NEW YORK, March 25, 2022 /PRNewswire/ — The global field service management market size is expected to reach USD 23.46 Billion in 2030 and register a revenue CAGR of 19.3% over the forecast period, according to latest report by Reports and Data. Technological advancements and adoption of cost-effective solutions are expected to drive market revenue growth. Field service management is an effective tool that integrates accounting, billing, service, and distribution processes, which in turn, helps organizations in gaining maximum efficiency. Field service management solutions offer several advantages, including real-time communication of work orders and status, work tracking, and customer originations and service history.
A modern field service management system offers the needed visibility, planning, and execution to achieve the primary goals of field service organizations. The key functional areas include mobility, service order management, financial management, parts materials management, labor skills management, asset information management, service contract management, and reporting.
Manufacturing companies are using field service management solutions to make their operations more robust, efficient, and error-free. These solutions enable businesses to improve the quality of their offerings while reducing the time, effort, and cost associated with product development and service delivery. They provide solutions for streamlining business processes, such as overall tracking of field service operations and repair activities, efficient workload management, real-time workforce location tracking, and automating field operations to remove manual duties, among others.
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Advanced technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) are effective at optimizing field processes, and field service technicians may now take advantage of a large amount of data due to cutting-edge AI-based technology breakthroughs. Thus, technology is enhancing FSM system’s performance by automating crucial tasks, and artificial intelligence-based scheduling is assisting service firms in efficiently relaying customer inquiries to the best service technician and in resolving issues. Administrators can use AI-based field service planning to look at technicians’ location, skill sets, and availability to ensure the best fit for the job. Thus, artificial intelligence increases chances for field service providers to improve customer satisfaction, revenue, and first-time fix rates.
Some Key Highlights From the Report
Increasing adoption of smartphones is supporting cloud-based field service management solutions, which can help with real-time workforce optimization despite employee location. Field service enterprises are adopting cloud-based deployment, as it provides several advantages, including reduced physical infrastructure, lower maintenance costs, and 24/7 data accessibility from anywhere and at any time. Other advantages include increased storage capacity, scalability, flexibility, portability, and compliance. SMEs, in particular, are favoring cloud deployment due to its low cost, and these solutions also enable real-time collaboration, enabling field service organizations to communicate with employees and customers before, during, and after each appointment. Cloud-based field service management solutions are gaining traction in the market, as field technicians, workers, and customers generate massive amounts of data.
Small & medium enterprises segment is expected to register a significantly high revenue growth rate over the forecast period. Small & medium enterprises are rapidly moving their businesses to digital platforms, and are using field service management solutions to monitor field activity at the client location. Availability of low-cost cloud-based flexible field service management is encouraging small enterprises to use cloud FSM services.
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Manufacturing segment accounted for largest revenue share in the global field service management market in 2020. The manufacturing industry is being driven to adopt technologies that automate field operations and procedures as a result of rapid industrialization. Manufacturers are changing their business models to become more customer-centric by providing cost-effective and value-added services, and FSM solutions are helping them to enhance business efficiency by improving customer relationships throughout the service lifecycle.
Market in North America is expected to register a rapid revenue CAGR in the global field service management market over the forecast period, due to increasing research & development activities by leading companies in the region. These major players are concentrating efforts on strengthening their service customer base throughout the region. Moreover, development of advanced technologies, such as chatbots, IoT, and artificial intelligence, is empowering the network of innovative technology-based field service providers across North America.
Companies profiled in the market report are Oracle Corporation, Microsoft Corporation, Salesforce.com, Inc., Zinier Inc., ServiceMax, SAP SE, Infor, Trimble Inc., Comarch SA, and Geoconcept India Private Ltd.
To identify the key trends in the industry, research study at : https://www.reportsanddata.com/report-detail/global-field-service-management-market
For this report, Reports and Data has segmented the global field service management market based on components, deployment mode, organization size, end-use, and region:
Components Outlook (Revenue, USD Billion; 2018-2030)
Deployment Mode Outlook (Revenue, USD Billion; 2018-2030)
Organization Size Outlook (Revenue, USD Billion; 2018-2030)
End-Use Outlook (Revenue, USD Billion; 2018-2030)
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