According to a new market research report “Field Service Management Market by Component (Solution, Service), Organization Size (SMEs, Large Enterprises), Deployment Type (On-premises, Cloud), Vertical (Energy and Utilities, Manufacturing, Oil and Gas), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the market size is expected to grow from USD 3.0 billion in 2020 to USD 5.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The major factors driving the growth of the field service management market include rising need for mobility with IoT, need of predictive analytics and increasing adoption of cloud-based applications.
Browse and in-depth TOC on “Field Service Management Market”
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Large Enterprises segment to hold the largest market size during the forecast period
The adoption of field service management solutions is higher in large enterprises, and the trend is expected to continue during the forecast period. Field service management solutions are important for large enterprises, as they have a large workforce, large volumes of documentation, and have to maintain extensive customer records.
Moreover, large enterprises face challenges in assigning work orders to field technicians and engineers. In case work orders are not managed efficiently by large enterprises, it can lead to increased costs and lesser productivity. This can also lead to loss of customer loyalty and market share. Large enterprises are focusing on adopting field service management solutions to centrally manage their business processes and critical data of their workforce and customers.
Cloud deployment type to record the fastest growth rate during the forecast period
Field service enterprises are adopting cloud-based deployment as it offers several benefits, such as reduced physical infrastructure, less maintenance cost, and 24/7 data accessibility from anytime, anywhere. It also offers various benefits, such as increased storage, scalability, flexibility, portability, and compliance. SMEs, in particular, are adopting the cloud deployment type largely due to its cost-effectiveness and ability to produce advanced results. These solutions also support real-time collaboration, thereby empowering field service organizations to communicate with employees and customers before, during, and after each appointment. Cloud-based field service management solutions are gaining traction in the market as an enormous amount of data is generated by field technicians, workers, and customers.
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APAC is projected to be the fastest growing region during the forecast period
APAC is expected to witness extensive growth opportunities during the forecast period. The APAC region is expected to have major traction toward field service management solution modules due to the rising demand for local manufacturing and high energy demand. The increasing proliferation of cloud and mobile technologies and changing work dynamics have led to the adoption across verticals, such as manufacturing, energy, construction and real estate, and transportation and logistics of field service management in countries such as China, Japan, India, Australia and New Zealand (ANZ), and Singapore.
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