Press release from: The Business Research Company

What industry-specific factors are fueling the growth of the field service management market?
In the projected period, the field service management market’s expansion is anticipated to be fueled by the increasing adoption of automation and digitalization. These elements are utilized for automatic task execution at specific intervals through digital technology. Efficiency in resource tracking and monitoring, optimal resource utilization, and reduced operational expenses are some of the benefits of incorporating automation and digitalization in field service management. For example, Cavintek Inc., an American company specializing in workflow automation as well as productivity applications, noted in September 2023 that over 80% of corporate executives rapidly escalated the use of remote work and automation of work processes. Furthermore, 43% of businesses plan to reduce their workforce through the introduction of automation technology. Hence, the growing need for automation and digitalization is spurring the development of the field service management market.

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What Is the projected market size and growth rate for the field service management market?
In recent times, there has been a significant expansion in the field service management market size. It is projected to increase from $4.55 billion in 2024 to $5.15 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.3%. Factors such as the need for automation, elevated customer expectations, globalization, compliance, and regulations have contributed to the growth observed in the historical period.

The market size of field service management is anticipated to experience swift expansion in the forthcoming years, ballooning up to a whopping $9.07 billion in 2029 with a compound annual growth rate (CAGR) of 15.2%. Several factors contribute to this projected increase during the forecasted period, including a focus on predictive maintenance, the surge of the mobile workforce, and a rise in cloud adoption. Key trends forecasted for this period involve the integration with ERP and CRM systems, a focus on data analytics, the inclusion of augmented reality (AR), a mobile-dominant approach, improved security via blockchain, and a tilt towards subscription-based models.

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What new trends are reshaping the field service management market and its opportunities?
Leading enterprises in the field service management market are focusing on technological advancements such as AI-based scheduling and mobile applications to increase operational efficiency and upgrade service delivery for field teams across different sectors. Workiz Genius is an exhaustive field service management platform that assists businesses in the home services sector to simplify operations, control tasks, and enhance communication between field teams and clients. For example, in March 2024, Workiz, a software company from the US, introduced ‘Genius,’ a user-friendly AI-enabled tool kit that is revamping the field service industry by smoothly integrating state-of-the-art technology with solutions that equip field service management professionals with a novel methodology to communicate with their customers and manage their business with AI. This evolves and absorbs, transforming into an intelligent assistant personalized for users, offering valuable recommendations and insights and letting service professionals concentrate on their specialties.

What major market segments define the scope and growth of the field service management market?
The field service management market covered in this report is segmented –

1) By Component: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Application: Energy And Utilities, Telecom, Manufacturing, Healthcare, BFSI, Construction And Real Estate, Transportation And Logistics, Other Applications

Subsegments:
1) By Solution: Field Service Management Software, Scheduling And Dispatching Solutions, Mobile Field Service Applications, Inventory Management Solutions, Customer Relationship Management (CRM) Integration, Analytics And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services

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Which region dominates the field service management market?
North America was the largest region in the field service management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field service management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which key market leaders are driving the field service management industry growth?
Major companies operating in the field service management market include Accruent LLC, Acumatica Inc., Comarch SA, FieldAware Group Ltd., Geoconcept SAS, Kirona Solutions Ltd., IFS AB, International Business Machines Corporation, Microsoft Corporation, Mize Inc., OverIT S. p. A, Praxedo SAS, Salesforce. com Inc., SAP SE, ServiceMax Inc., Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, accenture* plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.

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What Is Covered In The Field Service Management Global Market Report?

•Market Size Forecast: Examine the field service management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the field service management market for a structured understanding.
•Key Players Overview: Analyze major players in the field service management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the field service management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the field service management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the field service management market.
•Industry Challenges: Identify potential risks and obstacles affecting the field service management market.
•Competitive Landscape: Review strategic developments in the field service management market, including expansions, agreements, and new product launches.

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