At a CAGR of 16.9% Field Service Management Market Upsurge Growth to Reach at $10.81 Billion by 2026

Requirement for tracking activities on the field and rise in adoption of digitalization & automation in the field services industry drive the global Field Service Management (FSM) market.

Field service management solutions are encouraging manufacturing organizations to make their business operations robust, efficient, and error-free. It enables organizations to enhance the quality of their products and services, in order to help reduce the time, effort, and cost related to product manufacturing and service delivery. These factors are expected to propel the market growth over the forecasted period.

The global field service management market generated $3.12 billion in 2018, and is expected to reach $10.81 billion by 2026, registering a CAGR of 16.9% from 2019 to 2026.

Based on component, the solution segment contributed to nearly three-fourths of the total share of the global field service management market in 2018, and is expected to maintain its lead status throughout the forecast period. This is attributed to requirement to automate manual field service business operations including dispatching, scheduling, routing, and fleet tracking. However, the service segment would portray the highest CAGR of 19.3% from 2019 to 2026, owing to efficient functioning of FSM software and platforms throughout the process and adoption of cloud-based FSM service.

Based on region, North America accounted for the largest share in terms of revenue in 2018, holding more than one-third of the global field service management market, and is estimated to maintain its leadership status during the forecast period. This is due to rise in awareness regarding advanced FSM, adoption of cloud technology, and considerable adoption of mobility in the field service industry. However, Asia-Pacific is expected to witness the highest CAGR of 18.4% from 2019 to 2026, owing to adoption of automation in the field services industry, proliferation of mobile devices, rise in penetration of internet services, and advancements in the telecom industry.

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Based on industry vertical, the manufacturing segment held the largest market share of the global field service management market, accounting for nearly one-fourth of the total market share in 2018, and is expected to maintain its dominant position by 2026. This is due to its extensive usage for managing field engineers, surge in demand for HAVC related use cases, and demand for equipment tracking and repairing solutions. However, the transportation & logistics segment would register the fastest CAGR of 19.2% from 2019 to 2026, owing to rise in utilization of vehicle fleet, reduced unloading time, enhanced ETA accuracy, and less vehicle maintenance cost.

Profiling Key Players: Oracle Corporation, Microsoft, IFS AB, Inc., ServiceMax, OverIT, Comarch SA, Infor, Praxedo, and SAP SE.

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