Tremendous Drift in the Field Service Management Market Registered Owing to the Heavy Application in Multiple End-User Industries
Huge infrastructure establishments in the oil and gas industry, transportation sector, aerospace, telecom, healthcare, and military & defense vertical requires a process for asset and resource management installed over third-party locations. Also, managing personnel and assets during transit and delivery services is an essential task for any supply chain. Thus, the need for a streamlined asset management system in the supply chain is creating demands in the field service management market which held the global market size of $2.78 billion in 2018 and opportunities in the same are expected to augment at a double-digit CAGR of 14.70% during the forecast period 2019 to 2025. The global field service management market is leveraging on the Internet of Things (IoT), cloud computing, field service management software, and field service software.
Application Analysis in the Field Service Management Market
The industrial applications in the energy, oil & gas, and mining sectors are prolific as field service automation is benefiting the end-user industries in a number of ways including route optimization, customer management, work order management, and mobile workforce management. However, the manufacturing sector was observed as the most lucrative industrial sector in the global field service management market. Manufacturing is a vast industry and enables production of various products at a large scale, therefore, mobile field service supports the manufacturing industry by improving the communication and transit services. Foreseeing the commendable growth in the manufacturing sector, the demands of field service management in the manufacturing industry is projected to grow at a double-digit CAGR of 10.67% during the forecast period.
Geographical Analysis and Regional Growth Drivers
North America was accountable for 35.28% of the market share and was observed as the most productive region in the global field service management market. North America was one of the first regions to adopt and implement mobile solution in the form of software-as-a-service. Cloud computing in the field service management was initiated from the region which further expanded to other regions. The region hosts some of the most economically proactive nations mainly the United States and Canada, and the maximum demands for field service management are generally generated from the energy and manufacturing sector. Additionally, the growing prevalence of warehouses owing to flourishing e-commerce industry are also referred to be one of the major growth drivers in the field service management market. Thus, the vast gamut of opportunities in various end-user industries are subjected to drive revenues in the regional and global field service management market.
Field Service Management Market Competitive Landscape
The companies influencing the field service management market are Accruent LLC, Acumatica, Astea International, ClickSoftware Technologies, Comarch Group of Industries, ConnectMyWorld Technologies Pvt. Ltd., Coresystems AG, FieldAware, GEOCONCEPT Group, IBM Corporation, IFS AB, Infor Global Solutions Inc., Jobber, Kickserv, Microsoft Corporation, Oracle Corporation, OverIT, Praxedo, Salesforce.com Inc., SAP SE, ServiceMax, ServiceNow Inc., ServicePower Inc., ServiceTitan, and ServiceTrade Inc.
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