Field Service Management Market - By Deployment Model (On-Premises, Cloud), By Enterprise Size (SMEs, Large Enterprises), By Component (Solution, Services), By Industry Vertical (BFSI, Healthcare, Energy & Utilities, Telecom, Retail & Wholesale), Forecast 2023 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationField Service Management Market Size
Field Service Management Market was worth USD 4.2 billion in 2022 and is projected to record a CAGR of more than 15% from 2023 to 2032. Field service solutions with built-in asset management features are the drivers of the market. They allow organizations to effectively track, monitor, and manage their assets, facilitating maximum utilization and reduced downtime.
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For example, in October 2023, NetSuite launched NetSuite Field Service, a groundbreaking application that expanded its services for service businesses. The new app was created after Oracle acquired Next Technik. The application includes a powerful mobile app, work scheduler, and asset management features, all aimed at improving efficiency and enhancing user experience.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Field Service Management Market Size in 2022 | USD 4.2 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 15% |
| 2032 Value Projection | USD 16.5 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 361 |
| Segments covered | Deployment model, enterprise size, component, and industry vertical |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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The increasing requirement for optimizing the workforce is playing a major role in driving the field service management market growth. Field service management software allows businesses to optimize workforce scheduling through smart task assignment based on technicians' skills, location, and availability. Optimize these assignments, and companies reduce travel time, increase productivity, and lower operational expenses. The effective use of resources enhances the delivery of services while allowing for increased customer satisfaction, driving workforce optimization as a prime driver of field service management solution adoption among industries.
Integration complexities are a major challenge to the field service management market. Integrating FSM software with the current business systems, including Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP), entails complex processes. Incompatible data formats, incompatible technologies, and different protocols can make integration difficult. This challenge requires experienced IT professionals and meticulous planning to ensure FSM solutions coexist with other tools in harmony, providing smooth operations and maximum functionality for businesses adopting FSM systems.
COVID-19 Impact
The COVID-19 pandemic had a negative effect on the field service management market, upsetting on-site service delivery operations in various industries. Lockdowns, travel bans, and social distancing restricted field technicians' mobility, causing delays in the delivery of services and the completion of projects. Most businesses experienced decreased demand, budget limitations, and operational issues, resulting in a decline in the use of field service management solutions. Economic uncertainties and recessions further discouraged technology investments, impacting market growth.
Field Service Management Market Trends
Purchasing cloud-based field service management solutions for scalable Software-as-a-Service (SaaS) offerings is driving the market forward. These solutions allow companies to increase operational efficiency, lower costs, and enhance customer satisfaction. For example, in October 2023, WEX, the global commerce platform simplifying business operations, entered into a definitive agreement to acquire Payzer, a fast-growing cloud-based FSM software company. This acquisition fits WEX's strategy for expansion, allowing product suite growth and the development of cross-selling opportunities with a new, scalable SaaS solution.
The increasing use of mobile devices has a significant impact on the market. With the widespread use of smartphones and tablets, field workers can now access FSM applications remotely. Mobile devices give technicians real-time access to job information, inventory data, and customer information. Such access improves communication, accelerates task completion, and increases overall efficiency. Mobile devices make it easy to integrate with GPS and navigation features, allowing for accurate location tracking and route optimization, further improving field operations.
Field Service Management Market Analysis
Discover more about the major segments defining this market
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On the basis of component, the market is bifurcated into solution and services. Solution segment held nearly 77% of the business share in the year 2022 and is expected to contribute a major surge in the market. The mounting need for more efficiency and greater customer satisfaction is propelling the use of solutions in the market. Companies know that streamlined processes and happy customers play a vital role in achieving competitiveness.
For example, in October 2023, Oracle bought Next Technik, a top provider of field service management solutions tailored for NetSuite customers. Oracle aims to revolutionize the field service management business through this purchase, providing better efficiencies and customer satisfaction. With businesses focusing on customer experience and operational efficiency, the market for these solutions will expand to serve the critical business requirements.
Learn more about the key segments shaping this market
Based on industry vertical, the field service management market is categorized into BFSI, healthcare, energy & utilities, telecom, retail & wholesale, construction & real estate, manufacturing, transportation & logistics, and others. The manufacturing segment accounted for a business share of around 18% in 2022 and is anticipated to drive market expansion. The manufacturing industry benefits from field service management solutions by enhancing workforce productivity. These tools optimize scheduling, ensuring skilled technicians are deployed efficiently. By minimizing downtime and idle time, field service management solutions maximize uptime, enabling increased productivity.
Manufacturers can achieve streamlined operations, timely equipment maintenance, and reduced service response times. The heightened efficiency helps meet customer expectations for quick service while significantly improving the overall operational output, making FSM solutions vital for enhancing productivity in the manufacturing sector.
Looking for region specific data?
North America is experiencing growth in the field service management market. The region accounted for a business share of around 30% in 2022 and is expected to register significant growth over the forecast period. In North America, the rising demand for field mobility solutions is propelling the market progression. Industries, such as utilities and telecommunications, require efficient tools to effectively manage the mobile workforce. FSM solutions cater to this need by providing seamless communication, real-time data access, and optimized task management on mobile devices. As businesses prioritize flexibility and agility in their field operations, the adoption of field service management software will grow, boosting the regional market size.
Field Service Management Market Share
The major players operating in the field service management industry are
- IFS
- Microsoft Corporation
- Oracle Corporation
- OverIT
- Salesforce, Inc.
- SAP
- ServiceMax
- ServiceNow
- ServicePower
In the field service management market, intense competition prevails among the major players such as IFS, Oracle Corporation, and Salesforce, Inc. These dominant companies continuously innovate, expanding their products, focusing on customer-centric solutions, and enhancing service quality to maintain their market leadership.
Field Service Management Industry News
- In March 2021, ServiceMax unveiled Engage, a ready-to-use mobile application linking field service management users with customers. This app provides users with real-time insights into their on-field assets and offers a glimpse of the advantages provided by their service contracts.
The field service management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032 for the following segments
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By Deployment Model, 2018 – 2032
- On-Premises
- Cloud
By Enterprise Size, 2018 – 2032
- SMEs
- Large Enterprises
By Component, 2018 – 2032
- Solution
- Mobile field execution
- Service contract management
- Warranty management
- Workforce management
- Customer management
- Inventory management
- Others
- Services
- Implementation
- Training & support
- Consulting & advisory
By Industry Vertical, 2018 – 2032
- BFSI
- Healthcare
- Energy & Utilities
- Telecom
- Retail & Wholesale
- Construction & Real Estate
- Manufacturing
- Transportation & Logistics
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
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