The global field service management market was valued at $1,493.6 million in 2016 and is forecast to grow at a strong CAGR of 11.2% between 2017 and 2024, culminating to global revenue of $3,484.7 million by 2024.
Industry at a Glance
The global field service management market is still in the development stage and hence is expected to flourish over the coming years owing to the several benefits offered including enhanced business productivity and optimized workflow. The industry is presently witnessing mounting adoption by various small, medium and large enterprises which are anticipated to propel demand.
Field service management software and solution offers better visibility and control into the time that staff spends on an assignment or site and aids in the management of service-related expenditure. Additionally, extensive usage to assist workers in the field, and to enhance collaboration and efficiency is another factor driving market growth.
Snowballing demand for better services among customers has instigated various businesses worldwide to adopt these solutions which in turn aids companies to gain leverage in customer relationship. Growing investments in optimization and automation of processes are likely to facilitate companies to function in vibrant business situations which are also expected to fuel market growth significantly over the forecast period.
“Optimal Price Point (OPP) for Field Service Management”
Estimated average field service management cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
The market is still in the nascent stage and shows tremendous growth opportunities over the coming years. The industry is also characterized by a large pool of well-established players thriving to develop advanced low-cost software and solution to cater to the rising consumer demand.
By solution, the market has been segmented into reporting & dashboards, mobile field execution, work order management, and billing & invoicing. Among these, mobile field execution accounted for the majority market share in 2016 and is anticipated to flourish over the next few years. This is attributed to the ability of these solutions to integrate with other applications used across organizations to improve communication and collaboration among the workforce.
Based on deployment, the market is categorized into on-premise and cloud deployment model. The cloud deployment segment is anticipated to gain traction over the forecast period owing to advantages including reducing the cost associated with IT infrastructure and its maintenance paired with offering solutions to distributed enterprises spread worldwide.
Based on end-use, the market is split into manufacturing, construction, healthcare, energy & utilities, and telecom & IT. Construction and energy & utilities collectively accounted for the majority market share in 2016. However, telecom & IT is expected to exhibit robust growth over the forecast period attributing to elevating solution implementation across organizations to better manage their IT infrastructure.
Based on region, the market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the maximum market share in 2016 and is anticipated to witness significant growth over the forecast period. This is accredited to the high solution implementation in the region owing to the emergence of BYOD (Bring Your Own Device) policy and technological developments in the field of analytics and cloud.
Asia Pacific and Latin America, on the other hand, are anticipated to flourish over the coming years primarily on account of increasing focus on digital workplace transformation coupled with rising IT investments in these regions.
Growth Drivers & Restraints
Prominent growth drivers residing in the global field service management market include escalating demand for an optimized workflow, increasing demand for improved services, and need to maximize productivity. Issues pertaining to security and data privacy may hamper market growth over the next few years.
Merger & Acquisition Outlook
The industry is characterized by intense competition with leading industry participants adopting mergers and acquisitions as a key growth strategy. With snowballing number of new companies entering the global as well as regional market, major industry participants emphasize on acquiring these players in order to penetrate into the market.
Top Players & Company Share
Leading industry players include Astea International Inc., Click Software Technologies, International Business Machine Corporation, Industrial and Financial Systems AB (IFS), Infor, Microsoft Corporation, Oracle Corporation, PTC, SAP SE, Servicemax Inc., Servicepower Technologies PLC, Tea International, and Trimble Navigation.
Field Service Management Market, by Solution (Revenue, USD Million)
- Reporting & Dashboards
- Mobile Field Execution
- Work Order Management
- Billing & Invoicing
Field Service Management Market, by Deployment (Revenue, USD Million)
Field Service Management Market, by End-Use (Revenue, USD Million)
- Energy & Utilities
- Telecom & IT
Field Service Management Market, by Region (Revenue, USD Million)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia