Global Field Service Management Market Overview
The global field service management market is forecast to grow at a CAGR of XXXX% between 2016 and 2021. The key drivers behind this growth are rising demand for innovative products and services, increasing investments in e-commerce platforms, and increasing focus on customer retention strategies. In addition, growing adoption of cloud-based solutions is expected to boost FSM performance across organizations.
Major players in the global field service management market include Accenture PLC (U.K.), Atos SE (France), IBM Corporation (U.S.), Oracle Corporation (U.S.), Siemens AG (Germany), and Wipro Ltd.(India). These companies offer comprehensive FSM solutions across a wide range of industries, including automotive manufacturing, banking and financial services, retailing, healthcare providers, technology firms, and more.
Global Field Service Management Market Dynamics
The field service management (FSM) market is expected to grow at a CAGR of XXXX% during the forecast period 2016-2021. More importantly, the market has been witnessing significant growth in North America and Europe owing to the increased adoption of FSM across various industries. In addition, Asia Pacific region is also projected to witness a high growth rate owing to rising demand from the emerging economies such as China and India.
Some of the major players in the global FSM market are Atos Origin, CA Technologies, Computer Sciences Corporation (CSC), Infosys Limited, Microsoft Corporation, and Oracle Corporation. These companies are focusing on strengthening their foothold in various geographies by collaborating with various clients and offering innovative FSM solutions. Some of the key trends that are anticipated to drive the growth of the FSM market include increasing adoption of FSM across various industries, growing need for improved customer experience, and increasing focus on costeffective implementations.
Market Share Analysis for Field Service Management
The global field service management market is expected to grow at a CAGR of around XXXX% over the next five years, reaching a market size of $XXXX billion by 2020. The key factors driving this market growth include the increasing demand for customized services and the growing trend of outsourcing services.
A major factor restraining the growth of this market is the high cost associated with field service management. However, technological advancements and the adoption of innovative approaches are expected to help address this challenge.
Some of the leading vendors in this market include IBM, Accenture, Capgemini, and Infosys. The key players in this market are focusing on expanding their presence in new geographies and developing innovative solutions that can address the needs of clients across geographies.
Global Field Service Management Market Trends
The market is expected to grow at a CAGR of XXXX% during the forecast period 2019-2024. In this report, the market size has been segmented into four categories namely client services, field operations, technology and analytics, and business process outsourcing (BPO).
The client services segment is expected to account for the largest share of the field service management market during the forecast period 2019-2024. The growth in this area is driven by initiatives such as automation and artificial intelligence (AI) that are being adopted by companies to improve their efficiency. Other factors contributing to the growth in this segment are increasing demand for remote working and increasing penetration of smartphones among end users.
The field operations segment is expected to grow at a higher rate than the other segments owing to increasing demand for on-demand services and delivery options. This segment also benefits from growing investments made by various companies in infrastructure enhancements, such as cloud computing and robotics.
The technology and analytics segment is estimated to be the fastest-growing segment of the field service management market during the forecast period 2019-2024. This is due to the increasing adoption of digital toolsets such as cloud computing, mobile apps, Big Data analysis, and unified communications among others. Additionally, growing investments in AI are also propelling this sector forward.
The business process outsourcing (BPO) segment is expected to experience high growth rates due to rising demand for skilled manpower and the proliferation of BPO services. This segment is also benefitting from the increasing adoption of automation and AI technologies by companies.
Drivers and Restraints in the Global Field Service Management Market
The global field service management market is projected to witness a growth of XXXX% during the forecast period 2019-2024. The factors that are fuelling the growth of this market are mechanization, modernization, and digitization. The increasing demand for automation and digitization in various industries is also contributing to the growth of this market.
Some of the prominent vendors in this market are HP Inc., Dell Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, etc. These vendors are focusing on providing efficient and customized solutions for their clients across globe. They offer a range of products such as software, hardware, services, etc. The major players in this market have formed alliances with some of the leading companies from other domains such as information technology (IT), sales & marketing (S&M), and supply chain management (SCM). These alliances help these vendors to bolster their foothold in this highly competitive market.
The report presents a detailed analysis of the drivers, restraints, challenges faced by the global field service management market along with its key trends. The report provides an overview of the current scenario and forecasts for the global field service management market during the forecast period 2019-2024.
Competitive landscape and strategies for Global Field Service Management Market
The field service management industry is projected to grow at a CAGR of XXXX% from 2016-2021. This market is estimated to be worth $XXXX billion by 2021. The growth in the market is attributed to the increasing demand for on-demand services and the increasing deployment of cloud-based solutions.
Based on the type of service, the market is segmented into two types – managed services and support services. Managed services are dominated by providers such as HP, IBM, Oracle and Microsoft, while support services are more prevalent among small and medium businesses (SMBs). The managed services segment is expected to grow at a higher rate than the support services segment over the next five years.
Some of the key vendors operating in this market include HP Inc., IBM Corporation, Oracle Corporation, Dell EMC Corporation, Microsoft Corporation, Amazon Web Services LLC., Blue Coat Systems LLC., Netskope Inc., ServiceNow Inc., CA Technologies Inc., Infoblox, SparkCognition Inc., Cloudability Corp. and Voxeo Corp. Among these companies, HP has been leading the market since 2014.