Field service management (FSM) relates to the management of a company’s resources that are present at a client’s location. There can be several examples of it, such as locating vehicles, scheduling, monitoring, and dispatching work, accounting, and purchasing and billing. By utilizing the concept of field service management solutions, organizations can significantly curtail their cost of services and improve co-ordination between different segments. The industries that are leveraging field service management solutions are banking, financial services, and insurance (BFSI), energy and utilities, construction and real estate, manufacturing, healthcare, transportation and logistics, and IT and telecommunications.
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According to a fresh business intelligence report by TMR Research, the demand in the global field service management market will multiply at a profitable CAGR during the forecast period of 2017 to 2025. The report, titled “Field Service Management Market- Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” is a strategic tool developed for intended audiences including field service solution providers, cloud service providers, mobile application developers, customer relationship management (CRM) service providers, and telecom network operators.
The requirement of efficient planning of a project before investment is made, increasing adoption of mobile applications and wearables among field workers, flexibility to allocate work efficiently to employees, and need for an improved performance analysis tool are some of the key factors augmenting the demand in the global field service management market. On the other hand, strong lack of expertise in feeding real-time data that is required by FSM software, security concerns, and slow growth of a number of emerging economies are obstructing the market from attaining greater profitability.
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Based on solutions, the market can be segmented into billing and invoicing, mile field execution, inventory management, tracking and performance management, scheduling and dispatching, reporting and dashboards, and work order management. Services can be training, consulting, implementation, and support.
SAP SE, Oracle Corporation, Astea International Inc., ClickSoftware Technologies Ltd., and Coresystems AG are some of the notable companies operating in the FSM market.