There are a handful of large companies operating within the global field service management market and this makes the competition within the market moderate. Small players are also offering field service management solutions. As per Transparency Market Research (TMR), the growing number of end-use Industries and with it and increase in the demand for optimized workflow and enhance productivity will create a heightened demand for field service management market which in turn will intensify the competition as players struggle to outdo each other and offer attractive solution to consumers. Names of players operating in the field service management market across the globe are: Oracle Corporation, ClickSoftware Technologies Ltd., SAP SE, Astea International Inc., IFS AB, Microsoft Corporation, Coresystems AG Praxedo, Retriever Communications Pty Ltd. and ServiceMax, Inc.
According to TMR, between 2017 and 2025, the global field service management market will exhibit of 14.1% CAGR and cross US$8693.6 mn by 2025. On the basis of Industry vertical, it is expected that the Telecom and IT industry vertical will lead. However it is the manufacturing segment which will expand at a rapid Pace. On the basis of usertype, this Market is segmented into small and medium Enterprises and large Enterprise. In terms of solution, this Market is expected to be led by the work order management. substantial piece of growth is to be expected for the inventory management segment. In terms of service, this Market is segmented into training and support, implementation, and Consulting. On the basis of deployment, the market is segmented into on premise and cloud.
North America Leading While Asia Pacific Fastest Growing Regional Segment
On the basis of geography, this market is led by North America on account of the presence of several industry players as well as the high adoption of this software across several industry verticals. The presence of high-speed internet as well as advanced communication infrastructure is also assisting the growth of the field service management Market in North America. Europe followed by Asia Pacific are next in terms of leading within the field service management market after North America. In terms of fastest-growing regional segment, it is asia-pacific which will lead on account of the rapid industrialization in countries such as China, India, and Japan as well as other Southeast Asian countries.
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Rising Demand for High Efficiency To Spur Growth
The growing need for improved efficiency is oe of the key factors boosting the growth of the global field service management Market. The increasing trend of migration to cloud is another Factor helping the growth of this Market. On account of high degree of technological advancements in both developed and developing nations such as Germany, the US, the UK, France, Japan, and China, this Market stands to benefit. Field service management offers services such as locating Vehicles, scheduling work, dispatching of work, accounting, managing workers activities, and billing.
Reduction in Cost and Assistance with Resource Allocation And Coordination Among Several Benefits
The adoption of field service management helps in reducing cost, boosts the revenue, and assist in resource allocation and coordination. Service management software also assist with statement of work, and billing, thereby providing and insight and oversight. On the other hand, this Market is expected to be restrained by the security concerns for data. The high cost of field service management solution will also deter me from adopting the services.