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Field Service Management Global Market Report 2024 To 2033 | Accruent LLC, Acumatica Inc., Astea International Inc., ClickSoftware Technologies Ltd
Field Service Management Market Forecast
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According to The Business Research Company's, The field service management market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to demand for automation, rising customer expectations, globalization, compliance and regulations.
The field service management market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to focus on predictive maintenance, rise of mobile workforce, increased cloud adoption. Major trends in the forecast period include integration with erp and crm systems, emphasis on data analytics, augmented reality (ar) integration, mobile-first approach, blockchain for security, subscription-based models.
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Market Drivers and Trends:
The increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period. Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology. The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs. For instance, in September 2023, according to Cavintek Inc., a US-based company that provides workflow automation as well as productivity applications, more than 80% of corporate executives reported hastening work process automation and increasing the usage of remote work. 43% of organizations intend to minimize their staff by implementing automation technology. Therefore, the increasing demand for automation and digitalization drives the growth of the field service management market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Accruent LLC, Acumatica Inc., Astea International Inc., ClickSoftware Technologies Ltd., Comarch SA, FieldAware Group Ltd., Geoconcept SAS, Kirona Solutions Ltd., Coresystems AG, IFS AB, Infor Inc., International Business Machines Corporation, Microsoft Corporation, Mize Inc., OverIT S. p. A, Praxedo SAS, Salesforce. com Inc., SAP SE, ServiceMax Inc., Trimble Inc., Zinier Inc., ServicePower Inc., Oracle Corporation, Accenture* plc., Cisco Systems Inc., FieldEZ Technologies Pvt Ltd, ABB Ltd., Advanced Distribution Solutions Inc., AgileField LLC, ServiceTitan Inc., ServiceNow Inc.
Field Service Management Market 2024 Key Insights:
• The field service management market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Rising Demand For Automation And Digitalization Catalysts Field Service Management Market Growth
• Rising Trend Enhanced Field Service Management Through Saas Solutions And Innovations
• North America was the largest region in the field service management market in 2023
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