Field Service Management Market Will Reach USD 6.68 Billion by 2023
How is technology becoming crux in the business field?
Some jobs are simply better accomplished by machines than our brains, and this is more applicable today than ever before. Applying this analogy to the business field, most organizations are using technology to streamline operations and increase efficiency. In the field management market, managing a team of service technicians is one of the most intricate tasks. It involves a wide number of variables, which takes a substantial amount of time and meticulousness to keep track of the unpredictable changes that could occur at any time.
Work of Field Service Management Technology (FSM)
Human involvement is bound to cause miscommunications, delays, and incorrect or incomplete information transfer even though electronic databases are certainly helping. However, as the digitization evolved and permanently connected mobile devices multiplied, the field service management software was devised as a technological solution that would assist with managing field service operation and easing the stress of the field managers. This field service management (FSM) technology automates the field operation of a team through mobile systems.
Among many functions, FSM is prominently used in tracing vehicles, arranging and transmitting work, maintaining technician’s activity, accounting, and billing. Adopting FSM can help in increasing the revenue, reduce cost, allot and synchronize better resources, and improve efficiency.
The Global Field Service Market- A Bird’s Eye View
Today, the Global Field Service Management market is anticipated to grow at CAGR of 15.2% during the period of 2018 to 2023 and reach a whopping USD 6.68 Billion by 2023, revealed a report by Zion Market Research. This industry research report is fabricated with the aim of employing prominent study methods to collect important bits of information about the industry. For this study, Zion Market Research has conducted an all-inclusive primary research with key industry participants to collect first-hand data. In addition to this, in-depth interviews with important opinion leaders also aided in the authentication of the findings by performing a secondary research.
What are the constituents of the Zion Market Research Report?
The report mainly focuses on the definitions of the industry, usages, applications, and other growth factors. It also communicates about the market growth, size, share, future opportunities, trend analysis, and regional outlook. The research report is a comprehensive market research study, which emphases on the global scenario and focuses on numerous factors that affect the market with the help of strong data and statistical analysis.
What does the report infer?
According to the report, the proficient planning of projects and better work allocation of field workers are the major factors that are driving the growth of the FSM market today. Additionally, the rise in the implementation of mobile applications and wearable devices among the field technicians is also likely to drive the FSM market forward. Bring your own device or BYOD is the technology that is currently being widely adopted by several organizations in order to maintain customer relationships.
Furthermore, the increasing number of field technicians in industries like construction, manufacturing, oil and gas is also driving the growth of global FSM market. The field service management software enables technicians to perform pre-sales, sales, and route accounting functions along with efficiently interacting with customers.
One of the most noteworthy changes brought about by the implementation of FSM has been in the relationship of the organization and the customer. When the systems are integrated with ERP or CRM software like the salesforce automation software, FSM software provides a comprehensive outline of all the internal and external tasks, which increases the real-time response rate. Similarly, with the adoption of delivery tracking software into FSM, it is possible to combine data across several devices from limitless sources and then provide the answer to these. Additionally, to make service visit more personal, FSM can be combined with field data collection software that will help the technicians know more about the customer like the customer’s address, history, devices and much more. Along with these trends, security concerns related to data discretion will also remain important.
What are the interpretations of the Zion Market Research report concerning markets of the different regions?
The research report also highlights that Northern America is likely to have the major market share in the FSM market during the predicted period. This is because there are many FSM software developers present in North America. The region is also predicted to lead the FSM market owing to the several innovation and adoption of new technologies. It is also considered as the most advanced region in terms of cloud and artificial intelligence.
Europe is expected to have adequate growth in the FSM market mostly due to the mounting adoption of automation in the manufacturing industry. Increasing fundamentals for automation across different industries for increased efficiency is evaluated to impel the market further. The continuing and intensifying necessity for enhanced effectiveness is driving the demand for FSM in countries like UK and Germany.
The APAC region is anticipated to have the maximum CAGR in the global FSM market, predominantly due to the large-scale industrialization in the Asian countries. Also with the increasing number of smartphone users in this region, it further pushes the growth of FSM. The rise in demand for enhanced workflow and improved productivity is boosting the growth in FSM market of this region. Lastly, Latin America is expected to witness a moderate growth due to the increasing popularity of SaaS. The persistently increasing competition to provide efficient services will encourage organizations to adopt cloud computing in FSM to provide faster time to transfer real-time data.
In conclusion, the market in the developing countries is expected to expand because of low expenses and prominent resourcefulness offered by cloud solutions, increased mobile and wireless infiltration, and the development of infrastructures.
FieldEZ is the leading provider offield service management softwarefor various industries such as Construction, Telecommunication, Banking and Insurance, Computer and Office Equipment, Facilities Management, Home Healthcare, Government, Pharmaceuticals, and many more.
This all-inclusive solution helps businesses manage their remote workforce with ease- thus adding to the overall efficiency of these organizations.