What are the Historical Developments and Current Growth Metrics of the Field Service Management Solution Market?
The field service management solution market has seen considerable growth due to a variety of factors.
• Over the past few years, the market size for field service management solutions has expanded at an exponential rate. It is projected to surge from $2.69 billion in 2024 to $3.28 billion in 2025, maintaining a compound annual growth rate (CAGR) of 21.9%.
Factors such as the widespread adoption of cloud-based field service software, a shift towards software-as-a-service (SaaS) as opposed to conventional on-premises software, a rising demand for real-time visibility through mobility, a swift uptake of FSM solutions, and economic progress contribute to the observed growth during the historic period.
What is the Forecasted Market Size and CAGR for the Field Service Management Solution Market?
The field service management solution market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the field service management solution market as its size is projected to undergo an explosion of growth in the coming few years. The market is anticipated to escalate to $7.16 billion in 2029 with an impressive compound annual growth rate (CAGR) of 21.5%.
The expansion during this forecast phase can be tied to various factors; including the widespread use of smartphones, a growing body of skilled field service workers within the IT and telecom sector, the surging usage of wearable tech, a rising demand for superior customer experiences, and heightened adoption of digitization and automation within the field services industry. The forecast period is also expected to witness significant trends such as the rise of mobility solutions, the integration of virtual reality (VR) and augmented reality (AR), an increased uptake of cloud-based technology, technological progress, and growing collaborations.
What Key Factors and Trends Are Driving The Growth Field Service Management Solution Market?
The surge in the uptake of IoT (Internet of Things) is projected to stimulate the expansion of the field service management solution market. The Internet of Things involves a network of linked devices, sensors, and entities that exchange and transmit data autonomously. Various industries are increasingly adopting IoT technology due to the onset of 5G networks, strides in connectivity tech, and the diffusion of cloud and edge computations. The integration of IoT into FSM utilizes cloud-tech to automate and manage flexible solutions for customers, refine operations, and prioritize primary business targets. For example, the GSM Association, a not-for-profit organization based in the UK, forecasted in January 2022 that the number of IoT connections would surge from 15.1 billion in 2021 to an approximate 23.3 billion by 2025. Consequently, the heightened uptake of IoT is a catalyst for the growth of the field service management solution market.
What Are The Market Segments In The Field Service Management Solution Market?
The field service management solution market covered in this report is segmented –
1) By Components: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Mid-Size Enterprises
4) By Verticals: Telecom, Energy And Utilities, IT And ITEs, Manufacturing, Construction And Real Estate, Transportation And Logistics, Oil And Gas, Healthcare And Life Sciences, Other Verticals
Subsegments:
1) By Solution: Work Order Management, Scheduling And Dispatching, Asset Management, Mobile Field Service Solutions, Inventory And Parts Management, Customer Management And CRM Integration, Analytics And Reporting, Billing And Invoicing
2) By Services: Consulting Services, Integration & Implementation Services, Training And Support Services, Maintenance And Managed Services, Cloud Services
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Which Emerging Market Trends Are Altering The Field Service Management Solution Industry?
Prominent companies within the field service management solution market are concentrating on creating novel solution platforms, such as GenAI solutions, to augment their market profitability. GenAI is an acronym for artificial intelligence solutions created with various techniques like genetic algorithms, deep learning, and other evolutionary computation practices. For example, in November 2023, ServiceNow, Inc., an American software firm, introduced Now assist generative AI suite with fresh features to reshape user experiences and uplift productivity. The GenAI methods incorporated into the ServiceNow Platform encompass Now assist in virtual agent, flow creation, and Now assist for field service management (FSM). These solutions augment ServiceNow's repertoire of practical generative AI applications, allowing clients to simplify workflows, heighten efficiency, and enhance user engagement.
Who Are the Key Players In The Field Service Management Solution Market?
Major companies operating in the field service management solution market are:
• Microsoft Corporation
• Verizon Connect
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• IFS AB
• Comarch SA
• ServiceTitan
• WorkWave
• Field Nation LLC
• ServiceMax Inc.
• Workiz
• Jobber
• Jotform
• Sig Saucer Inc.
• Zinier Inc.
• Skedulo
• Praxedo
• FieldPulse
• FieldAware Inc.
• OverIT S.p.A.
• SIMPRO S.p.A
• Azuga Inc.
• TrueContext Corporation
• Route4Me Inc
What Are The Regional Insights Into The Field Service Management Solution Market?
North America was the largest region in the field service management solution market in 2024. The regions covered in the field service management solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
