Increasing need for predictive analytics and mobility with IoTto drivethe field service management market The global field service management market size is expected to grow from USD 3.
New York, July 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Field Service Management Market by Component, Organization Size, Deployment Type, Vertical And Region - Global Forecast to 2025" - https://www.reportlinker.com/p04784297/?utm_source=GNW
0billion in 2020 to USD 5.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The major factors driving the growth of the field service managementmarketincluderising need formobility with IoT, need of predictive analytics and increasing adoption of cloud based applications.
Covid -19 Impact on Field Service Management Market
The COVID-19 virus has changed the way of working in the field service industry.Some customers may not want technicians visiting their homes during such situation.
According to a TPA they have experienced a 12 percent decrease in daily call volume.Overall, calls for service are drastically declining.
Many organizations have started limiting their calls to functional repairs only.Across the global field service industry, around 25% of issues require a follow-up visit.
Apart from the massive cost that involves, in the current situation it’s simply unsustainable. It’s doubling the risk of COVID-19 exposure to both the technician and the customer. COVID-19 has been adversely affecting the field service management solution and services.
Driver: Rising need for mobility with IoT
Mobility is the main driver of transformation in the field services industry.Mobility provides a centralized, knowledge-based platform that gives technicians access to data wherever and whenever they require it.
Responsiveness and professionalism, when interacting with customers, are must-haves for any successful field service business.To maintain this level of excellence, field service operators will turn to mobility solutions as one of their most valuable and productive tools.
Implementing the Internet of Things (IoT) goes hand-in-hand with the shift toward mobile FSM solutions as interconnected devices and up-to-the-minute data.IoT and automation within field service management allow organizations to optimize and automate processes from scheduling to predicting whether an asset has an issue.
IoT, as part of a field service management solution, ensures that work is completed efficiently, while also encouraging pro-active monitoring, which in the long term prevents unnecessary work or escalated issues. Offering mobility with IoT helps bring up-to-date data to the field, helping resolve these issues.
Restraint: Security concerns of organizations related to data confidentiality
Most field service data resides on servers behind corporate firewalls and security systems.However, devices that access this data do not have such protection.
Mobile devices that technicians bring to the job site are vulnerable to attacks, especially if they are connected to unsecured Wi-Fi networks.With the increasing digitization, there has been a corresponding rise in the number of cyberattacks.
Hence, data security has become a major concern among organizations. There is low awareness among firms that they need to have cyber-specific strategies to protect their data.Hence, service organizations from highly regulated industries are hesitant to adopt modern field service management solutions.
Opportunity: Emergence of technologies, such as augmented reality
Many technologies are making their way into the mainstream environment.This is seen in the field service management industry as well.
Today, field service organizations seek to increase their operational efficiency through technologies such as augmented reality (AR) and virtual reality (VR). AR provides increased efficiency, especially with training and repairing modules and uploading sensor information to the technician’s AR glasses.This also allows the technician to visually inspect the device without physically interacting with it, leading to the elimination of distractions and the need to look through manuals for hours. The result is gained efficiently, which translates into cost savings and satisfied customers.
Challenge: Selecting solutions that align with organizational business needs
It is very challenging for field service organizations to select the right solution out of the pool of options that can address their specific business requirements and thereby stay competent in an increasingly volatile and highly competitive environment.There is no specific way to assess the capabilities or service qualities of a field service solution.
Organizations are very skeptical about their data as data loss may cost the company a hefty amount and can tarnish the brand image of the organization. Moreover, if the implemented solution failed to address any of the parameters, it would impact the day-to-day field operations of enterprises and affect their workforce productivity, which may result in further capital loss.
North America: Market Snapshot
Work order managementsegment to grow at the highest CAGR during the forecast period
The work order management solution enables clients to automate the service workflow process and increase the efficiency and productivity of the workforce.This solution helps field service representatives, office staff, and call center executives to manage work orders, job assignments, customer details, and service histories.
Customer information, along with analytics, helps field service organizations gain insights into the customer’s behavior and conduct marketing campaigns accordingly.The work order management solution empowers managers or dispatchers to schedule a job for a field service representative as per various criteria, such as availability, proximity, urgency, and level of expertise.
It also helps service organizations minimize revenue leakage, increase the cash flow, and provide faster service delivery with enhanced quality.
Manufacturingvertical segment toaccount for the largestmarket sizein 2020
The manufacturing vertical is transforming its business functions, such as integrating supply chains, product designing, inventory management, and product deliveries.This transformation is majorly due to the rising need for delivering quality products in time and adopting automation to engage employees in other business-critical tasks to meet the growing customer demands.
This vertical faces various challenges, such as operational issues, timely product deliveries, resolving customer grievances, and managing capital and operational expenditure.These challenges need to be managed efficiently for enhancing customer satisfaction.
Field service management solutions empower manufacturing organizations to make their business operations robust, efficient, and error-free. Moreover, these solutions provide organizations in the manufacturing vertical with several advantages, such as shorter billing cycles, enhanced customer satisfaction, increased productivity of business processes, and optimal utilization of the workforce.
SMEs segment to record the fastest growth rate during the forecast period
The adoption of field service management among SMEs is estimated to grow at the highest CAGR during the forecast period.In small companies, it is possible to match individual goals to larger business objectives.
Small and medium enterprises face the greater challenge of limited budgets as compared to large enterprises, and require better methods to resolve complexities and optimize the cost of their business processes.SMEs have various problems while deploying field service management solutions, such as hiring a skilled workforce and requirement of IT infrastructure.
SMEs use low-cost field service management solutions to remain competitive in the market. Hence, cloud deployment of field service management solutions is expected to have a higher adoption rate during the forecast period among SMEs
North Americato account for the highest market share during the forecast period
North America is estimated to dominate the global field service managementmarket due to the presence of a large number of data centers in the region and the rise in popularity of technology.North America, being the earliest adopter of cloud and mobile technologies, has been significantly responsive toward the adoption of field service management solutions.
Advancements in BYOD, M2M, and mobile and cloud technologies are the major factors responsible for improving the efficiency of business processes.Hence, to derive benefits from these technologies, large enterprises are adopting field service management solutions rapidly.
Additionally, the integration of field service management solutions with ERP enhances the features or capabilities of solutions.North America is expected to witness growth, as large enterprises and SMEs are focused on developing innovative field service management solutions, integrated with technological advancements, such as IoT and predictive maintenance.
North America, being an early adopter of cloud and mobility technologies and having an advanced IT infrastructure, reduces operational expenditure through various advancements in technologies across various verticals.
• By Company Type: Tier 1 – 48%, Tier 2 – 37%, and Tier 3 – 15%
• By Designation: C-level Executives – 40%, Directors Level – 26%, Manager Level -34%
• By Region: North America – 42%,Europe– 31%, APAC– 16% and Rest of the World – 11%.
Some prominent players across all service types profiled in the field service management market study include Oracle (US), Microsoft (US), SAP (Germany), IFS (Sweden), ServiceMax (US), Salesforce (US), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIt (Italy), FieldAware (US), GeoConcept (France), Zinier (US), Accruent (US), Praxedo (France), FieldEZ (India), FieldEdge (US), Jobber (Canada), ServiceTitan (US).
The market studycoversthe field service managementmarket across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services),deployment type (cloud and on-premises), organization size (large enterprises and SMEs), verticals (telecom, IT and ITeS, healthcare and life sciences, manufacturing, construction and real estate, transportation and logistics, energy and utilities, oil and gas, and others) and regions (North America, Europe, APAC, MEA and Latin America).The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Frequently Asked Questions
1. What is the competitive landscape in the market?
2. Which countries are considered in the regions?
3. What are the primary growth factors for the field service management market in North America?
4. What are the dynamics of the market?
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall field service managementmarket and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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