Research Nester assesses the growth and market size of global field service management market which is anticipated to be on account of the growing use of digital technologies, including the Internet of Things (IoT) and Artificial Intelligence (AI), to improve field service efficiency
New York – April 11, 2023 – Research Nester’s recent market research analysis on “Field Service Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global field service management market in terms of market segmentation by deployment, enterprise size, FSM type, industry vertical and by region.
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An Increase in The Adoption of Cloud-Based Contract Management Solutions to Promote Global Market Share of Field Service Management
The global field service management market is estimated to grow majorly on account of the rise in cloud-based contract management applications. For instance, cloud-based systems continue to grow in popularity, with 63% of organizations planning to move their contract management systems there. Cloud-based contract management applications make it easier for field service companies to manage contracts, track their teams in the field, and analyze customer data. This helps them to optimize their operations, resulting in better customer service and a larger market share. Additionally, cloud-based contract management applications provide field service companies with insights into customer trends, preferences and behaviors. This information can be used to create targeted marketing strategies and tailor services to meet customer needs, leading to greater customer satisfaction and loyalty, which further increases the demand for cloud-based contract management applications.
Some of the major growth factors and challenges that are associated with the growth of the global field service management market are:
Growth Drivers:
- Rapid rise in the popularity of augmented reality in recent years
- Trends towards BYOD (bring-your-own-device) have risen dramatically in recent years
Challenges:
The lack of skilled workforce, lack of awareness, and expensive software and hardware are some of the main reasons that are anticipated to limit the growth of the field service management market. Additionally, the lack of integration with existing systems and inadequate customer service are also expected to act as major restraints.
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By FSM type, the global field service management market is segmented into scheduling, dispatch, and route optimization, service contract management, work order management, customer management, inventory management, services and others. The service contract management segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The segment growth can be attributed to the growing demand for the service contract management solutions among the enterprises to automate the service contract management process, thereby eliminating the manual paperwork and increasing the efficiency and accuracy of the operations. This is expected to drive the demand for the service contract management solutions over the forecast period.
By region, the North America field service management market is to generate the highest revenue by the end of 2035. This growth is anticipated by the demand for improved customer experience and increased operational efficiency, as well as the need to reduce operational costs and increase customer satisfaction. Additionally, the increasing trend of mobile workers in the region is expected to fuel the growth of the field service management market. As more workers are able to work remotely, companies are turning to new technology to help manage their field operations. This includes software and services that track employee location and manage customer service operations. This increased demand for field service management solutions is driving the market's growth.
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This report also provides the existing competitive scenario of some of the key players of the Oracle Corporation, IFS AB, FieldAware US, Inc., Microsoft Corporation, Coresystems AG, Birlasoft Ltd, Comarch SA, Infor, SAP, Praxedo and others.
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