Field Service Management Market is Projected to Grow at a Strong CAGR of 11.4% by 2033 | FMI

The field service management market is on an impressive growth trajectory, with experts projecting a robust CAGR of 11.4% throughout the forecast period. This means that the industry is poised for significant expansion in the coming years. By 2033, it’s anticipated that the market will surpass a noteworthy milestone, reaching a value exceeding USD 12.2 billion.

The field service management systems can integrate lots of systems into a single unit, thereby reducing the complexity of the architecture. The ability to automate tasks has helped companies achieve a higher return on investment.

With technological upgradation, a lot of companies have started making use of cloud technology owing to the owing to ease of accessing data along with mobility. The field service management is expected to make use of cloud technology on a large scale, which is expected to certainly increase the seamlessness of operations. This might well increase the demand for field service management devices.

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In the current times, lots of companies are laying strong emphasis on the democratization of data. The application of field service management ensures that the data is readily available, as a result of which the organizations function transparently.

Apart from that, owing to remote working conditions, a lot of companies have started adopting BYOD, instead of providing their laptops. This saves lots of money for the organizations. These factors are expected to massively surge the adoption of field service management systems during the forecast period.

Key Takeaways from the Field Service Management Market Report:

• The market is expected to register a CAGR of 11.4% during the forecast period.
• In 2023, the market size is expected to reach a valuation of US$ 4.2 billion.
• By 2033, the valuation is expected to cross US$ 12.2 billion.
• Based on regional analysis, North America is expected to be the dominant market.
• The United States market is expected to register a CAGR of 11.1%.
• The United Kingdom market is anticipated to post a CAGR of 10.7%.
• China’s market is projected to report a CAGR of 10.4%.
• Japan’s market is expected to record a CAGR of 9.8%.
• South Korean market is expected to advance at a CAGR of 9.4%.
• Based on organization size, large enterprises are expected to be the leading segment and are expected to record a CAGR of 11.1%.
• Based on deployment, the on-premises is projected to be the dominant segment and is projected to register a CAGR of 10.8%.

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Key developments in the market:

• In February 2023, Microsoft rolled out ChatGPT-powered Teams premium.
• In January 2023, Oracle and Red Hat expanded collaboration to bring Red Hat Enterprise Linux to Oracle cloud infrastructure.

Leading Key Players:

• Microsoft
• Oracle
• Salesforce
• SERVICEMAX
• SAP SE