Field Service Management Global Market Report 2024

Field service management (FSM) is a system for managing remote workers and the resources a company needs to work efficiently. Field service management helps businesses manage all the resources involved in field service management activities. It can help technicians process job orders, keep track of service and repair tasks, automate scheduling and dispatch, manage customer service contracts, collect payment and more.

The main types of components in field service management are solutions and services. The various services include consulting, training and support, and integration and implementation with third-party systems to boost the performance of the field service. The different deployment modes include on-premise, and cloud and are used in various applications such as energy and utilities, telecom, manufacturing, healthcare, BFSI, construction and real estate, transportation, and logistics, among others.

The field service management market research report is one of a series of new reports that provides field service management market statistics, including field service management industry global market size, regional shares, competitors with a field service management market share, detailed field service management market segments, market trends and opportunities, and any further data you may need to thrive in the field service management industry. This field service management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The field service management market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to demand for automation, rising customer expectations, globalization, compliance and regulations.

The field service management market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to focus on predictive maintenance, rise of mobile workforce, increased cloud adoption. Major trends in the forecast period include integration with erp and crm systems, emphasis on data analytics, augmented reality (AR) integration, mobile-first approach, blockchain for security, subscription-based models.

The increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period. Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology. The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs. For instance, in September 2023, according to Cavintek Inc., a US-based company that provides workflow automation as well as productivity applications, more than 80% of corporate executives reported hastening work process automation and increasing the usage of remote work. 43% of organizations intend to minimize their staff by implementing automation technology. Therefore, the increasing demand for automation and digitalization drives the growth of the field service management market.

The proliferation of mobile devices and connectivity is expected to propel the growth of the field service management market in the coming years. Mobile devices and connectivity refer to the use of smartphones, tablets, and other portable gadgets, along with the networks and technologies that enable them to connect to the internet and other communication systems. Mobile devices and connectivity in field service management streamline operations, enhance communication, improve customer service, and increase overall efficiency. For instance, in 2022, according to The GSM Association, a UK-based non-profit industry organization that represents mobile network carriers globally, the overall number of individuals utilizing mobile internet climbed to 4.6 billion (57% of the world population). Similarly, in November 2022, according to the International Telecommunication Union, a Switzerland-based United Nations department in charge of a wide variety of concerns, including technology and communication, 73% of people in the age group of 10 and over are anticipated to be able to access a smartphone by 2022, which is 7% higher than the percentage of the whole population that now uses the Internet. Therefore, the proliferation of mobile devices and connectivity is driving the growth of the field service management market.

The increasing availability of SaaS solutions and value-added features is a key trend gaining popularity in the field service management market. Software as a service (SaaS) is an abbreviation that refers to a software distribution model in which a cloud provider hosts applications for simple access by end-users. The advantages of SaaS solutions are ease of access, minimal setup time, and customizability based on the requirements. SaaS solutions are widely incorporated in field service management to effectively track and manage resources. For instance, in October 2021, Opsivity, Inc., an Australia-based field service management company launched its SaaS services in the US market. The US customers can now use Opsivity's SaaS-based solutions for real-time remote field support.

Major companies operating in the field service management market are focusing on developing innovative products, such as field service management mobile applications, to better meet the needs of their existing consumers. A field service management smartphone app is a piece of software designed to assist field service firms in managing their operations and personnel via the use of mobile phones such as cell phones and tablets. For instance, ServiceMax, Inc., a US-based service execution management company, launched the ServiceMax Engage mobile application. ServiceMax Engage is a user-friendly mobile application that links field service companies with end customers to improve service visibility, improve the consumer experience, and assure asset data integrity. ServiceMax Engage tackles two primary pain areas for service organizations including the end-customer need for increased visibility and engagement in the service process and the difficulty of storing comprehensive and correct asset data.

In July 2021, ServiceMax, a US-based asset-centric field service management company acquired LiquidFrameworks for an undisclosed amount. Through this acquisition, ServiceMax will be able to meet the unique challenges of the energy sector with its field service management solutions. LiquidFrameworks is a US-based company providing cloud-based, mobile field operations management solutions to the energy, industrial, and environmental services industries. FieldFX from LiquidFrameworks provides companies with several benefits, including increased revenue capture, increased cash flow, contract compliance, invoice accuracy, and customer responsiveness.

Major companies operating in the in the field service management market report are Accruent LLC, Acumatica Inc., Astea International Inc., ClickSoftware Technologies Ltd., Comarch SA, FieldAware Group Ltd., Geoconcept SAS, Kirona Solutions Ltd., Coresystems AG, IFS AB, Infor Inc., International Business Machines Corporation, Microsoft Corporation, Mize Inc., OverIT S. p. A, Praxedo SAS, Salesforce. com Inc., SAP SE, ServiceMax Inc., Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, Accenture plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.

North America was the largest region in the field service management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field service management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the field service management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The field service management market includes revenues earned by entities by providing services such as sales force automation, enablement, revenue optimization, sales engagement, territory planning, partner relationship management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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