Transparency Market Research delivers key insights on the global field service management market. In terms of revenue, the global field service management market is estimated to expand at a CAGR of 13.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global field service management market.
Field service management (FSM) is the activity of managing a company’s resources, which typically includes dispatching contractors or workers to a location outside the company premises to install, repair, or maintain equipment, assets, or systems.
With the help of FSM software, field service managers coordinate the work of field service practitioners who deliver proprietary services to clients and employ the organization’s field resources efficiently.
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Field service management includes several activities such as field service scheduling, work order management, inventory management, field service contract management, tracking and performance management, and schedule and dispatch management.
In field service management, managing a team of service technicians is one of the most complex tasks. It includes numerous variables, which takes substantial time to keep track of the unpredictable changes that could occur at any time. Thus, most organizations are using advanced technology to streamline operations to manage the field services effectively and efficiently.
A few benefits offered by field service management software are growth in revenue, reducing field service costs, increasing uptime, better resource allocation and coordination, and rising customer satisfaction. These factors are likely to propel the field service management market during the forecast period.
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Field service management software helps businesses to solve clients’ problems quickly and enhances customer experience. It efficiently manages all field operations to enable better business decisions. Field service management offers real-time visibility to field operations, field force, and work status, and upholds sales and service efficiency. Field service management software efficiently manages inventory, tracks equipment, monitors field operations, and deliveries, manages, and monitors all field functions. It also offers scope for valuable business insights that enhances its performance and optimizes business.
According to FieldEZ, the service management application helps to achieve 34% cost saving on travel, 10% improved field load factor, and 46% improved task assignment efficiency.
Hence, multiple benefits associated with field operations, which offer better customer experience as well as business sustainability drives the adoption of field service management software across businesses.
North America held a dominant share of the global field service management market in 2020. It is expected to expand at the CAGR of 12.8% during the forecast period. The demand for field service management in the region is majorly driven by the U.S. The U.S. holds more than half the share of the market in the region.
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Europe follows North America, in terms of share of revenue, of the global field service management market. The market in Europe is expected to expand at a CAGR of 13.4%. Development and use of advanced technologies are driving the market in the region. The expansion of the manufacturing sector is expected to boost the adoption of connected and digital solutions, such as FSM software, in the near future.
Key players operating in the global field service management market are Salesforce, IFS AB, Microsoft, Oracle, SAP SE, ServiceMax, IBM Corporation, ServiceNow, ServicePower, and Syncron AB.
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