Professional Services Industry Overview

The healthcare workforce management system market consists of sales of healthcare workforce management systems and related services by entities (organizations, sole traders, and partnerships) that are used to manage the healthcare workforce, tracking and scheduling, accounting and payroll management of the workforce, managing time and attendance of the workforce on daily basis. Workforce management is a process that aims to improve an organization's performance and competency levels. In the fields of service management, performance and training management, recruiting, budgeting, forecasting, scheduling, and reporting, workforce management in healthcare offers a variety of features and automated processes. The main types of healthcare workforce management solutions are software and services. By software, types of healthcare workforce management systems include time and attendance, HR and payroll, talent management and analytics software. Talent management refers to the attraction, selection, and retention of employees through a combination of HR processes that span the employee life cycle. Workforce planning, employee engagement, learning and development, performance management, recruiting, onboarding, succession, and retention are all considered under talent management. By mode of delivery, types of healthcare workforce management systems include web-based, cloud-based, and on-premise. Healthcare workforce management systems are mainly used by nursing homes, long-term care centers, hospitals, and other healthcare institutions. The global healthcare workforce management system market size is expected to grow from $1.52 billion in 2021 to $1.73 billion in 2022 at a compound annual growth rate (CAGR) of 13.8%. The global healthcare workforce management systems market size is expected to grow to $2.86 billion in 2026 at a CAGR of 13.3%. The rising need to curtail healthcare costs of the healthcare workforce is contributing to the growth of the healthcare workforce management system market. Healthcare workforce management solutions help healthcare facilities to manage the workforce schedules, payrolls, time and attendance, recruiting, budgeting and reporting. Most of the time healthcare facilities face challenges of managing the hospitals' staff due to a surge in the number of inpatients and outpatients. These tedious manual processes lead to errors in the scheduling of the staff, and payments of staff based on their shifts were also a big challenge for management. The workforce management system helps hospital management to manage the demand of the services, and allocate the labor and staff efficiently to increase productivity. Companies are developing such software for efficient workforce management. For instance, in November 2019, Hospital IQ, a US-based operations management platform, launched a new workforce management solution, the industry's first to use advanced AI-enabled analytics and workflows to help staffing managers better align staff to anticipated patient demand. So, the increasing need to curtail healthcare costs through effective management of the healthcare workforce is contributing to the growth of the market. The development and integration of new technologies is a key trend in the healthcare workforce management system market. The advancement of technologies such as Cloud, IoT, AI is enhancing the customer experience in various applications across the healthcare industry. Automation helps healthcare facilities to manage the multi-care hospitals efficiently. Connected devices are helping hospital management to manage the workforce efficiently and increase the productivity of the hospital facility. Also, technologies are helping to reduce the operational cost of the facility. Many companies are also focusing on the offering of technology-based solutions. For instance, in January 2021, Zyter announced the launch of Zyter Smart Hospitals, an end-to-end intelligent solution. This solution connects hospitals' data systems, departments, people, and IoT devices on Zyter’s robust digital communication and collaboration platform. The solution helps for efficient operation of the facility as well as helps to reduce cost with smart energy management. In July 2021, Accenture, an Ireland-based professional services company, acquired Workforce Insight, LLC for an undisclosed amount. With this acquisition, Accenture's workforce management capabilities and its ability to deliver HR transformation to clients will be enhanced. Workforce Insight, LLC is a US-based provider of workforce software and workday solutions. Major players in the healthcare workforce management system market are Ultimate Software Group Inc., Cornerstone Ondemand Inc., Atoss Software, Workday Inc., IBM Corporation, GE Healthcare, ADP LLC, Mckesson Corporation, Kronos Inc., Oracle Corporation, Timeware, Allocate, Workforce Software Group Inc., Nice Systems, and ActiveOps. North America was the largest region in the healthcare workforce management system market in 2021. The regions covered in the global healthcare workforce management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the global healthcare workforce management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global healthcare workforce management system market is segmented - 1) By Software: Time and Attendance, HR and Payroll, Talent Management, Analytics 2) By Solution: Software, Services 3) By Mode of Delivery: Web-Based, Cloud-Based, On-Premise 4) By End-User: Nursing Homes, Long-Term Care Centers, Hospitals, Other Healthcare Institutions

The dairy testing market consists of the sales of dairy testing kits and technologies by entities (organizations, partnerships, and sole proprietors) that are used to test dairy products' quality, limit the risk of dairy fraud, and verify the authenticity and consistency of the ingredients. In dairy testing, dairy products are audited, tested, and inspected to ensure that they meet a variety of domestic and international food safety and regulatory criteria. The main types of dairy testing are safety testing and quality testing. Safety testing is used to ensure the safety of dairy products. Dairy products are thoroughly checked at several stages across the supply chain to detect impurities like antibiotics, pesticides, and poisons. The various dairy testing technologies include HPLC-based, LC-MS/MS-based, immunoassay-based, and other technologies that are used in various applications such as ice-creams and desserts, infant food, milk and milk powder, cheese, butter and spreads, yogurt, and other applications. The global dairy testing market size is expected to grow from $4.81 billion in 2021 to $5.10 billion in 2022 at a compound annual growth rate (CAGR) of 6.14%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global dairy product testing market size is expected to reach $6.78 billion in 2026 at a CAGR of 7.36%. The increase in outbreaks of foodborne illnesses is significantly driving the growth of the dairy testing market. Dairy is a significant source of foodborne illness all around the world, with raw and unpasteurized milk, cheese, and ice cream being the most common sources of contamination. Dairy testing ensures that pathogens and spoilage organisms do not affect products and that they are safe for consumption. As per a WHO estimate published in April 2020, unsafe food costs low and middle-income nations $110 billion in lost productivity and medical costs each year. Furthermore, children under the age of five account for 40% of foodborne illnesses, with around 125,000 deaths each year. Hence, the increase in outbreaks of foodborne illnesses is expected to propel the growth of the dairy testing market over the coming years. Technological advancement is a key trend gaining popularity in the dairy testing market. Major companies operating in the dairy testing sector are focused on developing new technological solutions to strengthen their position. For instance, in November 2021, Netherlands-based Royal DSM launched the Delvo Phage test kit that can detect phages in dairy within one hour, helping to increase cheese yield and quality, reduce waste, and increase the value of cheese production by 5–10%. This new digital solution, when combined with DSM's whey testing and culture rotation services, allows cheese and fermented milk product producers to make better, real-time data-driven decisions, resulting in more enhanced and cost-effective production processes.  In January 2021, SGS, a Switzerland-based testing, inspection, and certification company, acquired SYNLAB Analytics & Services (A & S) for the amount of EUR 550 million ($615 million). This acquisition strengthens SGS’s global network in key strategic focus areas, including the environment, food, life sciences, and oil condition monitoring. Synlab Analytics & Services (A & S) is a Germany-based environmental, food, dairy testing, and tribology services company. Major players in the dairy testing market are SGS, Bureau Veritas, Eurofins, Intertek, TUV SUD, TUV Nord Group, ALS Limited, Mérieux Nutrisciences, Romer Labs Inc., Microbac Laboratories, Asurequality, Dairy Technical Services, Asurequality, Analytica Laboratories, PerkinElmer, and MilkTestNZ. Europe was the largest region in the dairy testing market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global dairy testing market during the forecast period. The regions covered in the global dairy testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the dairy testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global dairy testing market is segmented - 1) By Type: Safety Testing, Quality Testing 2) By Technology: HPLC-Based, LC-MS/MS-Based, Immunoassay-Based, Others 3) By Application: Ice-Creams and Desserts, Infant Food, Milk and Milk Powder, Cheese, Butter and Spreads, Yogurt, Others

The digital rights management market consists of sales of digital rights management products and related services by entities (organizations, sole traders, and partnerships) that are used to protect the rights of the copyright owner and prevent unauthorized modification or distribution. Digital rights management permits publishers or authors to regulate what paying users can do with their works. The main applications of digital rights management are mobile content, video on demand, mobile gaming, eBook, and others. The mobile content digital rights management refers to the collective methods and technologies which provide safe distribution of subject and media on mobile devices. It offers approaches for mobile content creators to implement policies, limitations, and protection against duplication on mobile devices. The end users of digital rights management include SMEs and large enterprises. Digital rights management is used by industries such as healthcare, music, education, BFSI, legal/law, printing and publication, software, television and film, and others though on-premise and on cloud deployments modes. The global digital rights management market size is expected to grow from $3.80 billion in 2021 to $4.50 billion in 2022 at a compound annual growth rate (CAGR) of 18.47%. The change in the digital rights management market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market size is expected to reach $8.64 billion in 2026 at a CAGR of 17.68%. Increasing security concerns contributed to the growth of the digital rights management market. The extensive use of PCs and laptops has led to an increase in the number of hackers who intrude into corporate and government networks to access and thieve critical information for monetary and business gains. Additionally, corporations are looking for real-time approach to business data along with transmitting and storage of data across mobile devices, cloud, universal serial bus (USB), and disks. For instance, according to the 2021 Cyber Threat Report by SonicWall, there is a 62% increase in Ransomware since 2019. This number is still set to rise more as cybersecurity attacks are turning more complex and difficult to detect. Digital rights management is also used by healthcare organizations and financial services firms to ensure compliance with data privacy/protection standards such as HIPAA (Health Insurance Portability and Accountability) and Gramm-Leach-Bliley Act (GLB Act or GLBA). Hence, the rise in security concerns is expected to create avenues for digital rights management market growth. The advancements in data security technologies are gaining popularity in the digital rights management market. Digital rights management permits publishers or authors to regulate what paying users can do with their works. Technological advancements such as deceptive network technology and the adoption of end-to-end encryption further secure sensitive data from cyber-attacks. For instance, in February 2021, RAIR Technologies Inc launched a decentralized digital rights management platform, built to power digital scarcity for creators. In September 2021, Hewlett Packard Enterprise, a US-based edge-to-cloud company, acquired Zerto, a production leader in cloud data management and security for a deal value of $374 million. This acquisition positions the HPE GreenLake edge-to-cloud platform in the high-growth data protection market with a proven solution and further propels HPE’s storage business into a cloud-native, software-defined data services business. Zerto is a US-based industry leader in cloud data management and protection. Major players in the digital rights management market are Adobe Systems, Apple Inc., Dell EMC Corporation, Oracle Corporation, Microsoft Corporation, Fasoo Inc., Seclore Technology, Sony Corporation, Verisign Inc, Hewlett-Packard, Vera Security Inc, Vitrium Systems Inc., Nextlabs Inc., Intertrust Technologies Corporation, and Vobile Inc. North America was the largest region in the digital rights management market in 2021. Asia Pacific is expected to be the fastest-growing region in the global digital rights management market during the forecast period. The regions covered in the global digital rights market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the digital rights management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global digital rights management market is segmented - 1) By Application: Mobile Content, Video On Demand, Mobile Gaming, eBook, Others 2) By End-User: SMEs, Large Enterprises 3) By Industry: Healthcare, Music, Education, BFSI, Legal/Law, Printing and Publication, Software, Television and Film, Others 4) By Deployment Mode: On-Premise, On Cloud

The tokenization market consists of sales of tokenization services and solutions by entities (organizations, sole traders, and partnerships). Tokenization is a method of converting sensitive data into non-sensitive data, referred to as a token. The token has no extrinsic or exploitable meaning or value; it is a piece of data that represents another, more valuable piece of information. Tokenization protects sensitive data such as credit card data, medical information, social security numbers and others while preserving its business utility. The main components of tokenization are solutions and services. Tokenization solutions are tailored to specific client needs to provide a way to safeguard sensitive data, like magnetic swipe data, primary account number, and cardholder information. The different tokenization services include professional services and managed services. The applications areas of tokenization include payment security, user authentication and compliance management. The various tokenization verticals are banking, financial services, and insurance, healthcare, IT and ITeS, government, retail and ecommerce, energy and utilities and other verticals for organization sizes such as large enterprises and SMEs. The global tokenization market size is expected to grow from $1.92 billion in 2021 to $2.32 billion in 2022 at a compound annual growth rate (CAGR) of 21.09%. The change in the market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The global tokenization market size is expected to reach $5.45 billion in 2026 at a CAGR of 23.74%. The increasing amount of digital and contactless payments is expected to propel the growth of the tokenization market during the forecast period. Tokenization protects sensitive data by changing it with a non-significant value having the same format and length as the original one. The use of card tokenization for payments option is more secure than encryption, since with tokenization, there is no cryptographic key, only an intelligent mapping that cannot be cracked in the event of an attack. The increasing digital payments creates high demand for payment security, thus driving the tokenization market. For instance, according to Indian government data, digital transactions grew by close to 90% from 232,000 to over 430,000 in the three years between FY19 to FY21. Hence, the growing digital transitions and payments is expected to drive the tokenization market. The integration of tokenization in wearable devices is a key trend gaining popularity in the tokenization market. Companies are focusing on enabling merchant system interaction with consumer wearables, utilizing the power of tokenization. For instance, in December 2020, US based financial services corporation, MasterCard collaborated with Singapore based digital payments company, MatchMove and Canada based wearable contactless payment company, Tappy to enable tokenization in payments chip for custom wearables. The small, flexible chip can be attached to different battery-less wearables and accessories such as watchstraps or keyrings, turning them into secure contactless payments devices, thus allowing MasterCard customers to securely add their payment cards to a chip that can turn accessories into payment-ready wearables. In October 2019, US based financial services corporation, Visa acquired the token services and ticketing businesses of Rambus Payments for an undisclosed amount. The acquisition strengthens Visa’s tokenization capabilities and expands it beyond just card-based payments on the Visa network, to those on domestic card networks, account-based and real-time payments, extending the security and convenience of tokens to more transactions. Rambus Payments is a US based payments and ticketing company. Major players in the tokenization market are Fiserv, Inc., Visa, American Express Company, CipherCloud, Inc., TokenEx, Futurex, Symantec, AsiaPay Limited, MeaWallet, Thales Trusted Cyber Technologies, Mastercard Inc., Entrust Corporation, Bluefin Payment Systems, Sygnum Bank AG and HST North America was the largest region in the tokenization market in 2021. Asia Pacific is expected to be the fastest-growing region in the global tokenization market during the forecast period. The regions covered in the global tokenization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the tokenization market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global tokenization market is segmented - 1) By Component: Solutions, Services 2) By Service: Professional Services, Managed Services 3) By Application Area: Payment Security, User Authentication, Compliance Management 4) By Vertical: Banking, Financial Services, and Insurance, Healthcare, IT And ITeS, Government, Retail and eCommerce, Energy and Utilities, Others 5) By Organization Size: Large Enterprises, SMEs

The electronic contract manufacturing and design services market consists of sales of electronic contract manufacturing and design services by entities (organizations, sole traders, and partnerships) that refer to a set of activities conducted to manufacture and design electronic devices. The electronic contract manufacturing and design services market consists of engineering designing of electronics devices, assembly manufacturing, functional testing of devices, distribution, and order fulfillment on behalf of OEMs (Original Electronic Manufacturers). The complexity and wide variety of electronic devices make OEMs choose electronic contract manufacturers to outsource their products for the efficient manufacturing process and to focus on an internal operation such as new product development with greater complexity and higher margins. The electronic contract manufacturing and design services market is segmented by type into designing, assembly, manufacturing, others. These are used in various applications such as consumer electronics, electronic components, computers & peripherals, industrial electronics, others, and used by various end user industries including healthcare, automotive, industrial, aerospace and defense, IT and telecom, power and energy, consumer electronics, others. The global electronic contract manufacturing and design services market size is expected to grow from $409.85 billion in 2021 to $453.68 billion in 2022 at a compound annual growth rate (CAGR) of 10.69%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electronic contract manufacturing and design market size is expected to reach $702.53 billion in 2026 at a CAGR of 11.55%. The increase in demand for consumer electronics is significantly contributing to the growth of the electronic contract manufacturing and design services market. Consumer electronics are the instrument, machines, and apparatus that are used by end-users or consumers on daily basis, which provide one or more functionalities in a home or for a particular individual for professional or personal use. Consumer electronics include televisions, computers, laptops, smartphones or watches, and tablets. The rising demand for consumer electronics increases the need for outsourcing of electronics components from electronic contract manufacturing companies, which reduces the cost of manufacturing, assembling of products, and design services and increases operational efficiency in manufacturing. For instance, according to Consumer Electronics and Appliances Manufacturers Association (CEAMA), the Indian appliances and consumer electronics market is expected to grow more than two-folds in the next five to six years and reach up to $26.81 billion. Also, according to ClearSale, the revenue in the consumer electronics segment is anticipated to increase by more than US$365 billion in 2020 and more than US$450 billion by 2024. Therefore, the increase in demand for consumer electronics is driving the growth of electronic contract manufacturing and design services. Strategic partnerships and collaborations are the key trends being followed by the companies operating in the electronic contract manufacturing and design services market. This is due to the presence of a large number of electronics manufacturing companies operating in the market and to extend their growth in new areas to be a leader in the market. For instance, in September 2021, BioSig Technologies, Inc., an American medical device company, and the Plexus Corp, an American based contract electronics manufacturing company formed a technological and strategic partnership for commercialization and development of a new biomedical signal processing platform, which provides a full range of application in arrhythmia care for BioSig’s subsidiary NeuroClear Technologies. In March 2020, Universal Scientific, a China-based electronic design and manufacturing services company acquired Asteelfash Group for an undisclosed amount. Through this acquisition, Universal Scientific aims to expand its overseas manufacturing sites and operational systems to meet Europe and the United States market needs. Asteelfash Group is a France based multinational electronics contract manufacturing company. Major players in the electronic contract manufacturing and design services market are Flex Ltd., Hon Hai Precision Industry Co., Ltd., Benchmark Electronics, Celestica Inc, Venture Corporation Limited, Fabrinet, Plexus Corp., Sanmina Corporation, Compal Electronics, Inc., Universal Scientific Industrial Co Ltd, New Kinpo Group, Creating Technologies LP, shenzhen kaifa technology, LCS Company, and Bassett Industries, Inc. Asia-Pacific was the largest region in the electronics contract manufacturing and design services market in 2021. Asia-Pacific is also expected to be the fastest-growing region in the forecast period. The regions covered in the global electronic contract manufacturing and design market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the electronic contract manufacturing and design services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global electronic contract manufacturing and design services market is segmented - 1) By Type: Designing, Assembly, Manufacturing, Others 2) By Application: Consumer Electronics, Electronic Components, Computers and Peripherals, Industrial Electronics, Others 3) By End-User: Healthcare, Automotive, Industrial, Aerospace and Defense, IT and Telecom, Power and Energy, Consumer Electronics, Others

The log management market consists of sales of log management services by entities (organizations, sole traders, and partnerships) that comprise an approach to dealing with large volumes of computer-generated log messages. A log is a file generated through computer that catches activity inside the software applications or operating system. Log management is the technique of continuously acquiring, storing, processing, synthesizing, and analyzing data from various programs and applications to optimize system efficiency, uncover technical faults, better manage resources, reinforce security, and improve compliance. The main components of log management market are solution and services. The log management solutions gathers, sort and stores log data and event logs from a variety of sources in one centralized location, which can be used to create a single point of access to all essential network and application data. The different log management deployment methods include cloud and on-premise for different enterprise sizes including large enterprises and small and medium enterprises. The various industry verticals using log management include healthcare, manufacturing, energy and utilities, it and telecommunications, retail and consumer goods, transportation and logistics, government and public utilities, banking, financial services and insurance (BFSI) and others. The global log management market size is expected to grow from $1.83 billion in 2021 to $2.09 billion in 2022 at a compound annual growth rate (CAGR) of 14.48%. The change in the log management market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $3.43 billion in 2026 at a CAGR of 13.13%. The growing reliance on information technology and the generation of a huge amount of log data are propelling the growth of the log management market. Digital technologies have emerged as a key factor of economic growth, national security, and international competitiveness. The improving internet accessibility and increasing digital footprints over the internet have contributed to massive growth in the volume of data generated. It is estimated that over 2.5 quintillion bytes of data are created every day, requiring more data management services. Thus, the increasing volume of data is expected to increase storage and processing needs, thus boosting the demand of the log management market during the forecast period. Major players in the log management market are undergoing strategic agreements like partnerships, and collaborations to develop new products and expand the existing product offerings. For instance, in February 2020, US-based cybersecurity platform, Keeper Security, and US-based security intelligence company, LogRhythm, announced the joint agreement to integrate Keeper Security’s vast password event data into LogRhythm's security information and event management (SIEM) platform to create a holistic view of a threat environment, allowing enterprises to more closely monitor threats and take rapid action to mitigate them. In February 2021, CrowdStrike, a USA-based cybersecurity technology company, announced the acquisition of Humio for $400 million. CrowdStrike will use Humio to provide developers, security analysts, and IT professionals with complete observability to explore threats and vulnerabilities and gain insight from computer-generated data in real-time, as well as to strengthen its ability to ingest and correlate data from any log, application, or feed for actionable insight and real-time protection. Humio is a USA-based time-series logging and aggregation platform that can be used on-premises or in the cloud to perform unrestricted, complete event analysis. Major players in the log management market are IBM Corporation, Splunk Inc, SolarWinds Corporation, Rapid7 Inc., McAfee LLC, Alert Logic Inc., Intel Corporation, LogRhythm Inc., Veriato Inc., Micro Focus, RSA, Blackstratus, Loggly Inc., Sematext Group, AT&T Cybersecurity, Logz.Io, Sumo Logic, Manage Engine, LogDNA, Logit.io, Paessler AG, Anodot, Loom Systems, Chaos Search, Coralogix, Datadog, Trend Micro Incorporated, Juniper Networks Inc., and Dell. North America was the largest region in the log management market in 2021. The regions covered in the global log management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the log management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global log management market is segmented - 1) By Component: Solution, Services 2) By Deployment: Cloud, On-Premise 3) By Enterprise Size: Large Enterprises, Small and Medium Enterprises 4) By Industry Vertical: Healthcare, Manufacturing, Energy and Utilities, IT and Telecommunications, Retail and Consumer Goods, Transportation and Logistics, Government and Public Utilities, Banking, Financial Services and Insurance (BFSI), Others

The fleet management market consists of sales of fleet management services and solutions by entities (organizations, sole traders, and partnerships) for managing commercial motor vehicles such as cars, trucks, vans, specialist vehicles, trailers, forklifts, ships, railcars and other private vehicles. Fleet management assists organizations to manage all information associated with their vehicles and other assets, dispatch and routing, and vehicle acquisition and disposal. These services oversee and organize all fleet performance and fleet maintenance to increase productivity and help in smooth business operation. The global fleet management market size is expected to grow from $14.15 billion in 2021 to $16.27 billion in 2022 at a compound annual growth rate (CAGR) of 14.98%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global fleet management market is expected to reach $30.80 billion in 2026 at a CAGR of 17.31%. The increasing demand for commercial vehicles is expected to drive the fleet management market during the forecast period. Organizations use fleet management services to manage commercial vehicles and improve efficiency, productivity and reduce overall transportation and staff costs in business. In January 2022, Indian automotive manufacturing company, Mahindra & Mahindra’s commercial vehicle sales increased by 57% over the previous year. The company's sales through exports also increased by 26% during the same period. Therefore, the increasing demand of commercial vehicles around the world is expected to drive the fleet management market. The use of internet of things (IoT) in fleet management is a key trend gaining popularity in the market. IoT is a system of interrelated digital and mechanical machines, objects, and computing devices that have the potential to transfer data over a network without the use of human-to-human interaction. Companies are focusing on the application of IoT in fleet management to automate various processes and trip planning. For instance, in April 2021, Ridecell Inc., a US-based company offering digital transformation software for fleet businesses launched the Fleet IoT Automation system, which is an IoT driven automation platform designed specifically for fleet-based businesses. The system integrates data insights with digital vehicle control to turn manual processes into automated workflows. In August 2021, Bridgestone, a USA-based tire manufacturer, acquired Azuga for a deal amount of $391 million. The acquisition is expected to accelerate Bridgestone’s efforts to develop and deploy sustainable mobility solutions for the company’s advanced mobility strategy. It will also advance Bridgestone’s comprehensive solutions for small to enterprise-sized fleets, providing real-time vehicle operations insights and data analytics that will improve safety, increase efficiency and enhance customer service experiences. Azuga is a USA-based fleet management company that provides software that enables customers to generate data about vehicles and their use. Major players in the fleet management market are Automile Inc, Azuga Inc, ClearpathGPS Inc, Donlen Corporation, Geotab Inc, GPS Insights, KeepTruckin Inc, Masternaut Ltd, MiX Telematics International (Pty) Ltd, NexTraq, Omnitracs LLC, Samsara Networks Inc, Teletrac Navman US Ltd, TomTom International BV, Trimble Inc, Verizon Connect, Freeway Fleet Systems, US Fleet Tracking, Utilimarc Inc., MiTAC International Corporation, Fleetmatics group Plc, Fleetonomy, GURTAM, Fleetroot, Orbcomm Inc, Otto Marine Limited and Siemens AG Europe was the largest region in the fleet management market in 2021. Asia Pacific is expected to be fastest growing in the global fleet management market during the forecast period. The regions covered in the global fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the fleet management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global fleet management market is segmented - 1) By Component: Solutions, Services 2) By Vehicle Type: Heavy Commercial Vehicle, Light Commercial Vehicle, Aircraft, Railway, Watercraft 3) By Industry: Retail, Government, Transportation and Logistics, Automotive, Others 4) By Communication Technology: GNSS (Satellite), Cellular System 5) By Deployment Type: On-Premises, Cloud

The field service management market consists of the sales of field service management solutions and services by entities (organizations, sole traders, and partnerships) that refers to the practice of managing and optimizing an organization's people, equipment, service, and operations in the field. Field service management includes tasks such as assigning and planning work orders, delivering workers to new tasks, interacting with field workers on the job, managing product inventory, and gathering data from the field. The main types of components in field service management are solutions and services. The various services include consulting, training and support, and integration and implementation with third-party systems to boost the performance of the field service. The different deployment modes include on-premise, cloud and is used in various applications such as energy and utilities, telecom, manufacturing, healthcare, BFSI, construction and real estate, transportation and logistics, among others. The global field service management market size is expected to grow from $3.02 billion in 2021 to $3.64 billion in 2022 at a compound annual growth rate (CAGR) of 20.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The field service management market is expected to reach $6.51 billion in 2026 at a CAGR of 15.7%. The increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period. Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology. The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs. For instance, according to World Economic Forum, in 2020, 50% of business leaders are planning to accelerate the automation of repetitive tasks within their organization. Therefore, the increasing demand for automation and digitalization drives the growth of the field service management market. The increasing availability of SaaS solutions and value-added features is a key trend gaining popularity in the field service management market. Software as a service (SaaS) is an abbreviation that refers to a software distribution model in which a cloud provider hosts applications for simple access by end-users. The advantages of SaaS solutions are ease of access, minimal setup time and customizability based on the requirements. SaaS solutions are widely incorporated in field service management to effectively track and manage resources. For instance, in October 2021, Opsivity, Inc. an Australia-based field service management company launched its SaaS services in the US market. The US customers can now use Opsivity's SaaS-based solutions for real-time remote field support. In August 2019, Salesforce Inc., a US-based cloud software company acquired ClickSoftware Technologies for a deal amount of $1.35 billion. Through this acquisition, Salesforce Inc. increased the growth of its Service Cloud software and improved its Field Service Lightning (FSL) product by incorporating technology from ClickSoftware. ClickSoftware Technologies is a US-based field service management solution provider. Major players in the field service management market are Accruent, Acumatica, Astea International Inc., ClickSoftware Technologies, Comarch, FieldAware Group Ltd., Geoconcept SAS, Kirona Solutions Ltd., Coresystems AG, IFS AB, Infor Inc., International Business Machines Corporation (IBM), Microsoft Corporation, Mize Inc., OverIT S.p.A, Praxedo, Salesforce, SAP SE, ServiceMax, Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, Accenture, Cisco Systems and FieldEZ. North America was the largest region in the field service management market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the field service management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global field service management market is segmented - 1) By Component: Solution, Services 2) By Deployment Type: On-Premise, Cloud 3) By Application: Energy and Utilities, Telecom, Manufacturing, Healthcare, BFSI, Construction and Real Estate, Transportation and Logistics, Others