Global Field Service Management Market Expected To Reach $ 3162.1 Million By 2021 With A CAGR Of 12.5%

Date: 2017-08-24

Field service management (FSM) refers to the management of a company’s resources employed at or en route to the property of clients, rather than on company property. Examples include locating vehicles, managing worker activity, scheduling and dispatching work, ensuring driver safety, and integrating the management of such activities with inventory, billing, accounting and other back-office systems. FSM most commonly refers to companies who need to manage installation, service or repairs of systems or equipment. It can also refer to software and cloud-based platforms that aid in field service management.

The global Field Service Management market was estimated at USD$ 1754.7 Million in 2016, and is anticipated to reach USD$ 3162.1 Million by 2021, expanding at a CAGR of 12.5% between 2017 and 2021. The major growth drivers of the Field Service Management market include the strong need for a central system for the management of field services, real-time collaboration & communication among various stakeholders located at different locations, and increased operational efficiency, along with the widespread usage of mobile devices.

The increasing adoption of mobile devices for professional purposes is the latest trend in the FSM software market. Enterprises across the globe are implementing FSM mobile apps to communicate with their field service staff on-site. These apps connect the information gap between the service organization and its field service professionals. It helps the technicians to diagnose issues, determine the required information and equipment, and deploy them on the client site. FSM mobile app provides both the location of the issue and the materials and tools required to fix the issue. The app also simplifies various field service tasks with its inbuilt features such as GPS and barcode scanning. Some of the vendors offering mobile field service mobile app are Oracle, FieldAware, ServiceMax, and MSI Data.

The major forces driving this market include need for highly scalable centralized system for the management of field services and real-time collaboration, increased usage of mobile devices, and growing demand for improved enterprise efficiencies and reduced operational costs. The FSM solutions and services are used across diverse industrial verticals, such as construction & real estate, manufacturing; transportation & logistics; energy & utilities; healthcare; telecom & IT; financial services; and other industries, such as retail, automotive, and hospitality.

The high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of FSM solutions and services by the end-users. The growing technological developments in the field of cloud, analytics, and the emergence of Bring Your Own Device (BYOD) have led to the high adoption of FSM in North America and Europe. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America owing to the increased focus on digital workplace transformation initiatives and increase in IT investment.
 
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Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com
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