Originally published on Technavio:Field Service Management (FSM) Software Market Analysis by End-user, Deployment, and Geography - Forecast 2023-2027

 

Introduction:

This report delves into the Field Service Management (FSM) Software Market, anticipating a growth of USD 1,467.6 million at a CAGR of 12.74% between 2022 and 2027. The market's expansion is attributed to various pricing strategies, the rising demand for SaaS-based field service management solutions, and the need to enhance workforce productivity. The software aids organizations in delivering effective on-site services by tracking requests, managing personnel, and providing operational visibility. Key features include work order management, inventory tracking, fleet management, and reporting. The report also encompasses a comprehensive analysis of drivers, trends, challenges, and historical market data from 2017 to 2021.

 

Market Forecast:

The Field Service Management (FSM) Software Market is poised for significant growth during the forecast period, influenced by pricing strategies, the increasing popularity of SaaS-based solutions, and the emphasis on enhancing workforce productivity. The report offers a thorough market segmentation covering end-users, deployment, and geographic regions, accompanied by an in-depth analysis of drivers, trends, and challenges.

 

Market Definition:

Field Service Management (FSM) Software facilitates effective on-site service delivery by managing various business processes, workforce productivity, and operational visibility. Key functionalities include work order management, inventory tracking, fleet management, and reporting. The report explores the historical market data from 2017 to 2021, shedding light on the software's evolution and adoption.

 

Key Drivers, Trends, Challenges, and Historical Overview:

Based on data analysis with 2022 as the base year, the report identifies key drivers, trends, and challenges in the FSM Software Market. A particular emphasis is placed on the increasing requirement to drive workforce productivity, prompting enterprises to adopt FSM solutions for streamlining business processes and optimizing workforce efficiency. Additionally, the introduction of mobile field service apps is identified as a notable trend, enhancing communication and efficiency for field service staff. However, inadequate training of professionals emerges as a challenge, hindering efficient implementation and adoption.

 

Market Dynamics:

The FSM market is evolving rapidly with the adoption of field service solutions across various industries. Subscription-based models and real-time monitoring drive efficiency, while mobility-powered solutions, including cloud-based platforms, streamline operations. Advancements in digital twin solutions and asset performance management optimize operations in sectors like energy and oil & gas. Technologies such as augmented reality (AR) and virtual reality (VR) empower advanced mobile workers, reducing human-to-human contact and ensuring clear communications.

 

Market Segmentation by End-user:

The IT and telecom segment is anticipated to witness substantial growth, driven by the adoption of FSM software to manage field service operations, provide prompt customer support, and optimize technical workforce performance. The software streamlines service delivery through workflow automation, resource allocation optimization, and dispatching the right expertise for complex tasks. The IT and telecom segment, valued at USD 350.70 million in 2017, is expected to fuel market growth with its focus on faster response times, accurate scheduling, and effective issue resolution.

 

Market Segmentation By Deployment:

The on-premise segment, driven by the need for enhanced data security, is gaining traction across enterprises. This deployment involves managing software and data on customers' local servers or data centers, providing organizations with control over access and protection of sensitive data. Key end-users, including healthcare, finance, and government, opt for on-premise solutions to ensure full control over their infrastructure, enhancing data security and control.

 

Regional Overview:

North America is poised to contribute 30% to the global market growth during the forecast period. The region benefits from adequate IT infrastructure and a high penetration of large and small enterprises, fostering the adoption of digitalization for operational efficiency and customer experience enhancement. The increasing demand for real-time communication, propelled by mobile devices and high-speed internet connectivity, further drives the adoption of FSM software in the region.

 

Market Customer Landscape:

The market forecasting report includes the adoption lifecycle, focusing on penetration rates in different regions. Additionally, it explores key purchase criteria and drivers of price sensitivity to assist companies in developing effective market growth and forecasting strategies.

To Learn deeper into this report , View Sample PDF

FieldEZ, a company offering FSM software such as Mobile Field Service Management, stands out among the 15 market companies analyzed in the report. The analysis includes a qualitative and quantitative assessment, categorizing companies as pure play, category-focused, industry-focused, or diversified, and evaluating their status as dominant, leading, strong, tentative, or weak.

The market report forecasts revenue growth at global, regional, and country levels, providing an analysis of the latest trends and growth opportunities from 2017 to 2027. The forecast period spans from 2023 to 2027, with a projected growth momentum and CAGR accelerating at 12.74%, aiming to reach USD 1,467.6 million by 2027.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/