Cloud Field Service Management Global Market Report 2024

The cloud field service management market size has grown rapidly in recent years. It will grow from $5.38 billion in 2023 to $6.21 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth observed in the historical period can be attributed to several key factors. These include the increased adoption of cloud-based solutions, a rise in demand for mobility facilitated by the Internet of Things (IoT), the utilization of data analytics for informed decision-making, and a shifting focus towards enhancing the overall customer experience.

The cloud field service management market size is expected to see rapid growth in the next few years. It will grow to $11.13 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. Anticipated growth in the forecast period can be credited to several key factors. These include the expanding adoption of Industry 4 principles, the proliferation of remote solutions, ongoing technological advancements, the integration of Artificial Intelligence (AI) and Machine Learning (ML), and the management of mobile workforces. Noteworthy trends expected in the forecast period encompass the integration of AI, incorporation of Internet of Things (IoT) technologies, adoption of cloud-based solutions, utilization of blockchain technology, and the implementation of continuous software updates.

The rising adoption of remote work is anticipated to drive the expansion of the cloud field service management market in the foreseeable future. Remote work, characterized by employees performing their job duties from locations other than traditional office settings, is gaining traction due to various benefits such as cost savings, improved work-life balance, and the growing acceptance of non-traditional work arrangements. Cloud field service management plays a crucial role in supporting remote work by providing essential tools and capabilities for accessibility, communication, monitoring, resource optimization, customer service, and flexibility. For instance, as per the United States Census Bureau's September 2022 report, the number of individuals primarily working from home surged from 5.7% (approximately 9 million people) to 17.9% (27.6 million people) according to the 2021 census. Consequently, the escalating adoption of remote work acts as a key driver behind the growth of the cloud field service management market.

Prominent companies in the cloud field service management market are concentrating on technological advancements, particularly in Internet of Things (IoT) integration, such as DataGuide. DataGuide encompasses integrated data capture and report generation capabilities, providing customers with comprehensive information about the collected data and its intended use. This encompasses various aspects such as policy data, service outlet data items, or even printing and promotional items. For example, in June 2022, Servicemax Technologies Private Limited, a US-based service execution management company, launched DataGuide. This solution offers efficient print management system and comprehensive printing and promotional item solutions, seamlessly integrating with field service automation products while adhering to best practices for effective implementation.

In October 2023, Oracle Corp., a US-based technology company, finalized the acquisition of Next Technik for an undisclosed sum. This strategic acquisition aims to enhance Oracle Corp.'s capacity to provide NetSuite customers with field service management capabilities that streamline operations, automate key processes, deliver real-time insights, reduce operational costs, and enhance both revenue and profit margins. Next Technik, an Australia-based NetSuite SuiteCloud Development company, specializes in offering field service management solutions encompassing schedule and dispatch, reporting and analytics, and inventory and return management.

Major companies operating in the cloud field service management market are Microsoft Corporation, International Business Machine Corporation, Oracle Corp., Broadcom Inc., SAP SE, Salesforce Inc., Intuit Inc., ServiceNow Inc., Atlassian Corp., SolarWinds Corp., Work Wave LLC, Dispatch, ServiceMax Inc., Jobber, Cherwell Software LLC, Housecall Pro, Astea International Inc., Acumatica Inc., FieldEdge, FieldEZ Technologies Inc., FieldAware Inc., Mhelpdesk Inc., Kickserv Inc., MSI Data, Innovapptive Global Solutions Pvt. Ltd.

North America was the largest region in the cloud 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 cloud field service management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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

Cloud field service management refers to a software solution crafted to optimize and streamline field service operations through the utilization of cloud computing technology. These services encompass a broad spectrum of activities including consultations, sales, repairs, maintenance, and customer support. When compared to traditional on-premises solutions, cloud-based approaches offer several benefits and considerations.

The primary components of cloud field service management include solutions and services. Solutions comprise software platforms or suites of tools engineered to streamline and enhance field service operations. These solutions are deployed via public cloud, private cloud, or hybrid cloud environments. They cater to diverse organizations ranging from large enterprises to small and medium-sized enterprises (SMEs), spanning various verticals such as manufacturing, transportation and logistics, construction and real estate, energy and utilities, healthcare and life sciences, retail and consumer goods, banking, financial services, insurance, telecommunications, and others.

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

The cloud field service management market consists of revenues earned by entities providing services such as inventory management, centralized data storage, mobile accessibility, work order management, scheduling, and vehicle tracking. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud field service management market also includes sales of cloud-based field service management software, mobile field service applications, product lifecycle management, warranty and service contracts, and AI-powered field service platforms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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