ALBANY, New York, March 13, 2019
ALBANY, New York, March 13, 2019 /PRNewswire/ -- According to a research report by TMR, the global field service management market is expected to expand at a CAGR of 14.1% during the forecast period of 2017 to 2025. The market is anticipated to reach a valuation of US$ 8,593.6 mn in 2025.
The competitive landscape of the global field service management market is consolidated in nature, says Transparency Market Research (TMR). This is mainly because of the presence of a handful established players in the market. The competition is estimated to intensify with passing time as players in the global field service management market are struggling to outdo each other. Some of the predominant players operating in the global field service management market are ClickSoftware Technologies Ltd., Oracle Corporation, SAP SE, IFS AB, Microsoft Corporation, Astea International Inc., Coresystems AG Praxedo, and Retriever Communications Pty Ltd.
On the basis of geography, North America is projected to account for a larger number of shares in the global field service management market. This is mainly because of the presence of several industry players and high adoption of this software in the region. On the basis of industry verticals, telecom and IT industry vertical showcase lucrative opportunities in the forecast period.
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Increasing Adoption of Mobile Application by Organizations to Boost Market
Field service management is an emerging technology in developing regions. The adoption of field service management software is increasing in these regions owing to its ability to bridge coordination gap between organizations and field operations. Apart from this, the field service management software help in efficient planning and budgeting of projects. These are the major factors expected to drive growth of the global field service management market. Moreover, the increasing adoption of wearable devices and mobile applications by field service organizations are bolstering growth of the global field service management market.
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Apart from this, increasing number of cloud service providers, and growing infrastructural investments are few other factors likely to fuel the global field service management market. Enhanced productivity, streamlines work processes, and better customer service and loyalty are some other benefits of implementing filed service management software in the organizations.
Despite several drivers, growth of the global field service management market is restrained because of the factors such as high cost of implementation, limited technical knowledge among workers. The compromised organizational security is another factor hampering growth of the market. Nevertheless, these restraints can be overcome with the advent of advanced technologies like cloud, big data, and advanced analytics technology in the field service management.
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Flourishing Telecom Industry to Bolster Growth
Telecom and IT sectors are the primary consumers of the field service management market. This is because they have higher number of flied service employees. Managing their work orders, track their workforce, retrieve real-time information from field representatives, and validating compliance requirements are some of the benefits of implementing field service management utility in the telecom and IT industries. The rising telecom industry is expected to propel the global field service management market, thus exiting as a prime opportunity.
This review is based on Transparency Market's Research report, titled, "Field Service Management Market (Solution - Billing and Invoicing, Inventory Management, Mobile Field Execution, Reporting and Dashboards, Schedule and Dispatch, Tracking and Performance Management, and Work Order Management; Service - Consulting, Implementation, and Training and Support; Deployment Type - Cloud and On-Premises; User Type - Small and Medium Enterprise (SME) and Large Enterprise; Industry Vertical - BFSI, Construction and Real Estate, Energy and Utilities, Healthcare, Manufacturing, Telecom and IT, and Transportation and Logistics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025"
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Global field service management market is segmented as below:
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