Field Service Management Market Worth 5.08 Billion USD by 2023
Monday, April 16, 2018
PUNE, India, April 16, 2018 /PRNewswire/ --
According to a new market research report "Field Service Management Market
by Solution (Schedule, Dispatch, and Route Optimization, Customer Management, and
Work Order Management), Service, Deployment Type, Organization Size, Industry Vertical,
and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the market size
is expected to grow from USD 2.56 Billion in 2018 to USD 5.08 Billion by 2023, at a
Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.
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Browse 66 market data Tables and 41 Figures spread through 157 Pages and in-depth TOC
on "Field Service Management Market"
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The efficient planning of projects and better work allocation for field workers are
the major factors that are expected to drive the growth of the Field Service Management
Market. Moreover, the increasing adoption of mobile applications and wearable devices
among field workers is expected to drive the Field Service Management Market growth.
North America is expected to have the largest market size during the forecast period.
North America consists of developed economies, such as the United States (US) and
Canada. In this region, organizations are rapidly adopting and willing to invest in the
emerging technologies. The factors that are expected to drive the growth of the Field
Service Management Market in North America are stable economies, technology enhancements,
and optimized infrastructure costs. Thus, the North American region is expected to have
the largest market size, due to the rise in the demand for enhanced field service
management solutions with capabilities, such as real-time collaboration, predictive
maintenance, efficient and faster billing, and quicker service delivery.
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The manufacturing industry vertical is expected to have the largest market size during
the forecast period.
Field service management solutions empower manufacturing organizations to make their
business operations robust, efficient, and error-free. To remain competitive and sustain
growth, manufacturing enterprises are focusing on making their business operations
efficient by leveraging the benefits of latest advancements in the IT technology. Moreover,
field service management solutions also enable organizations to enhance the quality of
their products and services, thereby help reduce the time, effort, and cost related to
product manufacturing and service delivery. Field service management solutions provide
organizations with several capabilities, such as product installation, preventive
maintenance, work order automation, field asset management, job scheduling, and real-time
collaboration with field workers.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher
CAGR during the forecast period.
Organizations with less than 1000 employees have been categorized as Small and
Medium-sized Enterprises (SMEs). SMEs have to face various concerns, such as the
deployment of on-premises field service management solutions, hiring a skilled workforce,
IT team for maintenance, and budget constraints. These are the reasons why SMEs prefer
cloud-based field service management solutions. Companies that do not have their cloud
services are partnering with other cloud service organizations. SMEs in the Field Service
Management Market are leveraging the benefits of low-cost field service management
solutions to remain competitive in the market.
The major vendors in the Field Service Management Market include Accruent (US),
Acumatica (US), Astea (US), ClickSoftware (US), Comarch (Poland), Connect My World (India),
Coresystems (Switzerland), FieldAware (US), GEOCONCEPT (France), IBM (US), IFS (Sweden),
Infor (US), Jobber (Canada), Kickserv (US), Microsoft (US), Oracle (US), OverIT (Italy),
Praxedo (France), Salesforce (US), SAP (Germany), ServiceMax (US), ServiceNow (US),
ServicePower (UK), ServiceTitan (US), and ServiceTrade (US).
Know more about Field Service Management Market:
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