Field Service Management Market Size

The rapid growth in the adoption of these solutions by small & medium-sized businesses is expected to further boost the market growth over the forecast period.

PORTLAND, PORTLAND, OR, UNITED STATE, October 17, 2022 / / -- Rise in need for tracking activities on the field, increase demand for mobility to acquire real-time visibility, and surge in adoption of digitalization & automation in the field services industry fuel the growth of the global .

On the other hand, dearth of expert professionals for operating FSM curtails down the growth to some extent. Nevertheless, integration of AI, AR, and VR in field services sector and rise in adoption of internet of things (IoT) are expected to create lucrative opportunities in the industry.

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The global field service management market is analyzed across component, deployment, organization size, industry vertical, and region.

By component, the solution segment accounted for nearly three-fourths of the total market revenue in 2018 and is expected to rule the roost by the end of 2026. The service segment, on the other hand, would manifest the fastest CAGR of 19.3% throughout the forecast period.

The leading market players analyzed in the global field service management market report include Oracle, Tableau, SAS Institute, SAP SE, Sisense, Teradata, Adobe, Cisco, Tibco, and IBM. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their stand in the industry.

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By industry vertical, the manufacturing segment contributed to nearly one-fourth of the total market share in 2018 and is anticipated to lead the trail throughout the forecast period. Simultaneously, the transportation & logistics segment would grow at the fastest CAGR of 19.2% till 2026.

By region, North America generated the highest share, garnering more than one-third of the global market and is projected to dominate, in terms of revenue, by 2026. Simultaneously, the region across Asia-Pacific would manifest the fastest CAGR of 18.4% during the study period.

Covid-19 scenario-

•Covid-19 led to disruptions in various field activities and the field services industry has been affected indeed. Also, there has been a significant decline in the number of skilled workforce to operate on field management service systems due to lockdown.

•Nevertheless, due to social distancing, there has been a steep increase in the need to automate manual field service business operations such as scheduling, dispatching, transporting, and fleet trailing which, in turn, has given the market a positive boost.

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