The rise in demand for mobility for real-time visibility, increased need to keep a track of field activities, and surge in adoption of digitalization & automation in the field services industry fuel the growth of the global field service management market.
Allied Market Research published a research report on the global field service management market. The report states that the global field service management market generated $4.00billion in 2020, and is expected to garner $24.29 billion by 2030, witnessing a CAGR of 19.7% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Rachita Rake, a Research Analyst, ICT at Allied Market Research, highlighted, “Field service management market trends in Asia-Pacific is expected to exhibit the highest growth during the forecast period, owing to strong economic growth along with the ongoing development in field service and inventory management. This drives organizations to invest heavily in field service management market to sustain growth and improve productivity. In addition, factors such as the major shift toward digital transformation, cloud deployment & technological advancement among small & medium businesses, and continuously ongoing modernization in workforce management strategy in emerging economies notably contribute toward the market growth. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period.”
The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on market opportunities. Rise in demand for mobility for real-time visibility, increased need to keep a track of field activities, and increase in adoption of digitalization & automation in the field services industry fuel the growth of the global field service management market. However, scarcity of a skilled workforce to operate on FSM& data security concerns restrain the market growth. Contrarily, increase in adoption of IoT and integration of AI, AR, and VR in the field services sector offer new opportunities for market growth.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the geothermal power market across the globe. The imposed lockdown during the initial phase of the Covid-19 pandemic has increased wide adoption of FSM software, thus allowing the continuation of projects in the virtual and digital environment. Developers, engineers, and designers were relying on digital collaboration tools like inventory management and field service management software. The closure of construction and manufacturing sites affected the market. Contractors and engineers all over the world were re-optimizing schedules and re-planning projects using augmented reality and virtual reality simulation. The organization across the utility and energy industry were shifting to remote ways of working.
The report offers a detailed analysis of segments of the global field service management market. These segments include component, deployment mode, organizational size, industry vertical, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue-generating segments for determining growth strategies for the next few years.
On the basis of component, the solution segment led the market share in 2020. Demand for electricity with surge in urbanization drives the growth for this segment. However, the service segment is projected to grow at a significant rate from 2021 to 2030.
Based on deployment model, the on-premise segment led the market share in 2020, and is projected to continue its lead during the forecast period. Numerous benefits provided by the on-premise segment like high level of data safety and security drive the growth for this segment. However, the cloud segment is projected to grow at the highest CAGR during the forecast period.
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Region-wise, North America held the largest share of the global field service management market in terms of revenue. However, Asia-Pacific is expected to witness significant growth during the forecast period.
Leading players of the global field service management market analyzed in the research include Microsoft, Salesforce.com Inc., OverIT, Comarch SA, Praxedo, Oracle Corporation, IFS AB, ServiceMax, Infor, and SAP SE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.