Field Service Management Market To Grow At 18.0% CAGR During The Forecast Period From 2019- 2027

Field Service Management Market To Grow At 18.0% CAGR During The Forecast Period From 2019- 2027

According to a new market research report published by Credence Research “Field Service Management Market ((Component- Solution, Service), (Deployment Model- On-Premises, Cloud), (Organization Size- Large Enterprises, Small and Medium-sized Enterprises), (Vertical Outlook- IT Enabled Services, Healthcare, Energy & Utilities, Manufacturing, Construction and Real Estate, Transportation and Logistics)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall field service management market worldwide was valued at US$ 3.01 Bn in 2018 and is set to grow with a CAGR of 18.0% during the forecast period.

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Market Insights

Development in infrastructural communication network and evolution in the preference of enterprise mobility software across the globe shall drive the growth for field service management market worldwide. Field service management, offers the users prominence, planning and execution thereby obtaining primary goals of an organization. It also provides varied services, say, mobility, parts material management, service order management, financial management, etc. Further, involvement of contractors and other third party clients is driving the growth of the field service management market. As a result of aforementioned factors, we expect that the field service management market will show remarkable growth during the forecast period.

Based on end-user type, the field service management market is led by manufacturing segment in 2018. The segment held over 25% of the total revenue during 2018. Manufactures opt for field service management as it offers customer centricity. Further, it is anticipated that manufacturers would opt to purchase and upgrade the service delivery applications in the forecast year. Varied applications of the field service management are a major component of the service delivery. Thus, we expect that the manufacturing segment will be the fastest expanding segment during the forecast period.

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Based on the geography, North America dominates the field service management market in 2018. It held over 34% of the total revenue of field service management market in 2018. The region is notably the most advanced region in terms of adoption of adopting digital technologies. On the other hand, Asia Pacific is set to be the fastest growing segment during the forecast period. Owing to increased large scale industrialization in the region and rising numbers of the technology users in the region, the revenue of the field service management market shall grow in Asia Pacific. Thus, it is estimated that Asia Pacific shall expand exponentially during the forecast period 2019-2027.

Some of the major companies profiled in the report include Oracle, Microsoft, IFS, ClickSoftware, ServiceMax, Astea, Comarch, SAP, Salesforce, Trimble, Infor, OverIT, ServicePower, FieldAware, GEOCONCEPT, FieldEZ, and Zinier among others.

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