Field Service Management Market by Component, Organization Size, Deployment Type, Vertical, and Region - Global Forecast to 2025 - ResearchAndMarkets.com

The "Field Service Management Market by Component (Solution, Service), Organization Size (SMEs, Large Enterprises), Deployment Type (On-premises, Cloud), Vertical (Energy and Utilities, Manufacturing, Oil and Gas), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global field service management market is estimated to be USD 3.0 billion in 2020 and projected to reach USD 5.1 billion by 2025, at a CAGR of 11.0% during the forecast period.

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 a situation. According to a TPA they have experienced a 12 per cent 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.

North America: Market Snapshot

Work order management segment 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.

Manufacturing vertical segment to account for the largest market size in 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.

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 America to account for the highest market share during the forecast period

North America is estimated to dominate the global field service management market 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.

Market Dynamics

Drivers

• Rising need for Mobility with Iot
• Increasing need for Predictive Analytics
• Increasing Adoption of Cloud-Based Applications

Restraints

• Security Concerns of Organizations Related to Data Confidentiality

Opportunities

• Emergence of Technologies, Such As Augmented Reality
• New Sales Opportunities by Technicians and Crm

Challenges

• Selecting Solutions that Align with Organizational Business Needs
• Outbreak of Pandemics/Epidemics

Companies Mentioned

• Accruent
• Apptivo
• Comarch
• Commusoft
• Field Pulse
• Fieldaware
• Fieldedge
• Fieldez
• Geoconcept
• Gospotcheck
• Housecall Pro
• Husky Intelligence
• IFS
• Infor
• Jobber
• Kickserv
• Mhelpdesk
• Microsoft
• Oracle
• Overit
• Pega
• Praxedo
• Salesforce
• SAP
• Service Autopilot
• Service Fusion
• Servicebridge
• Servicemax
• Servicepower
• Servicetitan
• Servicetrade
• Skedulo
• Smart Service
• Successware
• Trimble
• Wintac
• Workiz
• Workwave
• Zinier

For more information about this report visit https://www.researchandmarkets.com/r/ioerzs

View source version on businesswire.com: https://www.businesswire.com/news/home/20201023005342/en/