Field Service Management Market Valuation to Reach US$ 13.2 Bn by 2031: TMR Study

Field Service Management Market Valuation to Reach US$ 13.2 Bn by 2031: TMR Study

PR Newswire

ALBANY, N.Y., Dec. 20, 2021

-  Adoption of real-time resource management technologies by end-use industries to boost efficiencies of field operations to drive revenue gains to solution providers in the field service management market

-  Massive capabilities of cloud field service management solutions offer value-grab opportunities; substantial appetite for field service management solutions in small & medium scale organizations drives revenue gains

ALBANY, N.Y., Dec. 20, 2021 /PRNewswire/ -- A dynamic business environment calls for real-time management of physical assets such as equipment by enabling field workers to gain visibility and improve employee experience, while increasing the overall productivity of field resources. One way where end users in the field service management market accomplish these by gaining access to client's data in real-time. Technology companies are offering real-time monitoring solutions to capture sizable revenues during the forecast period of 2021 – 2031.

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The integration of emerging technologies notably IoT, augmented realty, AI, and ML with field service management solutions is enabling them to optimize various processes such as in workforce and inventory management, billing records, vehicle tracking, dispatching, and invoicing. The global field service management market is projected to advance at a CAGR of 13.7% during the forecast period. 

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The growing complexity of field service operations in various industries such as healthcare, real estate, manufacturing, BFSI, and transport industries has engendered the prospects of cloud field service management solutions. The growing integration of field service management with mobile workforce management, especially by field service technicians have opened new capabilities in operations and maintenance of assets. Clients in the market have become increasingly aware of the benefits of cloud solutions, thereby bolstering the uptake in these industries.

Asia Pacific and North America are lucrative field service management markets with the former anticipated to witness substantial revenue streams during the forecast period. The rapid uptake of field service software among service-oriented businesses has cemented the revenue generation of North America field service management market. The growing adoption of cutting-edge automation of enterprise operations on the back of communication and Internet infrastructure is expected to fuel the growth of the Asia Pacific market over next few years.

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Key Findings of Field Service Management Market Study

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Field Service Management Market: Key Drivers

Field Service Management Market: Key Players

Some of the key players in the field service management market are Syncron AB, ServicePower, ServiceNow, IBM Corporation, ServiceMax, SAP SE, Oracle, Microsoft, IFS AB, and Salesforce.

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The global field service management market is segmented based on:

Solution

Service

Deployment Type

User Type

Industry Vertical

Region 

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