Nov 19, 2019 (Market Insight Reports via COMTEX) -- Global Field Service Management (FSM) Market - Growth, Trends, And Forecast (2019 - 2023)
The report presents an in-depth assessment of the Global Field Service Management (FSM) including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global Field Service Management (FSM) investments from 2019 till 2023.
The global Field Service Management (FSM) was valued at USD 2.39 billion in 2017 and is expected to reach a value of USD 5.39 by 2023 registering a CAGR of 14.4% during the forecast period (2018 – 2023).
The Global Field Service Management (FSM) market is highly competitive and consists of a number of major players. Companies, like TactoTek Oy, PBC Tech Co., Boeing Co., Canatu Oy, Neotech AMT GmbH, Molex LLC, T-ink Inc., Faradair Aerospace UK, Toyobo Co. Ltd, Panasonic Corporation among others.
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Scope of the report:
Growth in SaaS-based FSM solutions is one of the primary drivers of the field service management market. Increase in the adoption of wearable devices and mobile apps among field workers is expected to fuel the demand for FSM market. The growth of technologies, including big data, cloud, and advanced analytics support the integration of mobility and cloud with FSM software. The rising need to differentiate services, increase customer satisfaction, lower the labor costs, and improve overall efficiency and productivity transcends business size, particularly in highly competitive markets. This makes it essential for field organizations to implement FSM solutions leading to the growth of the market. The rise in demand for field operations across different end-user industries is expected to further fuel the market over the forecast period. Lack of skilled workforce in feeding real-time data into field service management software is hampering the market growth.
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Key Market Trends:
Growth in Demand for SaaS-based FSM Solutions
Software-as-a-Service has lowered the cost of risk and entry into the business, which significantly expands the adoption into earlier underserved areas. Further, companies from end-user industries, such as IT, BFSI, telecom, etc., are adopting the SaaS to obtain the new features in current solutions and avoid the pain and excuse of frequent upgrades. With the increase in cloud computing in field service management, numerous enterprises are choosing to implement their software solutions off-site. These enterprises are shifting to cloud-based FSM solutions as it eases the burden on IT department and also allows the external service providers to offer support and maintenance to their users. SaaS-based solutions provide scalability and bring robust functionality to many SMB(Small- & Medium-sized business) at a lowest total cost of ownership. The rapid adoption of these solutions by SMB is expected to further boost the market growth over the forecast period.
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The key insights of the Field Service Management (FSM) Market report:
The report provides key statistics on the market status of the Field Service Management (FSM) market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.