Field Service Management Market Analysis

Field Service Management Market Analysis

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Based on component, the market is divided into solution and services. The solution segment accounted for around 77% of the business share in 2022 and is anticipated to grow significantly in the market. The increasing demand for enhanced efficiency and superior customer satisfaction is driving the adoption of solutions in the market. Businesses recognize the pivotal role of streamlined operations and satisfied customers in maintaining competitiveness.
 

For instance, in October 2023, Oracle acquired Next Technik, a leading provider of field service management solutions customized for NetSuite clients. Through this acquisition, Oracle intends to transform the field service management industry, delivering improved efficiencies and elevating customer satisfaction. As companies prioritize customer experience and operational effectiveness, the market for these solutions will grow to meet the essential business needs.
 

Based on industry vertical, the field service management market is categorized into BFSI, healthcare, energy & utilities, telecom, retail & wholesale, construction & real estate, manufacturing, transportation & logistics, and others. The manufacturing segment accounted for a business share of around 18% in 2022 and is anticipated to drive market expansion. The manufacturing industry benefits from field service management solutions by enhancing workforce productivity. These tools optimize scheduling, ensuring skilled technicians are deployed efficiently. By minimizing downtime and idle time, field service management solutions maximize uptime, enabling increased productivity.
 

Manufacturers can achieve streamlined operations, timely equipment maintenance, and reduced service response times. The heightened efficiency helps meet customer expectations for quick service while significantly improving the overall operational output, making FSM solutions vital for enhancing productivity in the manufacturing sector.
 

North America is experiencing growth in the field service management market. The region accounted for a business share of around 30% in 2022 and is expected to register significant growth over the forecast period. In North America, the rising demand for field mobility solutions is propelling the market progression. Industries, such as utilities and telecommunications, require efficient tools to effectively manage the mobile workforce. FSM solutions cater to this need by providing seamless communication, real-time data access, and optimized task management on mobile devices. As businesses prioritize flexibility and agility in their field operations, the adoption of field service management software will grow, boosting the regional market size.