According to a survey by FMI, the cloud field service management (FSM) market experienced a 9.5% CAGR from 2018 to 2022, at a value of US$ 2,340.6 million. The overall market is further anticipated to develop at a remarkable CAGR of 11.6% from 2023 to 2033. As per the FMI analysis report, it could reach a valuation of about US$ 7,738.4 million by the end of the forecast period.
The soaring need for real-time field service solutions has largely fueled the recent growth in the overall market. With the adoption of cloud field service management solution technologies, organizations may increase customer satisfaction by offering quick and effective fixes. Such responsiveness has aided the expansion of FSM service providers and the rising use of real-time FSM solutions across a variety of sectors.
Key Takeaways from the Cloud Field Service Management (FSM) Market Study Report
- The adoption of cloud field service management solutions is greater in the United States than in any other country. As per the report, in 2022, it accrued a business of around 19.9%, while North America accrued 27.6% of the global market share.
- In the year 2022, all European countries together contributed to a revenue share of almost 20.1% in the global cloud FSM market. Germany was the leading country that year, with a revenue share of 7.1%.
- The demand for cloud field service management (FSM) solutions in the United Kingdom is anticipated to record a higher 10.5% CAGR through 2033.
- The overall market is projected to progress at an accelerated rate of 13.4% in China from 2023 to 2033. The adoption of cloud field service management solutions in the Indian market is expected to experience an even higher CAGR of 15.6% through 2033.
- Based on component type, the inventory cloud field service management solution dominates the overall market and may hold a market share of 30.1% in 2022.
- Among the different types of services, the segment of integration and migration was leading the market in 2022 with a global revenue share of 49.8%.
Competitive Landscape for the Cloud Field Service Management (FSM) Market Players
Salesforce.Com, SAP SE, Oracle, IBM, ServiceMax, Microsoft, Acumatica, and Astea International, among others, are some leading service providers in the global FSM market.
Leading players now offer cutting-edge algorithms and machine learning capabilities that help improve field service job scheduling. New FSM providers can improve service delivery and guarantee efficient resource allocation by implementing comparable schedule optimization approaches.
Recent Developments by the Cloud Field Service Management (FSM) Service Providers
With the release of the FSM Cloud Connector in March 2023, SAP introduced a revolutionary innovation for Cloud Field Service Management (FSM) service providers. Seamless interaction between FSM systems and SAP’s maintenance service platform precisely addresses the integration requirements of clients employing SAP S/4HANA Maintenance Service.
IFS released a new version of its Field Service Management (FSM) software in February 2023 with features like remote help, asset management, and predictive analytics. The integration of remote assistance tools in IFS’s FSM software offers real-time instruction by utilizing technology like video conferencing and augmented reality.
Key Segments Profiled in the Cloud Field Service Management (FSM) Industry Survey
Cloud Field Service Management (FSM) Industry Segments by Component:
- Mobile
- Inventory
- Work Order
- Service Project
- Other Components
Cloud Field Service Management (FSM) Industry Segments by Services:
- Consulting Services
- Integration and Migration
- Support and Maintenance
Cloud Field Service Management (FSM) Industry Segments by Enterprise Type:
- Small and Medium Business Enterprises (SMEs)
- Large Enterprises
Cloud Field Service Management (FSM) Industry Segments by Region:
- North America
- Latin America
- Europe Cloud
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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