Field Service Management Market Size, COVID-19 Impact Analysis, Regional, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4505
Field Service Management Market size is set to gain notable proceeds between the period 2021 to 2027 with the growing adoption of mobility solutions as well as back-end automation technologies to offer remote monitoring. The rise in mobile phone usage and the influx of latest AI-based technologies will add positive impetus to the industry forecast. The surge in the instances of R&D activities and the rising popularity of smart wearable devices will further contribute towards the growth of the overall market.
Field service management is also gaining wide prominence for its advantages, like quicker invoicing, workflow standardization, cost reduction, and accuracy task tracking.
Based on the type of deployment, the field service management market share from cloud-based models will gain substantial proceeds through 2027. This is mainly owing to the increasing need for massive storage capacities and the higher adoption of software-as-a-service (SaaS) software. The rising penetration of automated management systems for enhanced productivity and reduced operational costs in enterprises will drive the industry forecast.
In terms of application, inventory management is set to record significant demand for field service management with the rising focus to limit component failures. The growing need for governance has resulted in the real-time tracking and tracing of inventory locations. The demand for automating real-time notifications will further influence market growth.
Regionally, North America Field service management market share will be significantly bolstered with the higher adoption of smartphones and the increasing presence of chatbots in the region. The rising development of best-in-class field service management solutions for enhanced end-user satisfaction across the regional organizations will influence the market expansion.
APAC will register considerable field service management demand with increasing applications across manufacturing organizations and the rise in the number of small and medium enterprises in the region. It has been revealed in an MSME Ministry’s FY19 annual report, that India houses close to 6.33 crore MSMEs (micro, small and medium enterprises). This factor is likely to augment regional product adoption.
Solution providers in field service management market are actively taking up inorganic strategies, including technical innovations, mergers, acquisitions, and partnerships, to proliferate their product and customer portfolio while sustaining the intensifying market competition.
For instance, Tata Consultancy Services (TCS), in July 2020, entered a partnership with Zinier to roll out digital automation solutions to lend support to field service organizations in ensuring business continuity while letting them instantly adapt to sudden disruptions in terms of essential services and workforces.
In another instance, in December 2019, IFS acquired 100% shares of Astea in a bid to serve multiple customers in a spread of markets. The acquisition is anticipated to aid the former company in strengthening and deepening its ability in helping customers with innovations in the field service and service management arena.
Comarch, GeoConcept SA, Fieldaware, ServiceMax (ServiceMax JV, LP), Microsoft, ClickSoftware (Salesforce), Overit, Salesforce, Infor (Koch Industries), Trimble, SAP, Oracle, Zinier, and Fielder are the leading business participants consolidating the market share.
COVID-19 and its effect on the field service management market trends
The current COVID-19 crisis radically slowed down the global economy while laying substantial impacts on millions of businesses across the world. Given the severity and implications of the pandemic, a large number of governments directed the lockdown and social distancing policies, which in turn disrupted the industrial operations. Its effects also touched the field service management vertical owing to stalled innovations and adoption.
However, with the increasing need for flexibility in organizations, which are looking for faster approaches for transformation than before, the field service management market forecast is expected to bloom in the post-pandemic era.
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