The global field service management (FSM) market size is expected to value at USD 4.1 billion by 2025. The market is subject to witness a substantial growth due to the increasing number of field campaigns around various end-user businesses like telecom sector, oil & gas industry, building & construction sector and energy & utilities industry. Moreover, growing demand for the field service management solutions by numerous small & medium-sized enterprises (SMEs) is also anticipated to fuel the growth of market over the forecast period.
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Globally, the field service management market is predicted to grow at CAGR of 10% in forecast period, providing numerous opportunities for market players to invest in research and development in the market. Some of the important factors such as complex management of inventory, improved inventory cycle time, higher asset cost, higher collection cost and unpredictable data regarding the stock exchange and higher cost of business operations, are driving market growth in the recent years.
Field service management software allows fortification of the functions performed by service sector thus enhancing overall profitability. Increasing adoption of handheld electronic devices, growing need for superior operational efficiency and reduced functional cost are expected to fuel the growth of field service management (FSM) industry in the upcoming years. Recent advancement in the cloud services that allows the incorporation of cloud solutions onto the field service management software are further augmenting market value of the field service management industry.
Growing competition in the market is expected to push industry players to further invest in the research & development of the field service management solution, offering innovative products and services, which in turn drive market growth over the next decade. Cloud security and numerous advantages over traditional platforms enables numerous organizations to opting for cloud based field service management software.
The field services are considered as one of the fastest growing segment in the field service management market with substantial revenue generation in the last couple of years. Growing popularity of the field services market segment is attributed to increasing penetration of smartphones and tablets across the globe. Field service management solutions are highly compatible with advanced mobile operating systems, thereby propelling market expansion, in the recent years.
Field service management software offers enhanced productivity that ultimately leads to an increase in overall profit. Furthermore, early adoption of the field service management software allows superior communication among the front office, management teams, and technicians. As operators and field labors pass minimum time for synchronizing logistical tasks, they can spend more time for client work, thus increasing overall efficiency.
With the introduction of technologies such as cloud solutions, big data, and modern analytics solutions is further offering lucrative opportunities for market players to develop innovative products in the field service management solutions to gain a competitive edge in the market. Increasing number of cloud technology service providers are offering an advanced level of Field service management solutions to cater demands of small, medium-sized, and large enterprises, thus driving market growth over the forecast period.
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