The global field service management market is expected to secure USD 10.3 Bn in 2032 while recording a CAGR of 11. 1% during the forecast period from 2022 to 2032.
The market is projected at USD 3.2 Bn and 3.6 Bn in 2021 and 2022 respectively. Expansion of the market is credited to the increasing demand for real-time visibility and the fast adoption of automation and digitalization in the field.
Increasing initiatives to offer improved customer services, lessen labor costs, and offer better productivity is predicted to play a salient role in driving the market during the assessment period. Moreover, the growing integration of AI, AR, and VR in the field services sector is predicted to boost the industry significantly. Regionally, the U.S market is expected to lead the global market during the forecast period. The country is projected at a growth rate of 10.9% by 2032.
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The market in China is likely to garner USD 764.6 Mn and record a CAGR of 10.9% during the assessment period. On the contrary, the rising number of cyberattacks is a serious concern, which is projected to inhibit market growth in the assessment period. Besides, the growing adoption of BYOD policies has encouraged cyberattacks, which is a serious concern to the market since it limits market growth.
Key Takeaways from the Market Study
- The global field service management market to expand at a CAGR of 11.1%
- The global field service management market to hold a value of USD 10.3 Bn
- The solution segment to record an 11.1% growth rate
- The on-premise segment to witness a 10.9% expansion rate
- The market in the US to secure USD 3.6 Bn in 2032
- The market in the U.K to record a CAGR of 10.1% during the forecast period
"Rapid adoption of automation and digitalization is expected to propel adoption of field service management solutions across a wide range of end use industries," remarks an FMI analyst.
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Players in the global field service management service adopt various strategies to enhance their reach in the global market. Key players in the global field service management market include SERVICEMAX, ORACLE, SALESFORCE, MICROSOFT, INFOR, among others. Key developments among the players are:
- In 2019, SalesForce Inc., a US-based cloud software company acquired ClickSoftware Technologies for USD 1.35 Bn. With this acquisition, Salesforce Inc. enhanced the expansion of its Service Cloud software and improved its Field Service Lighting (FSL).
- In March 2021, IFS AB rolled out IFS Cloud to help businesses in orchestrating customers, people, and assets to deliver end-to-end capabilities. Customers can integrate human capital management, enterprise resource planning, and asset management to provide improved field services.
Key Segments Covered In The Field Service Management Report
By Organization Size:
- Field Service Management for SMEs
- Field Service Management for Large Enterprises
- Field Service Management for Telecom
- Field Service Management for IT and ITES
- Field Service Management for Healthcare and Life Sciences
- Field Service Management for Manufacturing
- Field Service Management for Construction and Real Estate
- Field Service Management for Transportation and Logistics
- Field Service Management for Energy Utilities
- Field Service Management for Oil and Gas
- Field Service Management for Other Verticals
- On-Premises Field Service Management
- Cloud Field Service Management
- Field Service Management Solutions
- Dispatch, and Route Optimization
- Customer Management
- Work Order Management
- Inventory Management
- Service Contract Management
- Reporting and Analytics
- Field Service Management Services
- Integration and Implementation Services
- Training and Support Services
- Consulting Services
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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Table of Content
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2.1. Market Coverage
2.2. Market Definition
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Field Service Management
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
To Continue TOC...
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The post Field Service Management Market will reach a worth US$ 3.6 Bn in 2022 and is expected to reach US$ 10.3 Bn and grow at a 11.1% year-on-year rate in 2032 | Data expertise by FMI appeared first on Future Market Insights.
Original Source of the original story >> Field Service Management Market will reach a worth US$ 3.6 Bn in 2022 and is expected to reach US$ 10.3 Bn and grow at a 11.1% year-on-year rate in 2032 | Data expertise by FMI
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