The global market for field service management worldwide was valued at $3.01 billion in 2018 and is expected to grow over the forecast period with a CAGR of 18.0%.
Development in the network of infrastructural communication and evolution in the preference of enterprise mobility software around the globe will drive growth for the market for field service management. Field service management, providing prominence, planning and execution to the users, thus achieving an organization’s primary goals. It also provides a wide range of services, including mobility, parts material management, service order management, financial management, etc. In addition, contractors and other third-party customers are involved in driving the growth of the market for service management in the field. We expect the field service management market to show remarkable growth during the forecast period as a result of the aforementioned factors.
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The field service management market will be led by the manufacturing segment in 2018 based on the type of end-user. During 2018, the segment held more than 25 percent of total revenue. Manufactures opt to manage the field service as it provides customer-centricity. In addition, manufacturers are expected to opt in the forecast year to purchase and upgrade the service delivery applications. Varied field service management applications are an important component of service delivery. Thus, during the forecast period, we expect the manufacturing segment to be the fastest-growing segment.
China is supposed to dominate the regional service management market and its rapid growth rate is attributed as the country is home to a large number of small and medium-sized enterprises involved in the development and adoption of field services and its management solutions. China is one of the world’s largest e-commerce markets. The sector’s expansion is a major driver for FMS solutions to be adopted. And as more and more new retail moves from a new concept to the mass market sector, the need for filed service management will also increase. Due to large-scale industrialization, the field service management market in India has a vast scope. The country is expected to show strong growth in the field service management market with enhanced geographic zones and a high client base. The country’s growing number of technology users further pushes the field service management market to grow. The 2020 Olympics, growing government investment in the reconstruction of natural disaster-destroyed properties, and plans to replace old Yokosuka oil and gas plants by 2027 are some of the major factors that not only expand Japan’s construction industry, but also develop space for the field services market.
Some of the report’s major companies include Oracle, Microsoft, IFS, ClickSoftware, ServiceMax, Astea, Comarch, SAP, Salesforce, Trimble, Infor, OverIT, ServicePower, FieldAware, GEOCONCEPT, FieldEZ, Zinier, among others.
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