The field service management market is projected to reach USD 10.3 billion in 2032, growing at a CAGR of 11.1% from 2022 to 2032.
The market is anticipated to reach USD 3.2 billion in 2021 and USD 3.6 billion in 2022. The market’s growth is attributed to the industry’s rapid adoption of automation and digitization as well as the rising demand for real-time visibility.
The field service management market is expected to grow by 12.5% annually in 2022 to reach US$ 3.6 billion, from an estimated value of US$ 3.2 billion in 2021. From 2022 to 2032, the market is projected to grow at a CAGR of 11.1%, reaching US$ 10.3 billion.
The following factors help the market expand:
In addition to the increased use of automation and digitization in the workplace, the market will be driven over the course of the forecast period by the expanding need for mobility for real-time visibility.
The growing need for IoT, which is predicted to provide the sector with considerable prospects in the next years, is driving the usage of cloud-based FSM solutions. The installation of field management software has the most effect.
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Increasing initiatives to offer improved customer services, lessen labor costs, and offer better productivity is predicted to play a salient role in driving the market during the assessment period. Moreover, the growing integration of AI, AR, and VR in the field services sector is predicted to boost the industry significantly. Regionally, the U.S market is expected to lead the global market during the forecast period. The country is projected at a growth rate of 10.9% by 2032.
The market in China is likely to garner USD 764.6 Mn and record a CAGR of 10.9% during the assessment period. On the contrary, the rising number of cyberattacks is a serious concern, which is projected to inhibit market growth in the assessment period. Besides, the growing adoption of BYOD policies has encouraged cyberattacks, which is a serious concern to the market since it limits market growth.
Key Takeaways from the Market Study
- The global field service management market to expand at a CAGR of 11.1%
- The global field service management market to hold a value of USD 10.3 Bn
- The solution segment to record an 11.1% growth rate
- The on-premise segment to witness a 10.9% expansion rate
- The market in the US to secure USD 3.6 Bn in 2032
- The market in the U.K to record a CAGR of 10.1% during the forecast period
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“Rapid adoption of automation and digitalization is expected to propel adoption of field service management solutions across a wide range of end use industries,” remarks an FMI analyst.
Competitive Landscape
Players in the global field service management service adopt various strategies to enhance their reach in the global market. Key players in the global field service management market include SERVICEMAX, ORACLE, SALESFORCE, MICROSOFT, INFOR, among others. Key developments among the players are:
- In 2019, SalesForce Inc., a US-based cloud software company acquired ClickSoftware Technologies for USD 1.35 Bn. With this acquisition, Salesforce Inc. enhanced the expansion of its Service Cloud software and improved its Field Service Lighting (FSL).
- In March 2021, IFS AB rolled out IFS Cloudto help businesses in orchestrating customers, people, and assets to deliver end-to-end capabilities. Customers can integrate human capital management, enterprise resource planning, and asset management to provide improved field services.
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