Demand for Field Service Management Expands at SMEs Mushroom

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.

Field Service Management Market Rapid Advancements in Technology by 2025

Global Field Service Management Market: Overview 

Field service management (FSM) refers to a system for streamlining field operations through a mobile-based workforce and usually entails the management of company resources used to service clients. FSM typically includes scheduling service orders, job scheduling, dispatching agents, tracking vehicle locations, and managing job status. FSM is used in a number of industries but is prevalent in those that require to manage installation, service and repairs of systems and equipment. Companies usually employ mobile agents and contractors in areas such as waste management, telecommunications, public sector transportation, gas utilities, heating, ventilation and air conditioning (HVAC), and healthcare industries.

Over the last decade, the field service management market has witnessed an unprecedented shift in operations propelled by developments in automation software and innovative models, such as IoT and cloud computing. 

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Global Field Service Management Market: Key Trends

The need for an effective centralized system for the management of various field services and soaring demand for real-time collaboration have propelled the field service management market. Coupled with this, the imperative for enhancing operational efficiency along with optimizing costs has boosted the market. In addition, the development of user-friendly and scalable solutions—on-premise as well as cloud-based—and the rising demand for predictive maintenance in industries have provided impetus to the FSM market. Increasing adoption of cloud-based delivery models such as software-as-a-service (SaaS) amongst several enterprises, particularly by small businesses with constrained budget, is expected to fuel the market over the forecast period.

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Global Field Service Management Market: Market Potential

The integration of FSM with big data analytics and the adoption of advanced analytic tools are anticipated to open up lucrative avenues, thereby expanding the market potential in future.  Trimble Inc., based in California, recently announced that its FSM fleet and asset portfolio is now compatible with the new Association of Equipment Management Professionals (AEMP) 2.0, telematics standard, also known as ISO-15143-3, meant for data feeds. Fleet managers can now adopt the new standard to allow data, inbound and outbound, to be exchanged with multiple asset tracking systems provided by telematics providers. All the information can be found in a standardized format, which will help businesses streamline service workflows. The AEMP 2.0 supports seamless two-way data exchange between its FSM solutions and its VisionLink offering–a web-based fleet and asset management software for construction equipment.

This integration allows companies in the construction industry to obtain real-time information on construction machinery and vehicle fleet using a single system and in the same map. As a result, the FSM providers will enjoy greater flexibility to manage mixed fleet types. Furthermore, they will have access to a wealth of OEM equipment data, which will enable them to optimize maintenance schedules and boost customer services.

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Global Field Service Management Market: Regional Outlook

Geographically, the Asia Pacific market offers a host of lucrative market avenues to players in the FSM market. The rapid adoption of FSM solutions by enterprises in emerging regions, such as India and China, has fuelled the regional market. In addition, the growing popularity of cloud service providers in developed nations, such as Singapore, and substantial investments in industrial infrastructure are expected to fuel the market over the forecast period.

North America is a prominent market for field service management providers and is poised to contribute significant revenue in the coming years. The growth in the market is attributed to constant modernization initiatives of companies using FSM solutions, adoption of innovation service models, and considerable technological advances, especially in the U.S.

Global Field Service Management Market: Competitive Analysis 

Leading providers are actively offering robust and flexible end-to-end FSM solutions to reap significant competitive benefits over others. They are developing modular solutions containing multiple functionalities to attract various end users. Many providers are increasingly marketing their offerings on cloud-based models to target more SMEs. Prominent players vying for a significant share in the field service management market include Oracle Corporation, Microsoft Corporation, SAP SE, IFS AB, Infor, Servicepower Technologies plc, IBM, ServiceMax, and Astea International, Inc.

Field Service Management Fueled by Advances in Automation Technologies

San Francisco, California, May 12, 2017: A new market research report by TMR Research presents a comprehensive overview of the field service management market. The report is titled “Field Service Management Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.” The research analysis provides insights into the key drivers and restraints, notable trends, emerging opportunities, and competitive landscape.

The research report offers an in-depth analysis of the product portfolio of major vendors and assesses recent technology advancements impacting adoption of field service management across various industries. The research evaluates the key industry initiatives toward integration of various products with big data analytics and connected technologies. The study takes a closer look at prominent developments in the cloud-based delivery model and IoT.

The market for field service management (FSM) is primarily driven by advances in automation technologies and innovative delivery models. The growing demand for real-time collaboration among mobile-based workforce has propelled the FSM market. The soaring demand for operational efficiency and cost-optimization across various industries is expected to boost the FSM market. FSM solutions are witnessing substantial uptake in areas such as the waste management, public sector transportation, telecommunications, gas utilities, healthcare, heating, ventilation and air conditioning (HVAC) industries. The rising demand for predictive maintenance in these industries has fuelled the demand for FSM solutions.

Various efforts aimed at integration of FSM solutions with big data analytics, the advent of scalable solutions, and recent advancements in sensor technologies are expected to propel the market. The lack of proper integration with back-end systems among a number of companies has negatively affected the implementation of FSM solutions, thereby hindering the market to an extent. The growing adoption of cost-effective cloud computing models such as software-as-a-service (SaaS), especially among small and medium scale enterprises, is expected to open up abundant opportunities for vendors and developers in the FSM market. Furthermore, the increased integration of FSM solutions with ERP software is likely to catalyze the market growth.

The Asia Pacific market for field service management is expected to provide ample opportunities for providers of field service management solutions. The impressive growth of the regional market is attributed to the rising demand for FSM solutions across various emerging regions. In addition, the soaring popularity of cloud-based models in developed countries, such as Singapore, is expected to boost the regional market. North America, led by the U.S., is a prominent market for field service management solutions. The regional market is mainly driven by constant product innovations and steady adoption of cloud-based service models for FSM solution.

Several providers are constantly offering scalable and flexible FSM solutions to gain a competitive edge over others. Leading players are actively marketing their offerings on various cloud computing models in order to consolidate their market shares. Some of the top companies operating in the field service management market are Oracle Corporation, SAP SE, Microsoft Corporation, Infor, IFS AB, IBM, Servicepower Technologies plc, Astea International, Inc., and ServiceMax.