Field Service Management Market Worth 3.61 Billion USD by 2021
PUNE, India, March 15, 2017 /PRNewswire/ --
According to a new market research report "Field Service Management Market by Solution (Schedule & Dispatch, Work Order Management, Mobile Field Execution), Service (Implementation, Training, Consulting), Deployment Type, User Type, Industry Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the FSM market is estimated to grow from USD 1.78 Billion in 2016 to USD 3.61 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 15.1%.
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Browse 73 market data Tables and 60 Figures spread through 146 Pages and in-depth TOC on "Field Service Management Market"
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The major forces driving this market include need for highly scalable centralized system for the management of field services and real-time collaboration, increased usage of mobile devices, and growing demand for improved enterprise efficiencies and reduced operational costs. The FSM solutions and services are used across diverse industrial verticals, such as construction & real estate, manufacturing; transportation & logistics; energy & utilities; healthcare; telecom & IT; financial services; and other industries, such as retail, automotive, and hospitality.
Mobile field execution solution is estimated to hold the largest market size in the FSM solution market in 2016
Mobile field execution is gaining traction among FSM solutions as these solutions enable users, both internal and external to an organization, to leverage real-time collaboration capabilities. The mobile field execution provided by FSM vendors can be integrated with other applications used in organizations or can be used independently, to improve collaboration and communication among workforce.
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Cloud deployment type is expected to be the largest contributor to the FSM market during the forecast period
The cloud deployment model is fast becoming an attactive option for the delivery of FSM solutions, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance. Furthermore, cloud deployment is a major business driver for the FSM market, as it empowers organizations to increase their businesses by offering FSM solutions to distributed enterprises spread across the world.
The North American region is expected to contribute the maximum market share to the overall FSM market
The high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of FSM solutions and services by the end-users. The growing technological developments in the field of cloud, analytics, and the emergence of Bring Your Own Device (BYOD) have led to the high adoption of FSM in North America and Europe. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America owing to the increased focus on digital workplace transformation initiatives and increase in IT investment.
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The major vendors in the Field Service Management Market include Oracle Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), ClickSoftware Technologies (U.S.), Industrial And Financial Systems AB (Sweden), ServicePower Technologies PLC (U.K.), ServiceMax Inc. (U.S.), Infor (U.S.), and Astea International Inc. (U.S.).
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