The Field Service Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, to reach USD 5.7 billion by 2026 from USD 3.2 billion in 2021. Increased adoption of automation and digitalization in the field services industry, increase in adoption of BYOD and mobile-based FSM solutions are expected to spur the demand for FSM offerings across the globe.
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Adoption of work order management solutions is noticeably increasing in among large enterprises due to increased need to enhance efficiency and productivity of the workforce
Work order management software is a solution that allows facility managers to effectively track and manage all work order information through a single dashboard. With a centralized place to create service requests, monitor real-time status updates, track completion, and leave feedback on work performed, location managers can easily manage work orders across a multi-location enterprise. 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 a 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, including 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.
Growing need to provide professional services in lesser time and cost is enhancing usage of the integration and implementation services by the organizations.
Professional services include the assistance provided to a company by external sources. These services include system integration and implementation, too. Companies that offer professional services encompass technical consultants, dedicated project management teams, and enterprise video experts that specialize in the design and delivery of critical decision support software, tools, services, and expertise. Integration and implementation services are likely to share large revenues in the estimated year, as they enable clients to appropriately deploy and integrate field service management solutions with their existing systems, such as ERP and CRM. These services are provided by trained and technically expert professionals who can ensure the accurate deployment of field service management solutions. The market for field service management solutions is expected to grow because these solutions deliver field services in lesser time and cost.
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Unique Features in the Field Service Management Market
Based on variables including technician expertise, work priority, and location, intelligent scheduling algorithms dynamically optimise and dispatch field service activities. By doing this, travel time is reduced and operating efficiency is increased.
Field service technicians may now access real-time information, update job statuses, and connect with the back office while on the job thanks to mobile applications and tools. Being mobile-enabled improves responsiveness and productivity.
Combining GPS monitoring with geolocation to track field service technicians’ locations in real time. This facilitates accurate arrival time estimation, tracking of job progress, and route optimisation.
Tools for managing and tracking assets so that you can monitor inventory and equipment out in the field. This involves monitoring the position, state, and maintenance background of assets.
Tools for remote diagnostics that let technicians troubleshoot and fix problems from a distance. This feature speeds up issue response times and decreases the need for pointless site visits.
Major Highlights of the Field Service Management Market
Increased use of cloud-based field service management (FSM) systems, which allow businesses to simplify operations, lessen dependency on on-premises infrastructure, and access field service tools and data from any location.
There’s a growing focus on empowering mobile workers with smartphone apps that let field service professionals update task statuses, get real-time information, and interact with the back office easily.
Maintaining the emphasis on cutting-edge scheduling algorithms and route optimisation will increase field service productivity, reduce travel time, and improve overall.
Predictive maintenance is made possible by integration with the Internet of Things (IoT), which enables businesses to remotely monitor machinery, anticipate possible problems, and plan preventative maintenance to minimise downtime.
Growing use of augmented reality (AR) technologies for remote help, which let field technicians consult with experts or view visual instructions for complicated repairs, resulting in quicker problem solving.
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Top Key Companies in the Field Service Management Market
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, Microsoft, Salesforce, IFS, ServiceMax, SAP, Infor, Trimble and Comarch have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the FSM Market.
Oracle is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. In terms of organic growth strategies, in March 2019, Oracle launched a single integrated cloud solution, Oracle Service Logistics Cloud, to help organizations improve their field service operations and deliver a seamless customer experience. In inorganic growth strategies, Oracle chose to adopt partnerships, collaborations, and acquisitions. Oracle partnered with City of Lubbock Utilities and Oracle Field Service Cloud delivers the benefits of advanced metering capabilities to customers, thereby reducing complexity and cost.
Microsoft is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. Microsoft has aggregated a variety of tools to improve service delivery in Dynamics 365 Field Service. As a stand-alone Dynamics 365 module, Dynamics 365 Field Service facilitates management (including calendars) and gives managers full access to check-in, check-out, and technical data a variety of tools to improve service delivery. The company offers a wide range of solutions and services to different verticals, including automotive, media and communications, government, healthcare, finance, manufacturing and energy, and retail. Countries in the Middle East and Africa (MEA) are working toward developing IT infrastructure, cloud computing, and professional services, and the integration of IoT in various manufacturing processes, which is a good opportunity for Microsoft to expand its business.
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