The adoption of cloud-based solutions and services is boosting the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, September 8, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Field Service Management Market by Component (Software and Service), Deployment Mode (On-premise, Cloud), Organization Size (Large Enterprise, Small and Medium Size Enterprise), and Industry Vertical (IT & Telecom, Healthcare & life sciences, Manufacturing, BFSI, Transportation & Logistics, Energy & Utilities, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. ” The report has offered an all-inclusive analysis of the global FSM Market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
The global field service management market generated $4,005 million in 2020, and is expected to reach $24,294 million by 2030, registering a CAGR of 19.7% from 2021 to 2030.
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
Surge in adoption of new cutting-edge technologies in various organizations and rise in need to create new mile stone in onsite workforce management sector drive the growth of the market. In addition, increase in demand for Field service dispatch management among small & medium enterprises fuels the growth of the market. Furthermore, increase in need of interactive, efficient and cost-effective field service scheduling service along with emerging technology such as augmented reality and virtual reality are expected to provide remunerative opportunities for the expansion of the market during the forecast period.
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Depending on deployment mode, the on-premise segment garnered the largest field service management market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety.
The cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of field service management software in small and medium scale organizations.
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By region, North America generated the highest share, garnering more than one-third of the global market and is projected to dominate, in terms of revenue, by 2030. Simultaneously, the region across Asia-Pacific would manifest the fastest CAGR of 19.7% during the study period.
This report gives an in-depth profile of some key market players in the field service management market are Oracle Corporation, Microsoft, IFS AB, Salesforce.com Inc., ServiceMax, OverIT, Comarch SA, Infor, Praxedo, and SAP SE. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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Key Findings of The Study
• By component, the solution segment dominated the field service management market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
• On the basis of Deployment Mode, the on-premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
• Depending on organizational size, the large scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
• Depending on industry vertical, the manufacturing segment generated the highest revenue in 2020. However, the energy & utility segment is expected to witness the highest growth rate in the near future
• Region wise, the field service management market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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