The global industry for field service management (FSM) is still in the development stage and is expected to witness tremendous growth from 2015 to 2022. Extensive adoption of FSM by vast and medium enterprises is anticipated to foster market growth.
Growing demand for optimized workflow and enhanced productivity has also encouraged FSM adoption, coupled with the increased usage of FSM to assist workers in the field or site, to improve collaboration and efficiency.
Companies involved in FSM develop and publish software designed to help dispatching and tracking of field service technicians. The dissemination of appropriate data to these professionals helps them track inventory and help automate fleet dispatch assignments.
Additionally, increasing demand for improved services among customers has motivated and encouraged various businesses across the world to adopt FSM. This also helps companies to gain leverage in customer relationship.
Companies are also able to offer real-time solutions to meet customer requirements via FSM.FSM plays a crucial role in augmenting and optimizing the organization’s productivity and resources as well.
In the world of dynamic customer demands, the service industry must be capable of functioning in vibrant business situations. Increased investments in automation and optimization of processes are likely to enable companies to reach their goals.
FSM also helps address customer demands in a better way while reducing operational and overhead costs. Various other factors such as improper management of inventory increased inventory cycle time, increased holding cost, increased ordering cost and incorrect information about the stock further increase the cost of business operations.
FSM helps to fortify the functionality of the service industry while improving overall profitability. It also aids in the minimizing overall field operational costs. The software helps companies to leverage optimized solutions by providing real-time access to critical and important information for better job dispatch, job views, customer queries, which helps employees perform various tasks with agility.
With the advent of cloud, big data, and advanced analytics technology, the continuous technological advancement supports the integration of mobility and cloud to FSM. Vendors are also able to provide superior solutions, further enabling organizations to improve their performance in a cost effective way.
Numerous third-party and cloud technology service providers offer an enhanced level of field service solutions. It caters to the needs of small, medium and large enterprises.
The permeating presence of tablets and smartphones are playing a crucial role in the growth of the global industry.FSM solutions are also compatible with next generation smartphone operating systems, further boosting their importance across the competitive landscape.
Recently, legacy systems such as enterprise resource planning (ERP), customer relationship management (CRM), supplier relationship management (SRM) have gained an advantage owing to their ideal solutions.
Legacy systems occupied the highest market share in recent years; however, transitioning business environments and technological breakthroughs have proved the failure of these systems in modernized business models.
Legacy systems have mostly failed to cater to particular customer demands specifically in the areas of service operations, and job scheduling, which has led to the adoption of collaboration led surfacing and FSM solutions.
This trend is expected to continue over the upcoming years on account of increased adoption of FSM by SMBs and large enterprises. There has been significant investment in the FSM market on account of several benefits.
FSM is expected to offer a different innovative solution with the machine to machine (M2M) integrated connectivity. Business analytics is the main component of this package, providing improved productivity with the real-time computer repair &connectivity.
The key drivers identified for the growth in this market include an escalating demand for enhanced productivity, improved customer satisfaction, and mounting field service operation costs.
However, significant restraints that may pose a challenge to the market growth include a lack of awareness regarding field service solutions. Numerous companies are adopting FSM solutions but at a very slow pace.
The global FSM market is segmented by solution, deployment, applications, end-use industries and regions. The solutions segment is further classified into the schedule and dispatch, work order management, mobile field execution, customer management, reporting, billing and invoicing, tracking, performance management and inventory management.
The deployment segment is further categorized into the cloud and on – premises technology.Primary applications include large enterprises and SMBs.
Several end-use industries utilize this technology, including the oil and gas sector, construction, home and residential services, manufacturing, energy and utilities, transportation, security and alarm, healthcare and others.
The FSM market has a presence across North America, Europe, Asia Pacific, Middle East and Africa, Central & South America and the Middle East & Africa. North America is projected to occupy the substantial market share regarding market volume, whereas Asia Pacific and Europe are expected to experience rapid growth on account of burgeoning demand for operation efficiency in several industries.
The key players in this market include Oracle, IBM, SAP, Click Software Technologies, Trimble Navigation, Tea international, PTC, and others.
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