Technology

At a CAGR of 16.2% Field Service Management Market projected to surpass $5.9 billion by 2024

MarketsandMarkets expects the global field service management market size to grow from USD 2.8 billion in 2019 to USD 5.9 billion by 2024, at a CAGR of 16.2% during the forecast period. The growing demand for mobility solution to gain real-time visibility into field service operations and increasing adoption of cloud-based field service management solution are driving the growth of the field service management market across the globe. Field service management solutions are gaining traction globally as they enable organizations to increase the productivity of field technicians and deliver prompt service to customers.

Field service management solutions can be easily integrated with the existing systems of an organization, thereby providing enhanced ability to adapt to changes and increase the efficiency of field operations. The growing focus of organizations to improve and automate field service processes is driving the demand for field service management solutions across industries in the global market.

Field service management solutions are needed by both large enterprises and Small and Medium-sized Enterprises (SMEs) to enhance the performance of their field service processes. By organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period as compared to the large enterprises. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. SMEs are investing in implementing cloud-based field service management solutions to enhance the efficiency of their field operations and compete with large organizations.

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Major field service management vendors include Oracle (US); Microsoft (US); IFS (Sweden); ClickSoftware (US); ServiceMax (US); Astea (US); Comarch (Poland); SAP (Germany); Salesforce (US); Trimble (US); Infor (US); OverIT (Italy); ServicePower (US); FieldAware (US); GEOCONCEPT (France); FieldEZ (India), and Zinier (US). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and acquisitions, to further expand their presence in the global field service management market. These strategies have helped them innovate their offerings and expand their customer base.

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