Field Service Management Software Market by Deployment and Geography - Forecast and Analysis 2021-2025

The field service management (FSM) software market share is expected to increase by USD 3.68 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 18.22%.

This field service management (FSM) software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers field service management (FSM) software market segmentations by deployment (on-premise and cloud-based) and geography (North America, Europe, APAC, MEA, and South America). The field service management (FSM) software market report also offers information on several market vendors, including Coresystems AG, FieldAware Group Ltd., FieldEZ, Kirona Solutions Ltd., Microsoft Corp., Oracle Corp., OverIT Spa, ServiceMax Inc., ServicePower Inc., and Zinier Inc. among others.

What will the Field Service Management (FSM) Software Market Size be During the Forecast Period?

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Field Service Management (FSM) Software Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The various pricing strategies by vendors is notably driving the field service management (FSM) software market growth, although factors such as high cost deploying FSM software may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the field service management (FSM) software market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Field Service Management (FSM) Software Market Driver

One of the key factors driving the field service management (FSM) software market is the various pricing strategies by vendors. The competitive field service management (FSM) software market environment, software vendors are adopting customer-centric pricing strategies enabled by technological advances. Several vendors in the global FSM software market are focusing on providing value-based pricing models depending on the needs of the customer and value perception. The pricing of the software is based on the differentiating features of the software solution and the value-added features provided to the customers. Furthermore, while implementing the software, the customers focus on certain economic and market factors such as return on investment (ROI), the ability to opt for free models, and constrained IT budgets. The vendors need to accommodate varying customer pricing preferences and budgets. The high price of the software and the constrained IT budgets of the customers have forced the vendors to re-evaluate the software pricing and delivery models. Therefore, vendors are providing SaaS, commercial open-source models, and term licensing to be in sync with the changing demands. Thus, the varying pricing structures of FSM software will increase its adoption among the end-users during the forecast period.

Key Field Service Management (FSM) Software Market Trend

Introduction of predictive analytics in FSM software is another factor supporting the field service management (FSM) software market growth in the forecast period. With technological advances, a few vendors in the market are embedding predictive analytics into their FSM solutions. Predictive analytics is gaining huge importance in the global FSM software market as it alerts the technicians to provide service to the customers even before they realize the problem. With predictive analytics, field technicians can offer the customers superior maintenance services that increase uptime, improve the product quality, and reduce the cost. Some of the vendors in the market that offer FSM solutions with predictive analytics are IFS, Oracle, SAP, Microsoft, and Key2Act. Moreover, by putting the company in close proximity to the consumer on a frequent basis, good after-sales service creates additional cross-sell and up-sell chances. For maintaining industrial equipment, most large-scale OEMs follow a set maintenance cycle. However, this may not be the best approach because uncontrollable elements such as the environment, the age of the equipment, and its use can all have a significant impact on the maintenance schedule. This is incentivizing companies to incorporate predictive analytics into FSM solutions in order to predict equipment failure. Predictive analytics, on the other hand, allows service teams to give service only when it is truly necessary.

Key Field Service Management (FSM) Software Market Challenge

High cost deploying FSM software will be a major challenge for the field service management (FSM) software market during the forecast period. The price of FSM software includes the cost of implementation, training, maintenance, software licensing, system design, and customization. Apart from software licensing, enterprises also need to invest in the proper implementation of the software and the training of the employees. Post-implementation, the software requires continuous upgrades to keep up with the market trends. All these factors will increase the overall cost of implementation of FSM software, which will reduce its adoption among the end-users. Furthermore, offering different functionalities, such as scheduling and dispatch, resource capacity planning, service contract management, warranty management, and work order management, in a single product is very expensive. Vendors such as ServiceMax, IFS, Oracle, and ClickSoftware offer mobile field execution, customer management, reporting and dashboards, inventory management, billing and invoicing, and tracking and performance management integration suites. However, to update such software suites, enterprises again require huge investments. Therefore, the high product and upgrade costs refrain small enterprises from adopting FSM solutions, which is adversely affecting the growth of the global FSM software market.

This field service management (fsm) software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global field service management (FSM) software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the field service management (fsm) software market during the forecast period.

Who are the Major Field Service Management (FSM) Software Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Coresystems AG
• FieldAware Group Ltd.
• FieldEZ
• Kirona Solutions Ltd.
• Microsoft Corp.
• Oracle Corp.
• OverIT Spa
• ServiceMax Inc.
• ServicePower Inc.
• Zinier Inc.

This statistical study of the field service management (FSM) software market encompasses successful business strategies deployed by the key vendors. The field service management (FSM) software market is fragmented and the vendors are deploying growth strategies such as extended functionality of their solutions to compete in the market.

Product Insights and News

• Coresystems AG - The company offers field service management solutions with software such as crowd service, workforce scheduling and field service dispatching software, field service analytics, reports and dashboards, customer self-service, field service knowledge management, work order management software, mobile field service management software, integration and cloud, security and GDPR software.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The field service management (fsm) software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Field Service Management (FSM) Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the field service management (fsm) software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global application software includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Field Service Management (FSM) Software Market?

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31% of the market's growth will originate from Europe during the forecast period. Germany and the UK are the key markets for field service management (FSM) software market in Europe. Market growth in this region will be slower than the growth of the market in regions such as APAC and MEA.

The need for a faster response to the changing business requirements and the availability of the subscription-based pricing model  will facilitate the field service management (FSM) software market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The market in the region witnessed certain challenges, owing to the outbreak of the COVID-19 pandemic in 2020. The pandemic led to a lockdown situation and affected normal activities in various sectors of the region, including industries, manufacturing, and IT companies. However, the adoption of and demand for cloud-based FSM software increased in the region in 2020 due to the remote working model adopted by the organizations, which is expected to drive the regional market growth during the forecast period.

What are the Revenue-generating Deployment Segments in the Field Service Management (FSM) Software Market?

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The field service management (FSM) software market share growth by the on-premise segment will be significant during the forecast period. On-premises FSM software is purchased by the users and installed on their own respective servers. The biggest advantage of the on-premises FSM software is that organizations have complete control over their critical data. This will drive the demand for the on-premise segment during 2021-2025.

This report provides an accurate prediction of the contribution of all the segments to the growth of the field service management (fsm) software market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Field Service Management (FSM) Software Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive field service management (FSM) software market growth during the next five years
• Precise estimation of the field service management (FSM) software market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the field service management (FSM) software market industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of field service management (FSM) software market vendors

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