According to a new report, global field service management (FSM) is expected to grow at a 13.9% CAGR from $2.87 Billion in 2020 to $8.06 Billion in 2028.
Several types of field service management software systems can be used to coordinate field operations. Among the many components it keeps track of are vehicle tracking, inventory management, scheduling, customer portals, etc. Technologically advanced innovations will drive market share at the industry’s forefront.
The COVID-19 Impact
COVID-19 has been spreading rapidly worldwide, creating new barriers and risks for the field service industry. With advanced technology, field services managed the pandemic efficiently, thus providing new opportunities for market growth and helping to meet the risks and challenges associated with COVID-19.
In the early days of mobile technology adoption, field service providers were among the first to adopt it. Some companies are taking advantage of this trend by implementing mobile-enabled software today. Due to the increasing demand for mobile technology and applications, the field service management market is expected to grow substantially in the next few years.
Field Service Management Unique Needs
Through real-time visibility, customers can be answered promptly and connected to the nearest service provider to increase customer satisfaction. In recent years, real-time visibility services have become increasingly popular across various industries.
Managing complex assets and services are challenging for providers and managers due to the low-skilled workforce. As a result, the market’s growth will be negatively impacted.
Customer management has become increasingly popular as businesses focus on customer service and retention. Work order management is also becoming increasingly popular in other areas, such as organizing crucial tasks. Over the course of the past few years, a strong CAGR has been reflected in this market.
The Field Service Management Market
The market for field service management is divided into two segments: small and medium-sized businesses (SMEs) and large companies. SMEs use automated tools and processes to manage field personnel and technicians efficiently.
The manufacturing sector is expected to maintain a significant share of revenue in this market due to rapid industrialization and adoption of technologies that automate field operations. The energy and utility sectors are expected to be the fastest-growing segments in the industry in the next few years.
As companies migrate to mobile devices and field service teams continue to streamline operations, the North American market is likely to continue to dominate the market in the near future. Over the past few years, there has been exponential growth in the use of these solutions in Europe. Asia Pacific outpaced the market in terms of CAGR because of the high-scale industrialization and the shift to innovative ways to service customers.
Key players have adopted various strategies to maintain their market position and increase the value of their business. To achieve this, they focus on the launch of new products, the update of features, and the acquisition of small businesses.
The global field service management market report highlights the leading regions worldwide and provides insights into the latest industry and market trends. However, for businesses looking for a top tier field service software solution should consider looking into Zuper who is one of the leading FSM software tools for SMBs to large enterprises. They provide a best-in-class field service management software platform and incredible customer service & success for all businesses that partner with them to improve and grow their field service operations.