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(Wireless-NewsWire.Com, June 08, 2018 ) The global Field Service Management (FSM) market is expected to grow from USD 1.78 Billion in 2016 to USD 3.61 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The increased focus on scalable centralized system, increased usage of mobile devices for collaboration & real-time collaboration, and growing need for improved enterprise efficiencies is driving the FSM market across all regions.
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The Field Service Management market is segmented by solution, service, deployment type, user type, industry vertical, and region. The services segment is observing great opportunities and importance among the end-users due to the increase in integration and implementation services. Among the solutions, the billing and invoicing segment is expected to grow at the highest CAGR during the forecast period, as it offers users features such as easy and quick creation of invoices, tax calculations, setting of discounts for various customers, online payment gateway, friendly payment reminders via SMS or email, and recording of all business expenses.
The cloud deployment type is expected to grow at the highest CAGR during the forecast period. The cloud deployment type is also projected to witness the highest demand, as the cloud-based FSM solutions offers flexibility, scalability, low cost, and real-time access to data, regardless of the location of the employees.
The FSM solution has been deployed across various industry verticals, such as construction and real estate; manufacturing; transportation and logistics; energy & utilities; healthcare; telecom & IT; financial services; and other industries, such as retail, automotive, and hospitality. The healthcare vertical is expected to witness the highest CAGR during the forecast period, as the enhanced competitive landscape of the healthcare in the emerging nation calls for efficient FSM to reduce supply chain management cost through real-time flow of information about the inventory. However, energy and utilities is estimated to have the largest market size in 2016, as the enterprises in this vertical need to digitalize and automate business processes and are under constant pressure to deliver more to increase their business capability.
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The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region is expected to be the largest revenue-generating region for FSM solution and service providers in 2016. This is mainly because there is a high focus on innovations obtained from research & development and technology adoption, especially in the developed economies of North America. The APAC region is expected to be the fastest growing region in the Field Service Management market. The growth in this region is primarily driven by the increasing number of cloud service providers, investments in infrastructure, growing number of smartphone users, and many emerging industries in the region.
The Field Service Management market faces challenges such as difficulties in aligning FSM solutions with business goals. Moreover, factors such as lack of awareness about the benefits of FSM solutions and security concerns with respect to access to confidential data are likely to inhibit the growth of this market.
The major vendors that offers FSM solutions and services across the globe are Oracle Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), ClickSoftware Technologies (U.S.), Industrial And Financial Systems AB (Sweden), ServicePower Technologies PLC (U.K.), ServiceMax Inc. (U.S.), Infor (U.S.), and Astea International Inc. (U.S.). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the Field Service Management market.
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