NEW
YORK, July 10, 2024 /PRNewswire/ -- The
global field service management (FSM) software market
size is estimated to grow by USD
1.89 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 14.27%
during the forecast period. The rapid growth of the FSM
market is primarily driven by increasing adoption of advanced
technologies like predictive analytics, aimed at enhancing
operational efficiency and customer satisfaction. Vendors are
leveraging various pricing strategies to attract customers,
contributing to market expansion. Despite challenges such as high
deployment costs, the market benefits from robust demand across
industries seeking to optimize field operations. Key players such
as Salesforce, SAP, and Oracle are pivotal in shaping industry
dynamics with innovative solutions.
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report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (IT and
telecom, Healthcare, Retail, Transportation and logistics, and
Others), Deployment (On-premise and Cloud-based), and Geography
(North America, Europe, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
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.
|
Key Market Trends Fueling Growth
After-sales service is essential for businesses to maintain
profitable maintenance contracts and foster long-term customer
relationships. Traditional maintenance schedules may not be optimal
due to unpredictable factors affecting equipment performance.
Predictive analytics integrated into Field Service Management (FSM)
software is revolutionizing the industry. By analyzing equipment
data, these solutions identify potential failures before they
occur, enabling proactive maintenance and reducing downtime. This
enhances product quality, increases customer satisfaction, and
lowers costs. Predictive analytics is a key trend in the global FSM
software market, expected to drive growth during the forecast
period.
In today's business landscape, Field Service Management (FSM)
software has become a must-have tool for managing mobile
workforces. Trends in FSM include real-time access to critical
data, integration with back-end systems, and collaboration tools
for field technicians. Customer data and service history are
essential for providing excellent service and resolving complex
issues efficiently. Mobile devices and cloud-based,
subscription-based offerings enable real-time communication and
updates for job assignments, information sharing, and problem
resolution. Advanced FSM solutions offer augmented reality for
real-time guidance and expertise, improving productivity and
reducing costly return visits. Integration complexity, talent
shortage, and economic uncertainty are challenges for businesses.
Digital transformation and mobile-based FSM solutions offer
cost-effective alternatives, but security concerns, such as data
confidentiality and data breaches, must be addressed.
Communication, collaboration, and compliance are crucial for
operational efficiency, and mobile technology, such as tablets, are
essential tools for field technicians. In conclusion, FSM software
trends focus on real-time access, collaboration, and integration to
improve operational efficiency, productivity, and customer
satisfaction. However, businesses must consider the challenges of
integration complexity, talent shortage, and economic uncertainty
while addressing security concerns and ensuring
compliance.
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Market Challenges
- The global field service management (FSM) software market faces
challenges due to the high cost of implementation. This expense
includes software licensing, implementation and training costs,
maintenance, system design, and customization. After
implementation, continuous upgrades are necessary to remain
competitive, leading to additional costs. Complex software suites,
offering features like scheduling and dispatch, resource capacity
planning, service contract management, warranty management, and
work order management, come with substantial price tags. Vendors
such as ServicePower and Oracle provide integrated solutions with
mobile field execution, customer management, reporting and
dashboards, inventory management, billing and invoicing, and
tracking and performance management. However, updating these
comprehensive software suites demands significant investments.
Consequently, small enterprises may be deterred from adopting FSM
solutions, potentially hindering the growth of the global FSM
software market.
- FSM software market is witnessing significant growth due to the
increasing need for efficient field operations in various
industries like Construction and Energy & Utilities. Challenges
such as service contracts, warranty costs, inventory management,
and data analysis are being addressed through advanced FSM
solutions. Cloud-based platforms offer scalability and flexibility,
making them popular choices for large enterprises. Industries like
Healthcare, Manufacturing, Transportation & Logistics, Retail
& Wholesale, and End-Use Industries rely on FSM software for
improved workforce productivity and customer experiences. The
latest trends include mobility, machine learning, artificial
intelligence, and Internet of Things for predictive maintenance,
remote diagnostics, intelligent scheduling, and more. On-premise
deployment is still prevalent in some organizations, but the shift
towards cloud-based solutions is evident. Cloud-based FSM platforms
offer real-time data access, enabling organizations to make
informed decisions and enhance their service delivery. Overall, FSM
software plays a crucial role in optimizing field operations and
reducing operational costs.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This field service management (fsm) software market report
extensively covers market segmentation by
- End-user
- 1.1 IT and telecom
- 1.2 Healthcare
- 1.3 Retail
- 1.4 Transportation and logistics
- 1.5 Others
- Deployment
- 2.1 On-premise
- 2.2 Cloud-based
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 IT and telecom- Field service management
software plays a vital role in the efficient operation of IT and
telecom companies by streamlining their field service processes.
This software automates workflows, optimizes resource allocation,
and ensures the right expertise is dispatched for complex tasks.
With a large portion of IT and telecom services being provided
remotely, field service management software facilitates efficient
remote service management, enabling real-time communication and
remote troubleshooting for technical support teams. Meeting
customer demands for prompt and efficient service delivery is
crucial in these industries, and field service management software
enables faster response times, accurate service scheduling, and
effective issue resolution. Additionally, optimizing the
utilization of technicians is essential, and this software improves
workforce productivity, minimizes travel time, and ensures the
right technicians are assigned to specific tasks. Compliance with
service level agreements (SLAs) is critical in IT and telecom, and
field service management software enables companies to monitor SLA
compliance, take proactive measures to meet commitments, and
maintain high service quality. These factors are expected to drive
the adoption of field service management software, contributing to
the growth of the IT and telecom segment of the global field
service management software market during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Field Service Management (FSM) software market is
experiencing significant growth due to the increasing demand for
efficient and effective field operations in various industries. FSM
solutions enable organizations to streamline service delivery,
enhance workforce productivity, and improve customer experiences.
Artificial intelligence and machine learning are revolutionizing
FSM by enabling predictive maintenance through the Internet of
Things. Predictive maintenance helps organizations in sectors like
Telecom, Oil and Gas, Construction, Energy and Utilities, and
Manufacturing to minimize downtime and reduce maintenance costs.
Cloud-based FSM systems offer Big Data analysis capabilities,
enabling data-driven decision-making and real-time service contract
management. Inventory management and warranty costs are also
crucial aspects of FSM, and advanced solutions provide real-time
visibility and control. Workforce management and mobility are
essential features for organizations looking to optimize their
field operations. On-premise deployment is still an option for
large enterprises, but the trend is shifting towards cloud-based
solutions. Overall, FSM software is transforming field operations
by providing real-time data analysis, predictive maintenance, and
improved workforce productivity.
Market Research Overview
Field Service Management (FSM) software solutions have become
essential for organizations to manage and optimize their field
operations, improving workforce productivity and delivering
superior customer experiences. Advanced FSM platforms leverage
technologies such as artificial intelligence (AI) and machine
learning (ML) to predict maintenance needs, enable remote
diagnostics, and provide intelligent scheduling. Cloud-based FSM
platforms offer scalability and flexibility, providing real-time
access to critical data, including customer data, service history,
and collaboration tools. Mobile devices and mobile workforces have
become integral to FSM, enabling real-time communication, updates,
and job assignments. However, integration complexity, talent
shortage, and digital transformation present challenges for
organizations. Cost-effective alternatives, such as mobile-based
FSM solutions, offer administrative overhead reduction and
increased productivity through real-time communication, accurate
resource data, and problem resolution capabilities. Security
concerns, including data confidentiality, data breaches, and
unauthorized access, must also be addressed. Augmented Reality (AR)
offers real-time guidance, expertise, and visual cues for field
technicians, enhancing first-time fix rates and engineers'
productivity. FSM software features work order management,
including work order creation, task execution, and job completion
status, as well as fleet operations and route optimization.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- IT And Telecom
- Healthcare
- Retail
- Transportation And Logistics
- Others
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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