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The Field Service Management (FSM) Software Market size is forecast to increase by USD 1,467.6 million at a CAGR of 12.74% between 2022 and 2027. The growth of the market depends on several factors, including various pricing strategies by market players, increasing demand for SaaS-based field service management solutions, and increasing requirements to drive workforce productivity.It helps organizations deliver effective on-site services by tracking requests, managing personnel, and maintaining visibility into operations. Some of the main features of management software include work order management, inventory, fleet tracking, and reporting. It market growth analysis report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the market growth is the increasing requirement to drive workforce productivity. It has become significantly vital for enterprises to efficiently track their field resources due to the constant pressure on them to maintain profit margins and gain a competitive advantage in the market. Some of the main factors which are challenging the field services agencies include increasing fuel prices, budget constraints, and high customer expectations.
As a result, there is an increasing focus by enterprises on the adoption of field service management solutions as they enable streamlining of different business processes and enhance the productivity of the workforce without increasing the size of the field-based workforce. Hence, such factors are positively impacting the market growth. Thus, it is expected to drive market growth during the forecast period.
A key factor shaping the market growth is the introduction of mobile field service apps. There is increasing adoption of mobile devices for various business purposes in the global market. Additionally, several enterprises are majorly focusing on the adoption of field service management mobile apps to interact with their field service staff via mobile devices. These apps heavily depend on offering an easy-to-use mobile experience for technicians who are out in the field.
Furthermore, the main purpose of these apps is that it helps to bridge the information gap between the service firm and its field service technicians. Some of the key advantages of these apps for field service staff are that it enables them to diagnose the issues, determine the information and equipment required, and deploy them on the client site. Thus, these benefits are positively impacting the market growth. Hence, such factors are expected to drive market growth during the forecast period.
Inadequate training of professionals is one of the key challenges hindering the market growth. The process of implementation in enterprises is complex and thus end-users need appropriate training to understand all its functionalities. As a result, it slows down the process of implementation which involves the extraction of required information, optimizing the efficiency of the enterprises.
Additionally, due to a lack of proper training, there is a significant lack of adoption especially in developing economies. Therefore, many market players in these developing countries are unaware of the benefits of field service management software and the companies which have adopted these software solutions lack the proper training to utilize it to the maximum efficiency. Hence, such factors are hindering market growth.
Market Dynamic
The Field Service Management (FSM) market is evolving rapidly with the adoption of field service solutions across various industry verticals. Despite challenges posed by the global economic slowdown, subscription-based models and real-time monitoring drive efficiency. Features like nearest technician allocation and remote reboot enhance first-time fix rates and minimize downtime. Mobility-powered solutions, including cloud-based platforms, streamline operations from routing to invoicing. With advancements in digital twin solution and asset performance management solutions, industries like the energy and oil & gas sectors optimize operations. Technologies such as customer service representatives, augmented reality (AR) and virtual reality (VR) empower advanced mobile workers, reducing human-to-human contact while ensuring clear communications. Leveraging these innovations leads to cost savings, satisfied customers, and streamlined operations in an increasingly digital transformation world.
The IT and telecom segment is estimated to witness significant growth during the forecast period. There is increasing adoption software across the IT and Telecom sector as it is widely used to efficiently manage their field service operations, ensure prompt customer support, and optimize the performance of their technical workforce. The main advantage of file service management software in this segment is that it streamlines service delivery by automation of workflows, optimizing resource allocation, and ensuring the right expertise is dispatched for complex tasks.
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The IT and telecom segment was the largest segment and was valued at USD 350.70 million in 2017. Additionally,it enables efficient remote service management, facilitating real-time communication and remote troubleshooting for technical support teams in the telecom sector. Furthermore, there is an increase in customer expectations in this segment. As several telecom companies are increasingly focusing on adopting as it helps to meet customer demands by enabling faster response times, accurate service scheduling, and effective issue resolution. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
The need for enhanced data security fuels the adoption of the on-premise segment across enterprises which in turn increases the market growth. The installation and operation of the directly on the customers local servers or data centers can be referred to as an on-premise segment. In this segment, the software and data are majorly managed and maintained by the customer's IT department or an external services team. The increasing need for improved data security and control fuels the adoption of this segment across enterprises. Some of the key end-users of this segment include healthcare, finance, and government, who often prefer to keep their sensitive data within their own infrastructure to ensure full control over access and protection. Hence, such factors are fuelling the growth of this segment which, in turn, will drive the market growth during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key factors which are significantly contributing to the global market growth are the availability of adequate IT infrastructure and the high penetration of large and small enterprises in the US and Canada. There is an increasing adoption of digitalization across several companies in North America in order to enhance operational efficiency and customer experience.
As a result, it fuels the demand across industries as it offers automation and optimization of field service processes, aligning with the overall digitalization efforts. Furthermore, there is an increasing need for real-time communication between field technicians and the back office due to the proliferation of mobile devices and high-speed internet connectivity. Thus, enterprises in the region utilize for smooth communication and data exchange. Hence, such factors are expected to drive market growth in the region during the forecast period.
The Market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Comarch SA: The company offers field service management software solutions such as Rollout Management, Zero-touch Workforce Management, and IoT for Field Service.
FieldAware Group Ltd: The company offers field service management software namely FieldAware Time Management.
FieldEZ: The company offers field service management software such as Mobile field service management that allows efficient deployment of mobile field personnel.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Field Service Management (FSM) Software Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.74% |
Market growth 2023-2027 |
USD 1,467.6 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.57 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Computer Software Group Ltd., Comarch SA, FieldAware Group Ltd., FieldEZ, Fortive Corp., GeoConcept SAS, IFS World Operations AB, Infor Inc., Microsoft Corp., MSI Data LLC, Oracle Corp., OverIT Spa, PTC Inc., Salesforce Inc., SAP SE, ServicePower Inc., Simpro Group, Syncron Holding AB, Trimble Inc., and Zinier Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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