United States is the primary technical development center and home to some of the most significant market participants. These elements are anticipated to accelerate the regional market's expansion.

However, the Asia-Pacific region is also anticipated to grow at the fastest CAGR of 24.5% through the forecast period. Large-scale manufacturing in countries such as China, Japan, and India make FSM solutions extremely challenging to implement for achieving optimal workflow and increased production. Also, businesses in the area are moving towards creative customer service strategies, which have increased the need for efficient FSM solutions. Also, most businesses and enterprises prefer technologically advanced customer service techniques, which is anticipated to further accelerate the regional market's expansion.  

Figure 4: GLOBAL FIELD SERVICE MANAGEMENT MARKET, BY REGION, 2022 and 2030

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Businesses and companies are increasingly adopting technologically advanced customer service strategies, which are anticipated to hasten the expansion of the local market. Furthermore, to implement FSM, popular smartphones and tablets should be used. Mobility promotes adoption, improves usability, and reduces total costs associated with service delivery. Processing a work order becomes a component of a technician's workflow while they are mobile.

Field Service Management Key Market Players & Competitive Insights

The solution providers are forming strategic alliances with direct companies in other specialized markets. The goal is to reduce carbon emissions while advancing the clean energy sector. Influential organizations are forming strategic partnerships to broaden their portfolios and establish a solid footing in the global market. The major players in the market are Capterra, Acumatica Inc., IBM Corporation, Oracle Corporation, ServiceMax, Inc., Oracle Corporation, IFS AB.

Key Companies in the Field Service Management market include

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  Capterra

  
  


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  Acumatica Inc.

  
  


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  IBM Corporation

  
  


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  Oracle Corporation

  
  


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  ServiceMax, Inc.

  
  


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  Oracle Corporation

  
  


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  IFS AB

  
  


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  Salesforce.com, Inc

  
  


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  PRAXEDO

  
  


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  Infor, Inc.

  
  


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  Comarch SA

  
  


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  OverIT S.p.A.

  
  


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  FieldAware Group Ltd.

  
  


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  GEOCONCEPT SAS

  
  

Field Service Management Industry Developments

On Apr. 01, 2023, Epazz, Inc., a developer of the TillerStack field service management solutions suite, announced the expansion of its offerings to support a larger, more diverse, global client base. Epazz provides cloud-enabled, mobile, and real-time video-based field service software & Apps. Tillerstack now supports a broader field service management client base across the globe through multiple languages and on-site remote assist capabilities. The company sees expanded potential for its products and solutions in future years.

On Nov.18, 2022, PTC announced the acquisition of ServiceMax, a SaaS field service management provider, to strengthen its closed-loop product lifecycle management (PLM) offerings by extending the product information into downstream enterprise asset management (EAM) and FSM capabilities. ServiceMax offers cloud-native, product-centric field service management (FSM) software.

On Nov.18, 2022, Zuper (India), a startup provider of intelligent workforce & field service management solutions, announced its plans to expand its field service management platform services to businesses globally. It enables service organizations of all types & sizes to digitize, automate, and optimize their field operations, offering a strong on-demand customer experience. Zuper empowers field service teams to collaborate effortlessly to provide an exceptional customer experience.

On Nov.29, 2022, Zinier announced that Virgin Media O2 has selected it as its preferred supplier for field service automation software. Zinier's solutions support field service management teams, back-office personnel, and end-users. Virgin Media O2 will use Zinier's platform-as-a-service (PaaS) solution to enhance its field service performance. The initial deployment will automate field service management to streamline Virgin Media O2's routing, dispatching, and other crucial field service workflows.

Field Service Management Market Segmentation

Field Service Management Component Outlook

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  Solution

  
  
  
  
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    Schedule

    
    
  
  
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    Customer Management

    
    
  
  
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    Work Order Management

    
    
  
  
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    Inventory Management

    
    
  
  
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    Service Contract Management

    
    
  
  
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    Reporting and Analytics

    
    
  
  
  
  


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  Services

  
  
  
  
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    Consulting

    
    
  
  
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    Integration & Implementation

    
    
  
  
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    Training & Support

    
    
  
  
  
  

Field Service Management Deployment Outlook

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  Cloud

  
  


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  On-Premises

  
  

Field Service Management Organization Type Outlook

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  Large Enterprises

  
  


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  Small & Medium Enterprises

  
  

Field Service Management Verticals Outlook

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  IT & Telecom

  
  


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  Healthcare and Life sciences

  
  


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  Manufacturing

  
  


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  Construction & Real Estate

  
  


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  Transportation & Logistics

  
  


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  Energy & Utilities

  
  


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  Oil & Gas

  
  


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  Others

  
  

Field Service Management Regional Outlook