Field Service Management Market was valued at USD 2,828 million in 2020 and predicted to grow at 11.6% CAGR during the forecast period.

Introduction of the Field Service Management Market Report

Field service management includes dispatching workers or contractors for installation, maintenance, or repairing a system, equipment, or assets to a location outside the company’s premises. Field service managers monitor the organization’s resources and systematize the work of field service technicians who deliver efficient, specific, or proprietary services to clients. Field service management consolidate data from enterprise asset management systems with internet data, involving IoT and mobile devices, to help the company manage its resources. A variety of software and solutions provides field services management capabilities such as it can help managers and technicians deliver job orders, automate scheduling and dispatch, manage customer service contracts, and collect payment.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing adoption of automation and digitalization in the field service industry due to the increasing demand for real-time visibility of field operations to serve customers efficiently is the key factor driving the global field service management market. The increasing use of the mobile device in the organization will boost the market growth, as mobile phone devices supporting field service management solutions provide real-time connectivity to the remote workforce that offers effective monitoring and management of distributed workers. The manufacturing industries are adopting the Industrial Internet of Things (IIoT) for new services due to Industry 4.0. In this case, it will require the field services management system to manage the field services delivery. According to the report by IBM, a manufacturing site can generate more than 2200 Tb of data in one month and yet most data go unanalysed. Implementing AI-driven and IoT-driven technology in energy and utility industries to improve equipment operation, assess risks and address them in real-time will propel the field service management market. For instance, by using predictive maintenance, Oncor Electric Delivery Company LLC accurately predict where the issue may occur and deploy resources to address the most critical issues.

Restraint in the Field Service Management Market

However, with increasing digitalization, there has been a rise in several cyberattack. The technician bring mobile phone to job sites is unprotected from attack, especially if mobile phones are connected to an unsecured Wi-Fi network. This factor will act as a restraint and hamper the market growth.

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Service Type – Segment Analysis

Based on the service type, inventory management is expected to grow at a higher CAGR over the forecast period. Inventory Management is one the most critical part of the field service segment. Several factors such as reverse logistics, product handling, bullwhip effect, inventory cost make it one of the most complex tasks in the industry. Field service management integrates with enterprise asset management, and ERP applications drive the business benefits and cost-saving. Supply chain leaders are stepping forward to the challenge. In asset-intensive markets such as oil & gas, mining, utility companies optimize the maintenance, repair, and operation inventory to ensure an increase in service level and reduce the unplanned downtime while freeing up their working capital to spend on other strategies. For instance, with IBM Maximo MRO Inventory optimization, a U.S. Utility Corporation achieved net improvement in inventory cost of USD 25 million and brought their 10% inventory growth rate down to zero.

End-User Industry – Segment Analysis

Based on the end-user industry, manufacturing is expected to grow at a higher CAGR over the forecast period. To create both sustainable and profitable operations, the manufacturing industry is moving towards Industry 4.0, which provides technical advancements such as intelligent predictive maintenance and IoT. By implementing intelligent, automated workflows, cloud computing, intelligent asset management, and insight based on data and AI, the organization can quickly spot defects and address the problem in real-time. According to IBM, intelligent factories can improve performance by 20% and defect detection by up to 50%, which helps in reducing operating costs. Field service management uses predictive maintenance or IoT to generate work activities and, in real-time, find the best-suite technician to be on-site to perform the work. For instance, L’Oréal is escalating its Industry 4.0 journey with performance diagnosis, operation strategy, and AI to deliver new products faster.

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Regional – Segment Analysis:

Based on the region, the APAC region is anticipated to grow at a higher CAGR over the forecast period. The rapid growth of the region’s market is due to the rising number of business processes, leaping startups with IT budgets, and increasing adoption of cloud technologies. The APAC region is considered a manufacturing hub with growing awareness regarding technical advancement to increase operational efficiency. The springing economics such as China and India are home to SMEs, leading to increased competition. The driving demand requires innovative technology for automating business processes such as service delivery, job scheduling, and billing. According to SME Finance Forum, SMEs comprise 98% of enterprises in the APAC region and employ 50% of the workforce. The large-scale industries require field service management solutions to enhance productivity and optimize workflow. The increasing number of smartphones and penetration internet will drive the demand for mobility-based field service management.

Top Market Players

Various notable players operating in the market, include, IBM, Microsoft, Salesforce.com, inc, Oracle, SAP, Infor, Accruent, IFS, ServicePower, Inc., OverIT, among others.

Key Developments:

• • In 2021, OverIT and Linxup announced a long-term partnership to accelerate the growth of both companies. With the integrated power of OverIT and Linxup, customers can track vehicles, location, and drivers and ensure the right skilled driver and schedules are all considered and implemented.
  • In 2020, ServicePower, Inc. and The Amynta Group announced a partnership to improve the consumer experience by providing self-scheduling capacity with a real-time status update and ETA notifications.

Segments covered in the Report:

The global field service management market has been segmented on the basis of service type, deployment type, end-user industry and region. Based on service type, the market is segmented into inventory management, enterprise asset management, customer management, service contract management, reporting and analytics, and others. Based on deployment type, the market is segmented into cloud, and on-premises. Based on end-user industry, the market is segmented into IT & telecom, manufacturing, transportation, oil & gas, energy & utilities, and others.

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Key questions answered in this research report:

• • At what pace is global field service management market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in field service management market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global field service management market?
  • Which service type generated maximum revenues in 2020 and identify the most promising service type during the forecast period?
  • What are the various deployment type of global field service management market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

 

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 2,828 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Service Type, By Deployment Type, By End-User Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	IBM, Microsoft, Salesforce.com, inc, Oracle, SAP, Infor, Accruent, IFS, ServicePower, Inc., OverIT, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Field Service Management Market by Service Type

• • Inventory Management
  • Enterprise Asset Management
  • Customer Management
  • Service Contract Management
  • Reporting and Analytics
  • Others

Global Field Service Management Market by Deployment Type

• • Cloud
  • On-premises

Global Field Service Management Market by End-User Industry

• • IT & Telecom
  • Manufacturing
  • Transportation
  • Oil & Gas
  • Energy & Utilities
  • Others

Global Field Service Management Market by Region

• • North America Field Service Management Market (Option 1: As a part of the free 25% customization)
    • North America Field Service Management Market by Service Type
    • North America Field Service Management Market by Deployment Type
    • North America Field Service Management Market by End-User Industry
    • US Field Service Management Market All-Up
    • Canada Field Service Management Market All-Up
  • Europe Field Service Management Market (Option 2: As a part of the free 25% customization)
    • Europe Field Service Management Market by Service Type
    • Europe Field Service Management Market by Deployment Type
    • Europe Field Service Management Market by End-User Industry
    • UK Field Service Management Market All-Up
    • Germany Field Service Management Market All-Up
    • France Field Service Management Market All-Up
    • Spain Field Service Management Market All-Up
    • Rest of Europe Field Service Management Market All-Up
  • Asia-Pacific Field Service Management Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Field Service Management Market by Service Type
    • Asia-Pacific Field Service Management Market by Deployment Type
    • Asia-Pacific Field Service Management Market by End-User Industry
    • China Field Service Management Market All-Up
    • India Field Service Management Market All-Up
    • Japan Field Service Management Market All-Up
    • Rest of APAC Field Service Management Market All-Up
  • RoW Field Service Management Market (Option 4: As a part of the free 25% customization)
    • RoW Field Service Management Market by Service Type
    • RoW Field Service Management Market by Deployment Type
    • RoW Field Service Management Market by End-User Industry
    • Brazil Field Service Management Market All-Up
    • South Africa Field Service Management Market All-Up
    • Saudi Arabia Field Service Management Market All-Up
    • UAE Field Service Management Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Field Service Management Market All-Up

Major Players Operating in the Field Service Management (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • Microsoft
  • com, inc
  • Oracle
  • SAP
  • Infor
  • Accruent
  • IFS
  • ServicePower, Inc.
  • OverIT