The global field service management market is expected to advance at a sturdy CAGR of 11.4% during the forecast period. The market is expected to cross the mark of USD 12.2 billion by 2033. In 2023, the valuation is expected to be at USD 4.2 billion.
The growth of the market is supported by:
The integration of artificial intelligence, virtual reality, and augmented reality for field service management is another factor that is likely to propel growth. The field service management market is principally influenced by the implementation of field management software.
The field service solutions can integrate a lot of systems into a single unit. This coupled with the usage of fewer software solutions helps businesses save a lot of money. Field service management is also helpful in enabling the seamless scheduling of events. In current times, remote working is adopted by a lot of companies. The ability to schedule allows the team members to share ideas and even assign jobs without being present at the same time.
Owing to the ease of scheduling and routing the workers as per the expertise, the companies can optimize resources efficiently using field service management. Moreover, the telematics technology utilized by the application helps monitor the location of every piece of equipment. The inception of 5G technology is expected to further enhance tracking and various other capabilities.
According to the research, North America is expected to dominate the worldwide field service management industry. The growing need for cost-effective solutions is one of the leading factors driving the market growth. Furthermore, there is a rising demand for mobility solutions as well as simplifying field service teams and processes.
North America is also identified as a technology advancement hotspot and home to renowned players. Industry participants are making considerable expenditures on research and development, which is projected to boost the market. ServiceMax, Inc., for example, acquired LiquidFrameworks, a well-known provider of mobile field operations clients, in July 2021. The acquisition was made to supplement their field service management solution in the energy sector.
| Attributes | Value |
|---|---|
| Field Service Management Market Value (2022) | USD 3.6 billion |
| Field Service Management Market Expected Value (2023) | USD 4.2 billion |
| Field Service Management Market Forecast Value (2033) | USD 12.2 billion |
| Field Service Management Market Expected CAGR (2023 to 2033) | 11.4% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
As companies look to increase productivity by automating the majority of the tasks, the sales of field service management systems are expected to surge. The ability to make effective applications of client databases is something that has captured the attention of several stakeholders. With the continuous evolution of cloud technology, the market has a lot of opportunities in the future.
However, the COVID-19 pandemic brought about a temporary slump in market growth. This was because of the disruption in supply chain management. This has ultimately led to a reduction in the anticipated CAGR. While the historical CAGR for the market was 12.9%, the anticipated CAGR is 11.4%. But, with technology shaping up at a rapid pace, and the increased adoption of automation processes, the growth might surge in the future.
Majority of field service data functions on servers behind corporate firewalls. However, devices that access this data do not have such protection. With the growing digitization, there have been increasing cyberattacks. Therefore, data security has become a substantial issue for several organizations.
There is a considerable increase in cybersecurity attacks with a rising transfer of data from the field to the cloud since servers, communication channels, and networks can be easily attacked. Besides, the BYOD policies have enhanced such cases. The personal devices of technicians are vulnerable to attacks when they are connected to an unsecured network.
Principal Consultant
As per the analysis, service contract management is expected to gain significant traction in the coming years. Organizations that rely on third-party service providers for their fieldwork demand the same services as those offered by enterprise businesses where client visibility is a priority. The outsourcing of field services can aid companies in lessening labor costs and augmenting their functionalities.
In September 2020, the Salesforce field service platform got a third-party add-on that may assist service providers and customers monitor and manage equipment more efficiently. ServiceMax Asset 360 for Salesforce offers a 360-degree view into several metrics, including install base, asset performance, and warranties for reducing maintenance costs.
In addition, there has been a rise in cloud-integrated contract management solutions across several organizations since digital transformation has been increasing. It facilitates efficient management and enables organizations from several industries to track, approve, sign, and negotiate contracts in a consolidated form.
| Regions | North America |
|---|---|
| Countries | United States |
| CAGR (2023 to 2033) | 11.1% |
| Regions | Europe |
|---|---|
| Countries | United Kingdom |
| CAGR (2023 to 2033) | 10.7% |
| Regions | Asia Pacific |
|---|---|
| Countries | China |
| CAGR (2023 to 2033) | 10.4% |
| Regions | Asia Pacific |
|---|---|
| Countries | South Korea |
| CAGR (2023 to 2033) | 9.4% |
| Regions | Asia Pacific |
|---|---|
| Countries | Japan |
| CAGR (2023 to 2033) | 9.8% |
The United States is currently one of the significant markets of oil and gas. As per the research conducted, the oil and gas market in the United States is expected to grow at nearly 7% during the forecast period. The increase in oil prices and reduction in the cost of machinery is expected to massively drive the market.
This business management software ensures the smooth functioning of all the key activities and coherence at various levels. By utilizing the checklist feature, which includes inspections, site surveys, maintenance procedures, etc. efficiency offered by the oil and gas companies sky-rockets.
| Attributes | Details |
|---|---|
| United States Market Expected Size (2033) | USD 4.3 billion |
| United States Market Absolute Dollar Growth | USD 2.8 billion |
| CAGR % 2017 to 2022 | 15.3% |
The United Kingdom is known for its huge fire and life safety market. In 2021, the fire detection market was valued at close to USD 1.5 billion, and it is expected to grow at 6%. The application of field service management in the fire detection market ensures that the equipment and safety systems run at peak efficiency.
The field service management provides appropriate services which assist in the functioning of this equipment. The business software that is used in field service management helps in monitoring security technologies, responding to customers, and managing compliance.
| Attributes | Details |
|---|---|
| United Kingdom Market Expected Size (2033) | USD 959.2 million |
| United Kingdom Market Absolute Dollar Growth | USD 613.3 million |
| CAGR % 2017 to 2022 | 14.8% |
China is in the second spot when it comes to the medical devices market. Increasing investment in healthcare infrastructure and a surging geriatric population are some of the factors driving growth. The field service operations help in improving the sales and service of medical device manufacturers. The installation, repair, and maintenance of medical devices are taken care of by the field service management. Through the software of field service management, companies can adopt a better way of tracking crucial records, which is useful for compliance. These also shorten the billing process by integrating the invoice procedure into the accounting systems.
| Attributes | Details |
|---|---|
| China Market Expected Size (2033) | USD 468.6 million |
| China Market Absolute Dollar Growth | USD 294.5 million |
| CAGR % 2017 to 2022 | 14.2% |
Japan has always exhibited dominance when it comes to Information Technology. In 2021, the IT market in Japan was valued at a mammoth USD 450 billion. Internet service providers and communications enterprises are looking for ways to improve service delivery. The software that is being used by the field service management system can design and install complex internet infrastructure. The technology also helps IT companies to set up recurring maintenance plans to ensure the smooth functioning of the installed internet systems. The technology also provides a foundation to handle complex data architectures.
| Attributes | Details |
|---|---|
| Japan Market Expected Size (2033) | USD 715.5 million |
| Japan Market Absolute Dollar Growth | USD 435.2 million |
| CAGR % 2017 to 2022 | 13.7% |
The South Korea construction market was valued at USD 240 billion in 2021. Massive demand for shipbuilding is expected to further surge the market growth during the forecast period. Since the construction industry is an amalgamation of on-site and off-site work, the field service management system can efficiently integrate field and office work. This technology maintains an effective communication channel between the office staff and field workers. Through software tools, supervisors can easily manage daily operations. The documentation process is also simplified and these folders are documented in a central place. This makes the retrieval of information extremely simple.
| Attributes | Details |
|---|---|
| South Korea Market Expected Size (2033) | USD 434.9 million |
| South Korea Market Absolute Dollar Growth | USD 257.9 million |
| CAGR % 2017 to 2022 | 12.3% |
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Segment | Organization Size |
|---|---|
| Attributes | Large Enterprises |
| CAGR (2017 to 2022) | 12.6% |
| CAGR (2023 to 2033) | 11.1% |
| Segment | Deployment |
|---|---|
| Attributes | On-premises |
| CAGR (2017 to 2022) | 12.4% |
| CAGR (2023 to 2033) | 10.8% |
The large enterprise segment is anticipated to make a significant contribution to the growth of the market. There is a higher adoption of field service management solutions in large enterprises. The trend is expected to continue throughout the forecast period. The evolution of technology and the growing adoption of BYOD culture in enterprises is expected to propel the market in the forecast period. Owing to the size of the organization, the frequency of application may be much more in large enterprises as compared to SMEs.
As per the estimations, the on-premise segment is anticipated to witness a higher expansion rate during the forecast period. The development of the segment can be attributed to its ability to provide security and flexibility offered by them while retrieving data. On-premise solutions are installed in an enterprise’s IT infrastructure and are operated by IT staff.
The on-premise segment demands high initial investment by organizations. However, they do not require incremental expenses. They also lessen the reliance of companies on third-party applications, which could pose a significant threat to the personal details of the end user. The ease of integration with the existing IT infrastructure is more as compared to the cloud deployment.
The start-ups have made creative use of field service management and have developed software for calculating hourly wages. The software has been providing features like shift management, schedule creation, training, and evaluation of employees. The employees and managers can collaborate on scheduling shifts, and the platform automates scheduling as per availability.
Workrise: The start-up has been providing employee wellness tracking and a management platform. It has also been providing employee wellness and happiness indices. Workrise has mainly been catering to construction, solar, defense, upstream oil and gas, and midstream oil and gas. In 2021, Workrise raised USD 300 million in the Series E round which was led by Baillie Gifford.
The manufacturers operating in the market are entering into strategic partnerships with players from other niches. The idea is to curb carbon emissions and power the clean energy economy. Through this alliance, it is expected that electricity of more than 2.5 gigawatts might be generated by the usage of solar panels. In January 2023, Microsoft and Qcells announced a strategic collaboration to contain carbon emissions, and focus more on the renewable source of energy.
Key developments in the market:
Dominant field service management companies are
|
Company |
Description |
|
Microsoft |
Microsoft has been enabling digital transformation in the era of an intelligent cloud and intelligent edge. The mission has always been to empower every person and organization on the planet to achieve much more. The company has been offering cloud services to every organization, ranging from local data centers to start-ups, businesses, and government agencies. Microsoft has been helping businesses to reimagine how they can bring together people, data, and processes to create value for their customers. The cyber security engagement center brings together the capabilities to foster collaborations with public and private sector organizations. |
|
Oracle |
Oracle has been at the forefront of building a vibrant future that is technologically robust and environmentally friendly. The company has been taking bold and urgent action to drive sustainable development. Oracle has been offering more than 100 cloud infrastructure and platform services. Across application and infrastructure, with public and hybrid cloud options, Oracle has been supporting local access, regional compliance, and true business continuity. |
|
Salesforce |
Salesforce is the world’s number one Customer Relationship Management platform. It enables marketing, sales, commerce, service, and IT teams to work as one from anywhere. Using salesforce’s Customer 360, employees can focus on what is right at a given point in time for a business. The company has always been working on trust, customer success, innovation, equality, and sustainability. The company has always championed its customers to achieve extraordinary things. |
Other key players profiled: SERVICEMAX and SAP SE
The field service management market size is valued at USD 4.2 billion in 2023.
The field service management market is anticipated to thrive at an 11.4% CAGR from 2023 to 2033.
The field service management market in Asia Pacific is set to rise at 10.7% CAGR through 2033.
The United States field service management market is anticipated to exhibit an absolute dollar growth worth USD 2.8 billion by 2033.
The on-premises segment is projected to develop at a 10.8% CAGR from 2023 to 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Organization Size 5.1. SMEs 5.2. Large Enterprises 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vertical 6.1. Telecom 6.2. IT and ITES 6.3. Healthcare and Life Sciences 6.4. Manufacturing 6.5. Construction and Real Estate 6.6. Transportation and Logistics 6.7. Energy Utilities 6.8. Oil and Gas 6.9. Others 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Deployment 7.1. On-Premises 7.2. Cloud 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Component 8.1. Solutions 8.1.1. Schedule 8.1.2. Dispatch, and Route Optimization 8.1.3. Customer Management 8.1.4. Work Order Management 8.1.5. Inventory Management 8.1.6. Service Contract Management 8.1.7. Reporting and Analytics 8.2. Services 8.2.1. Integration and Implementation Services 8.2.2. Training and Support Services 8.2.3. Consulting Services 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ORACLE 17.2. MICROSOFT 17.3. SALESFORCE 17.4. SERVICEMAX 17.5. SAP SE 17.6. TRIMBLE 17.7. COMARCH 17.8. SERVICEPOWER 17.9. OVERIT 17.10. FIELDAWARE 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Technology Insights
View Reports
Field Service Management Market
