Global Service Management Market Size By Deployment (On-Premise, Cloud), By Enterprise (Small And Medium Enterprises, Large Enterprises), By Solution (Mobile Field Execution, Service Contract Management, Warranty Management), By Application (Energy And Utilities, Telecom, Manufacturing, Healthcare), By Geographic Scope And Forecast

Service Management Market Size And Forecast

Service Management Market size was valued at USD 5,750.09 Million in 2022 and is projected to reach USD 21,453.1 Million by 2030, growing at a CAGR of 12.79% from 2023 to 2030.

Extending wireless communication network infrastructure, growing industry desire for enterprise mobility solutions, and increasing relevance of transparency in field operations are the main drivers fuelling the growth of the Service Management Market. The Global Service Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Service Management Market Definition

An automated system known as a service management solution streamlines all the procedures related to field operations. Using field service software, service providers register the orders, send the appropriate agent to the best work site, and track the vehicles. Accessibility to client information from any location, a reduction in operational costs and fuel costs, control of a mobile workforce, increased productivity, and increased customer satisfaction are just a few of the major benefits of Service Management.

Service management is a powerful technology that combines billing, accounting, distribution, and service operations to assist businesses to provide field services as efficiently as possible. Real-time communication of work orders and progress, task tracking, client information, and service histories are just a few benefits that a service management solution may provide. The two types of businesses that use service management the most are small and large businesses. They have numerous uses in inventory management, service contract management, workforce management, warranty management, and mobile field execution.

Global Service Management Market Overview

So, what's making the Service Management Market take off? Well, it's a few things, really. First, we're seeing wireless networks get bigger and better, and companies are really pushing for enterprise mobility solutions. Plus, everyone wants to be more transparent about what's happening out in the field. On top of that, ditching paper in favor of digital processes is becoming super popular, and there's a big push to make field service more efficient with automation. Bringing technicians, customers, and tech together to make things run smoother is also a huge deal. Finally, a lot of businesses are BPO their field service, and SaaS solutions are making service management easier and more affordable for smaller businesses.

The market’s expansion will be hampered by a number of obstacles and hurdles. The market’s growth is expected to be hampered by factors such as a shortage of competent labor to operate management systems. Additionally, the complexity of converting to a service management system, the high cost of implementation, and the lack of knowledge are potential roadblocks to the market’s overall expansion. Nevertheless, attractive growth opportunities are provided by technological advancements, the incorporation of cutting-edge technologies like AI, AR, and VR, and the expansion in IoT use, which drives the acceptance of cloud-based service management.

Global Service Management Market Segmentation Analysis

The Global Service Management Market is Segmented on the basis of Deployment, Enterprise, Solution, Application, and Geography.

Service Management Market, By Deployment

• On-premise
• Cloud

Based on Deployment, The market is bifurcated into On-premise and Cloud. The market share that belongs to cloud deployment is the largest. Since the use of cloud services leads to improved work process efficiency and more storage capacity, industries are gradually shifting their storage from on-premise to the cloud. The segment’s expansion is also anticipated to be fueled by additional advantages including cost-effectiveness and lowering operating expenses.

Service Management Market, By Enterprise

• Small & Medium Enterprises
• Large Enterprises

Based on Enterprise, The market is segmented into Small & Medium Enterprises and Large Enterprises. During the projection period, the segment of large enterprises will hold the largest market share. Due to their extensive staff, large businesses are making extensive use of the software. It helps in keeping track of employee information, performance metrics, subcontracting, and contract extensions.

Service Management Market, By Solution

• Mobile Field Execution
• Service Contract Management
• Warranty Management
• Workforce Management
• Others

Okay, so the market's basically split up into a few key areasMobile Field Execution, Service Contract Management, Warranty Management, Workforce Management, and a catch-all "Others." Looking ahead, we expect Workforce Management to be the big winner in terms of market share. That's because it offers some pretty sweet benefits like boosting your cash flow, plugging those revenue leaks, and delivering faster, better service. Think about itcompanies can use these systems to automate their customer support workflow, which means happier, more productive workers. Plus, it simplifies managing work orders, customer info, job assignments, and service history for everyone from office staff to field service agents to call center folks – that's a win-win.

Service Management Market, By Application

• Energy & Utilities
• Telecom
• Manufacturing
• Healthcare
• BFSI
• Others

Based on Application, The market is bifurcated into Energy & Utilities, Telecom, Manufacturing, Healthcare, BFSI, and Others. The segment for healthcare is anticipated to experience the highest CAGR during the forecast period. The variables that contribute to the more intense competition in the healthcare sector in developing nations increase the need for service management in the sector. During the projection period, the utility sector will hold the greatest market share.

Service Management Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of The World

Based on Geography, The Global Service Management Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The greatest market share belongs to North America, and the highest CAGR is anticipated to be seen in Asia-Pacific during the projection period. The existence of economically and technologically developed nations like the US and Canada, the expansion of end-use industries, rising consumer demand for improved productivity and workflow, and ongoing projects will all drive the market in the North American area.

Key Players

The “Global Service Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP SE, Oracle, SAS Institute, Teradata, Tibco, Adobe, Cisco, IBM, Tableau, and Sisense.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

Product Launches and Product Expansions

• In April 2020, ServiceMax expanded its offering of FSM. Aquant’s machine learning engine is used by ServiceMax Remote Triage, a new module for the ServiceMax platform.

Report Scope

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Reasons to Purchase this Report

We dig deep into the market using both qualitative and quantitative analysis, looking at how it breaks down in terms of both the numbers and other, less tangible factors. You'll get market value data (in USD Billion!) for every segment and sub-segment we identify. We'll also point out which region and segment we think will grow the fastest and which will be the biggest overall. Our analysis breaks down each geographic area, showing how much of the product/service is used there and what's driving the market in each place. We also cover the competitive landscape, ranking the major players and highlighting new service/product launches, partnerships, expansions, and acquisitions from the last five years. You'll get detailed company profiles with overviews, insights, product comparisons, and SWOT analyses for the key players. We'll give you our take on the current and future market outlook, considering recent developments, growth opportunities, drivers, and the challenges faced in both emerging and developed regions. We'll even give you an in-depth look at the market through Porter's five forces. Plus, we provide insight into the market using a Value Chain analysis, exploring market dynamics and future growth opportunities. Finally, you'll get 6 months of post-sales support from our analysts.

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