Press release from: The Business Research Company
Field Service Management Solution Market SizeThe Field Service Management Solution Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Field Service Management Solution Market Size and Projected Growth Rate?
In recent years, the market size of the field service management solution has seen an exceptional growth. The market is projected to expand from $2.69 billion in 2024 to $3.28 billion in 2025, a growth that signifies a compound annual growth rate (CAGR) of 21.9%. Factors contributing to growth in the historic period include the rise in adoption of cloud-based field service solutions, a heightened preference for software-as-a-service (SaaS) compared to traditional on-premises software, an increase in the necessity for mobility in achieving real-time visibility, accelerated adoption of FSM solutions, and economic growth.
The field service management solution market is predicted to experience a significant rise in the forthcoming years, expected to reach a scale of $7.16 billion in 2029 at a compounded annual growth rate of 21.5%. This projected development in the forecast era can be ascribed to factors like the increasing use of smartphones, growing numbers of adept field service workers in the IT and telecom sector, augmented adoption of wearable technologies, boosted demand for superior customer service, and increment in the application of automation and digitalization in the field services industry. The key trends anticipated in the forecast duration includes the proliferation of mobility solutions, incorporation of VR and AR technologies, utilization of cloud-based solutions, technological evolution, and escalated partnerships.
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What Are the Major Segments in the Field Service Management Solution Market?
The field service management solution market covered in this report is segmented –
1) By Components: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Mid-Size Enterprises
4) By Verticals: Telecom, Energy And Utilities, IT And ITEs, Manufacturing, Construction And Real Estate, Transportation And Logistics, Oil And Gas, Healthcare And Life Sciences, Other Verticals
Subsegments:
1) By Solution: Work Order Management, Scheduling And Dispatching, Asset Management, Mobile Field Service Solutions, Inventory And Parts Management, Customer Management And CRM Integration, Analytics And Reporting, Billing And Invoicing
2) By Services: Consulting Services, Integration & Implementation Services, Training And Support Services, Maintenance And Managed Services, Cloud Services
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What Are The Driving Field Service Management Solution Market Evolution?
The surge in the use of IoT (Internet of Things) is anticipated to propel the expansion of the field service management solution market. IoT, also known as Internet of Things involves a web of interconnected devices, sensors, and objects that converse and transfer data devoid of any human interference. The proliferation and uptake of IoT across numerous sectors can be attributed to the inception of 5G networks, progress in connectivity technologies, and the omnipresence of cloud and edge computing. Inclusion of IoT technology in FSM makes use of cloud-based technology to automate client-driven flexible solutions, streamline operations, and place emphasis on core business goals. To illustrate, as per the predictions made by the GSM Association, a non-profit organization based in the UK, in its report from January 2022, the number of IoT connections will increase from 15.1 billion recorded in 2021 to more than 23.3 billion by the year 2025. In conclusion, the upward trend in the adoption of IoT is acting as a catalyst in the growth of the field service management solution market.
Which Firms Dominate The Field Service Management Solution Market Segments?
Major companies operating in the field service management solution market are Microsoft Corporation, Verizon Connect, Oracle Corporation, SAP SE, Salesforce Inc., IFS AB, Comarch SA, ServiceTitan, WorkWave, Field Nation LLC, ServiceMax Inc., Workiz, Jobber, Jotform, Sig Saucer Inc., Zinier Inc., Skedulo, Praxedo, FieldPulse, FieldAware Inc., OverIT S.p.A., SIMPRO S.p.A, Azuga Inc., TrueContext Corporation, Route4Me Inc
What Trends Are Expected to Dominate the Field Service Management Solution Market in the Next 5 Years?
Leading firms involved in the field service management solution market are concentrating on creating innovative solution infrastructures such as GenAI solutions, aiming to enhance their market profitability. GenAI is familiar for its artificial intelligence solutions which are produced using various methodologies such as deep learning, genetic algorithms, and other similar evolutionary computation techniques. As an illustration, ServiceNow, Inc., a software firm based in the US, announced the launch of its Now assist generative AI portfolio, with new features that can revolutionize user experiences and boost productivity in November 2023. The GenAI technologies incorporated into the ServiceNow platform encompass Now assist virtual agent, flow generation, and Now assist for field service management (FSM). These solutions expand the portfolio of ServiceNow’s practical generative AI applications, helping customers simplify workflows, boost efficiency, and elevate user interactions.
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Which Is The Largest Region In The Field Service Management Solution Market?
North America was the largest region in the field service management solution market in 2024. The regions covered in the field service management solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Field Service Management Solution Market?
2. What is the CAGR expected in the Field Service Management Solution Market?
3. What Are the Key Innovations Transforming the Field Service Management Solution Industry?
4. Which Region Is Leading the Field Service Management Solution Market?
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