Field Service Management Market Share, Size, Trends, Industry Analysis Report, By Component (Solution and Services); By Deployment; By End Use; By Region; Segment Forecast, 2024 – 2032
- Published Date:Mar-2024
- Pages: 119
- Format: PDF
- Report ID: PM4422
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global field service management market was valued at USD 4.91 billion in 2023 and is expected to grow at a CAGR of 13.2% during the forecast period.
The drastic increase in the number of field operations across various end-use industries fostering the market’s growth. Also, the adoption of highly innovated field service management solutions by SMEs is growing rapidly, as it enables customers with information and tools which enable them to schedule technician as per their convenient. In addition, with the growing investments in research & development activities by key players for introducing and developing new and improve FSM solutions to allow businesses for direct customer interaction and customer retention, the demand and adoption of such solutions are likely to grow drastically.
For instance, in October 2023, Fieldcode, announced about the launch of its latest highly anticipated Fieldcode Mobile App. The new app is specially designed for field service engineers that will improves daily work management and provide them higher efficiency and convenience.
Furthermore, the growing proliferation and penetration for real-time monitoring of field service technicians that helps in the timely and faster dispatch of nearest technician to resolve the problem or issue along with their ability to provide field technicians with several essential customer & case data and step-by-step guidance needed to solve a particular problem, has been opening significant growth opportunities for the market in the near future.
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However, the lack of knowledge and awareness about the applications of field service management software among customers particularly in middle and low-income countries and growing hassles associated with end-to-end personalization of software and services, are the factors likely to hamper global field service management market growth.
Industry Dynamics
Growth Drivers
Rising Implementation on FSM Solutions by SMEs and Integration of AI are Key Factors Boosting Global Market Growth
As small & medium-sized enterprises have been largely incorporating FSM solutions to enhance their overall performance, improved productivity, streamlined workflow, and enhanced customer satisfaction, which in turn, propelling the global market growth at significant pace. Beside this, with the growing advancements in artificial intelligence and rising awareness among businesses regarding the ability of these technologies to streamline their tasks and effectively organize resources and manpower, companies are increasingly implementing on the integration of AI in FSM solutions that will positively impact the market’s growth.
For instance, in November 2023, Coresystems, announced the launch of its new product InsightLoop, a new AI based data analytics solution enables business insights into their field operations.
Report Segmentation
The market is primarily segmented based on component, deployment, end use, and region.
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By Component |
By Deployment |
By End Use |
By Region |
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By Component Analysis
Solution Segment Accounted for the Largest Market Share in 2023
The solution segment accounted for the largest market share. This dominance is attributable to significant adoption of FSM solutions by businesses of all sizes to streamline the processes and boost productivity coupled with the ability of FSM solutions to aid in increasing supplier recovery, reducing warranty costs, and forecasting accuracy, among many others. Additionally, the rapid development of advanced technologies such as cloud, advanced analytics, and big data that supports the integration of mobility and offer enhanced level of FSM solutions while will cater to the growing needs of enterprises, are also anticipated to open up new growth avenues in the near future.
The services segment is anticipated to exhibit highest growth rate, due to increasing adoption of field service management services by various companies for assistance in workforce management by reducing human efforts & errors and save times.
By Deployment Analysis
Cloud Segment Held the Significant Market Share in 2023
The cloud-based segment held the significant market share. Segment’s dominance is driven by rapid increase in the number of industries gradually shifting from on-premises solution to cloud because of its ability to provide greater efficiency of work progresses and increased storage space. Along with this, cloud deployment also help industries to keep their expenses minimum and offer various beneficial characteristics such as low cost, scalability, flexibility, and real-time monitoring and access to data.
For instance, according to our findings, over 90% of businesses use the cloud, and about 48% are planning to migrate coming years, while 20% likely to move all their applications to the cloud.
The on-premises segment is also projected to show significant growth. This growth is attributed to its widespread adoption across various industries such as healthcare, finance, and government because it provide higher data security and compliance and allow for the integration with existing infrastructure that makes them a highly preferable choice for companies who have already investing in on-premises solutions.
By End Use Analysis
Manufacturing Segment is Expected to Witness Highest Growth
The manufacturing segment will grow at highest pace. Segment’s growth is attributable to growing use of field service management solutions or service to track the installation and maintenance of equipment, manage the inventory spare parts and repairing of the equipment. With their ability to help manufacturing businesses to effectively optimize their workforce scheduling and automate routine tasks that lead to higher efficiency and productivity, the adoption of FSM solutions in manufacturing segment will increases drastically.
The telecom segment led the market. This dominance is accelerated by rapid emergence of 5G infrastructure and growing advances in various technologies including Internet of Things, artificial intelligence, and data analytics, among many others. Moreover, with the continuous expansion of telecom network, the complexity of managing various types of field operations, the demand and need for FSM solutions to streamline the management of diverse network issues is growing at significant pace. For instance, according to a report by 5G Americas, the number of global 5G connections increased by almost 76% from 2021 to 2022, and reached approx. 1.05 billion. It is projected that the number of 5G connections will reach 5.9 billion by the end of 2027.
Regional Insights
North America Region Dominated the Global Market in 2023
The North America region dominated the global market. Region’s growth is accelerated by region’s greater need to simplify complex field service teams and processes. Also, the continuous increase in the usage of FSM solutions for various purposes including workforce supervision and scheduling, fleet management, performance analytics, mobility solutions, and worker safety, is further propelling the region’s growth. For instance, in November 2023, Ambit Software, announced the launch of its Field Service Management solution, that is specially designed to transform field operations for engineering and capital good enterprises.
The Asia Pacific will grow rapidly, owing to region’s rapid urbanization and industrialization that results in expansion and growth of several industry verticals leading to greater demand for FSM solutions. The rising proliferation among SMEs in the region for the implementation on FSM solutions to improve their overall business operations and enhance productivity, will further boost the market.
For instance, according to a report by National Investment Promotion & Facilitation Agency India, the Indian telecom industry is the world’s second largest telecom industry with a subscriber base of approx. 1.179 billion as of August 2023. Also, the telecom sector is the 4th largest sector in the country in terms of FDI inflows and contributing to 6% of total FDI inflow.
Key Market Players & Competitive Insights
The market is highly fragmented in nature with the presence of various regional and global market players. The key market companies are extensively focusing on various business expansion and development strategies such as mergers, acquisitions, collaborations, partnerships, and new product launches, to meet surging consumer demand and boost their client base all over the world
Some of the major players operating in the global market include:
- Accenture
- Accruent
- Agile 3 Solutions LLC
- Astea International Inc.
- Comarch SA
- IBM Corporation
- IFS AB
- Infor
- Klugo Group
- Oracle Corporation
- Salesforce Inc.
- SAP SE
- ServicePower
- Tech Mahindra Limited
- Trimble Navigation Limited
Recent Developments
- In October 2022, Salesforce, announced about the newly developed features for Salesforce Field Service, which will help companies scale their operations, personalize service, and easily connect with their frontline teams. The new features include proactive maintenance, offline mobile UI extensibility, and AI-guided visual assistant.
- In March 2023, ServiceNow, announced the launch of its new field service management application, that is specially designed to be improve customer satisfaction, standardize, & to simplify processes.
Field Service Management Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 5.55 billion |
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Revenue forecast in 2032 |
USD 15.02 billion |
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CAGR |
13.2% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Component, By Deployment, By End Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
Field Service Management Market Size Worth $ 15.02 Billion By 2032.
The top market players in Field Service Management Market include SAP SE, Tech Mahindra Limited, Astea International, Klugo Group.
North America is contribute notably towards the Field Service Management Market.
The global field service management market is expected to grow at a CAGR of 13.2% during the forecast period.
Field Service Management Market report covering key segments are component, deployment, end use, and region.
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