Field Service Management Market worth $7.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 15, 2024 /PRNewswire/ -- Predictive maintenance and remote assistance will become more prevalent in the field service management (FSM) market as cutting-edge technologies like AI, IoT, and AR are integrated. Along with a focus on technical training and regulatory compliance, there will be an emphasis on sustainability, vertical expansion, and data-driven decision-making.

The Field Service Management Market is expected to grow from USD 4.0 billion in 2023 to USD 7.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period, according to a new report by MarketsandMarkets™. The growing manufacturing sector and expanding services industries boost the growth of the Field Service Management Market during the forecast period.

Browse in-depth TOC on "Field Service Management Market"

268 - Tables
57 - Figures
283 - Pages

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Scope of Report

By offering, the solutions segment will hold a larger market size during the forecast period.

Field Service Management (FSM) solutions are comprehensive software platforms designed to optimize and streamline the management of field service operations. These solutions comprise various functionalities, including scheduling, dispatching, route optimization, technician management, inventory management, work order management, customer management, and reporting and analytics. FSM solutions empower organizations across various industries, such as utilities, telecommunications, healthcare, manufacturing, and retail, to efficiently manage their field service workforce, resources, and activities. One of the critical features of FSM solutions is advanced scheduling capabilities, which enable organizations to assign tasks to field technicians based on factors such as technician skills, availability, location, and priority. Dispatching functionalities further enhance operational efficiency by facilitating the real-time assignment of tasks to technicians, considering factors such as current location, traffic conditions, and urgency. Route optimization algorithms help minimize travel time and fuel costs by determining the most efficient routes for technicians to follow between service locations. AI-powered algorithms analyze a vast amount of data collected from various sources, including historical service data, technician performance metrics, and real-time environmental factors, to generate actionable insights and predictive analytics. These insights enable organizations to anticipate equipment failures, schedule proactive maintenance, and optimize resource allocation, ultimately improving service quality and reducing downtime.

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Additionally, the proliferation of mobile devices and applications empowers field technicians with real-time access to critical information, job assignments, customer data, and collaboration tools while on the field. As per the ReachOut survey for 2020, the integration of mobility and artificial intelligence (AI) results in a 30% to 40% enhancement in the productivity of field service technicians. Thus, FSM solutions empower organizations to overcome challenges, capitalize on opportunities, and achieve excellence in field service delivery.

By vertical, the manufacturing segment holds the largest market share during the forecast period.

The use of field service management in the manufacturing sector is extensive. Field service management is critical in ensuring the efficient operation of manufacturing processes by managing and maintaining equipment, providing timely repairs and maintenance, and optimizing resource allocation. Key priorities include minimizing downtime, improving asset performance, and enhancing overall operational efficiency to meet production targets and maintain competitiveness in the market. Advanced field service management solutions tailored to the unique needs of the manufacturing industry offer capabilities such as predictive maintenance, remote monitoring, and real-time data analytics to streamline operations and drive business growth. FSM solutions are employed for work order management, scheduling, dispatch and route optimization, customer management, inventory management, service contract management, reporting & analytics, with benefits such as, but not limited to, enhanced productivity, reduced downtime, and improved customer satisfaction.

By Region, Asia Pacific will grow at the highest CAGR during the forecast period.

FSM emerges as a critical enabler of operational efficiency and business resilience in Asia. The demand for FSM solutions is rising with the region's burgeoning SME sector, including significant players in emerging markets such as India, China, and Japan. Key vendors like Salesforce, Microsoft, IFS, Trimble, and Oracle are in charge of providing innovative FSM solutions tailored to the unique needs of businesses in this diverse market. Companies like Tata Consultancy Services (TCS) and Zinier have launched digital solutions to help field service organizations adapt quickly to unexpected disruptions, further underlining the importance of FSM in navigating the challenges of today's business environment. Major players offering FSM solutions in the region include Oracle, Microsoft, Salesforce, ServiceMax, IFS, and SAP SE.

Top Key Companies in Field Service Management Market:

Some of the key players operating in the Field Service Management Market are – Oracle (US), Microsoft (US), SAP (US), IFS (Sweden), ServiceMax (US), Salesforce (US), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), ServiceNow (US), OverIT (Italy), FieldAware (US), Zinier (US), Accruent (US), Praxedo (France), FieldEZ (India), FieldEdge (US), Jobber (Canada), ServiceTitian (US), Kickserv (US), MHelpesk (US), Skedulo (US), Service Fusion (US), Husky Intelligence (UK), Field Pulse (US), Workiz (US), and Nomadia (France).

Recent Developments:

• In January 2024, ServicePower partnered with Encompass Simply Parts, an OEM supplier, to offer simplified and streamlined capabilities for parts ordering to all service providers utilizing the ServicePower platform and ServicePower HUB.
• In December 2023, Future Connections, a managed telco service provider, integrated the Comarch FSM tool to serve its customers in B2B and B2C domains by helping resolve client inquiries, schedule meetings, and dispatch engineers to the field.
• In June 2023, Microsoft announced that the release of field service software would enhance field service operations for service managers. Dispatchers can streamline the triage and assignment of work orders by prioritizing those in proximity. The updated schedule board experience is accessible to all users, and improvements for frontline workers for their mobile applications.
• In August 2023, IFS acquired Falkonry. This AI-based software company provides automated, high-speed data analysis to the manufacturing and defense industries to monitor large volumes of data for assets, machines, systems, and industrial processes to discover and analyze unusual behavior and causes of failures.
• In October 2022, Salesforce introduced additional functionalities for Salesforce Field Service, enabling companies to expand their field operations, customize services, and foster connectivity among their frontline teams. The functionalities include proactive maintenance, offline mobile UI extensibility, and AI-guided visual assistance.
• In August 2022, ServiceMax introduced new functionalities for the ServiceMax core, including mobile, communication, and data capture features. These enhancements benefit dispatchers, field technicians, planners, and administrators and a widening range of positions linked with boosting revenues, enhancing customer value, and refining operating margins.

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Field Service Management Market Advantages:

• By automating technician scheduling, dispatching, and routing, cutting down on travel time, cutting down on service delays, and increasing technician productivity, field service management (FSM) solutions improve field service operations.
• Real-time visibility into service requests is made possible by FSM platforms, which raise customer happiness and loyalty by facilitating quicker response times, better customer communication, and timely status updates.
• By matching technician capabilities, availability, and proximity to service requests, FSM systems optimise resource allocation. This ensures that the proper technician is allocated to each job, minimising costs and enhancing service quality.
• With FSM systems, technicians may diagnose and treat problems more quickly and efficiently, resulting in higher first-time fix rates and fewer repeat visits. They can do this by having mobile devices with access to pertinent data, documentation, and diagnostic tools.
• Organisations may reduce operational risks and costs by identifying possible equipment failures, scheduling preventive maintenance jobs, and minimising downtime with the use of proactive maintenance and predictive analytics capabilities supported by FSM systems.
• Through dashboards and reports, FSM systems provide real-time visibility into field service operations. By offering insights on technician performance, service metrics, and key performance indicators (KPIs), they enable data-driven decision-making and continuous improvement.
• By documenting service history, keeping accurate records, and guaranteeing that technicians adhere to safety rules and correct procedures during service visits, Field Service Management (FSM) solutions assist organisations in meeting regulatory requirements and industry standards.
• Inventory and parts management features included in FSM platforms help businesses keep tabs on stock levels, handle replenishment orders, and make sure technicians have the supplies and components they need to finish jobs quickly.

Report Objectives

• To define, describe, and forecast the FSM market based on offerings, organization sizes, deployment modes, verticals, and regions.
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the macro and micromarkets1 concerning growth trends, prospects, and their contributions to the overall market
• To analyze the industry trends, patents and innovations, and pricing data related to the FSM market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market.

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