Global Field Service Management Market Trend, Future Outlook And Key Companies, Forecast Till 2026

Author: Aashi Kohli

The global field service management (FSM) market is anticipated to gain traction from the urgent demand for efficient solutions owing to the increasing number of field technicians. FSM tools and solutions would aid the organizations in boosting the productivity of these technicians by delivering real-time data and utilizing algorithmically improved scheduling from any device.

Fortune Business Insights™ published the information mentioned above in a recent report, titled, "Field Service Management (FSM) Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment Type (Cloud and On-Premises), By Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), By End-User (Manufacturing, IT and Telecommunications, Healthcare and Life Sciences, Energy and Utilities, Retail and Consumer Goods, Construction, and Others) and Regional Forecast, 2019-2026." The report further states that the FSM market size stood at USD 2.29 billion in 2018. It is projected to reach USD 7.27 billion by 2026, thereby exhibiting a CAGR of 15.9% during the forecast period.

Increasing Demand from Service Companies to Augment Growth

Businesses nowadays are seeking workforce management tools as the field service teams are growing in size. They need to monitor their field service technicians in real-time to send the nearest available technician for resolving a consumer’s issues during the first visit. FSM solutions aid technicians in delivering quick services to the consumers, making better business decisions, and enhancing field operations.

Furthermore, these tools are being extensively used by service companies to improve work efficiency and reduce the complexity associated with it. They are hence, trying to streamline the process of capturing and dispatching service requests. FSM tools also aid in assigning the right technician for a particular work, with effective equipment to complete the work on time. By integrating the tools with other back-office systems, they can gain access to the records of the consumers, as well as task history. These factors are set to propel the field service management market growth in the coming years.

Manufacturing Segment to Grow Significantly Backed by Need to Improve Customer Services

In terms of end user, the market is segregated into construction, manufacturing, energy and utilities, IT and telecommunications, retail and consumer goods, and healthcare and life sciences. Out of these, the manufacturing segment is set to grow considerably during the forecast period. This growth is attributable to the increasing demand for value additive and cost-effective customer services. With the help of FSM solutions, manufacturers are capable of augmenting their business efficiency and consumer relationships. The IT & telecommunications and energy & utilities segments held 18.8% and 15.8% FSM market share in 2018, respectively.

Fortune Business Insights™ lists out some of the most prominent companies present in the field service management market. They are as follows:

  • Astea International Inc.
  • IFS
  • Oracle Corporation
  • GEOCONCEPT SAS
  • ClickSoftware
  • Workfront, Inc.
  • ServiceMax, Inc.
  • Accruen
  • OverIT
  • Praxedo
  • Zinier Inc.
  • FieldAware
  • Infor
  • SAP SE
  • Comarch SA
  • Other key market players

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