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Worldwide Field Service Management Industry to 2025 - Featuring Husky Intelligence, IFS & Infor Among OthersDUBLIN, Oct. 29, 2020 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering. The global field service management market is estimated to be USD 3.0 billion in 2020 and projected to reach USD 5.1 billion by 2025, at a CAGR of 11.0% during the forecast period. COVID-19 Impact on Field Service Management Market The COVID-19 virus has changed the way of working in the field service industry. Some customers may not want technicians visiting their homes during such a situation. According to a TPA they have experienced a 12 per cent decrease in daily call volume. Overall, calls for service are drastically declining. Many organizations have started limiting their calls to functional repairs only. Across the global field service industry, around 25% of issues require a follow-up visit. Apart from the massive cost that involves, in the current situation it's simply unsustainable. It's doubling the risk of COVID-19 exposure to both the technician and the customer. COVID-19 has been adversely affecting the field service management solution and services. North America: Market Snapshot Work order management segment to grow at the highest CAGR during the forecast period The work order management solution enables clients to automate the service workflow process and increase the efficiency and productivity of the workforce. This solution helps field service representatives, office staff, and call center executives to manage work orders, job assignments, customer details, and service histories. Customer information, along with analytics, helps field service organizations gain insights into the customer's behavior and conduct marketing campaigns accordingly. The work order management solution empowers managers or dispatchers to schedule a job for a field service representative as per various criteria, such as availability, proximity, urgency, and level of expertise. It also helps service organizations minimize revenue leakage, increase the cash flow, and provide faster service delivery with enhanced quality. Manufacturing vertical segment to account for the largest market size in 2020 The manufacturing vertical is transforming its business functions, such as integrating supply chains, product designing, inventory management, and product deliveries. This transformation is majorly due to the rising need for delivering quality products in time and adopting automation to engage employees in other business-critical tasks to meet the growing customer demands. This vertical faces various challenges, such as operational issues, timely product deliveries, resolving customer grievances, and managing capital and operational expenditure. These challenges need to be managed efficiently for enhancing customer satisfaction. Field service management solutions empower manufacturing organizations to make their business operations robust, efficient, and error-free. Moreover, these solutions provide organizations in the manufacturing vertical with several advantages, such as shorter billing cycles, enhanced customer satisfaction, increased productivity of business processes, and optimal utilization of the workforce. SMEs segment to record the fastest growth rate during the forecast period The adoption of field service management among SMEs is estimated to grow at the highest CAGR during the forecast period. In small companies, it is possible to match individual goals to larger business objectives. Small and medium enterprises face the greater challenge of limited budgets as compared to large enterprise, and require better methods to resolve complexities and optimize the cost of their business processes. SMEs have various problems while deploying field service management solutions, such as hiring a skilled workforce and requirement of IT infrastructure. SMEs use low-cost field service management solutions to remain competitive in the market. Hence, cloud deployment of field service management solutions is expected to have a higher adoption rate during the forecast period among SMEs North America to account for the highest market share during the forecast period North America is estimated to dominate the global field service management market due to the presence of a large number of data centers in the region and the rise in popularity of technology. North America, being the earliest adopter of cloud and mobile technologies, has been significantly responsive toward the adoption of field service management solutions. Advancements in BYOD, M2M, and mobile and cloud technologies are the major factors responsible for improving the efficiency of business processes. Hence, to derive benefits from these technologies, large enterprises are adopting field service management solutions rapidly. Additionally, the integration of field service management solutions with ERP enhances the features or capabilities of solutions. North America is expected to witness growth, as large enterprises and SMEs are focused on developing innovative field service management solutions, integrated with technological advancements, such as IoT and predictive maintenance. North America, being an early adopter of cloud and mobility technologies and having an advanced IT infrastructure, reduces operational expenditure through various advancements in technologies across various verticals. Key Topics Covered: 1 Introduction 2 Research Methodology For more information about this report visit https://www.researchandmarkets.com/r/k9r5vz Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/worldwide-field-service-management-industry-to-2025---featuring-husky-intelligence-ifs--infor-among-others-301163216.html SOURCE Research and Markets |