DUBAI, United Arab Emirates, March 31, 2022 (GLOBE NEWSWIRE) — The global field service management market is expected to secure USD 10.3 Bn in 2032 while recording a CAGR of 11. 1% during the forecast period from 2022 to 2032.
|Global Field Service Management Market (2022-2032)||11.1%|
|Global Field Service Management Market (2032)||USD 10.3 Bn|
|Global Field Service Management Market Attraction||Growth of the market can be attributed to the evolution of technology and the rapid penetration of smartphones.|
The market is projected at USD 3.2 Bn and 3.6 Bn in 2021 and 2022 respectively. Expansion of the market is credited to the increasing demand for real-time visibility and the fast adoption of automation and digitalization in the field.
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Increasing initiatives to offer improved customer services, lessen labor costs, and offer better productivity is predicted to play a salient role in driving the market during the assessment period. Moreover, the growing integration of AI, AR, and VR in the field services sector is predicted to boost the industry significantly. Regionally, the U.S market is expected to lead the global market during the forecast period. The country is projected at a growth rate of 10.9% by 2032.
The market in China is likely to garner USD 764.6 Mn and record a CAGR of 10.9% during the assessment period. On the contrary, the rising number of cyberattacks is a serious concern, which is projected to inhibit market growth in the assessment period. Besides, the growing adoption of BYOD policies has encouraged cyberattacks, which is a serious concern to the market since it limits market growth.
Key Takeaways from the Market Study
- The global field service management market to expand at a CAGR of 11.1%
- The global field service management market to hold a value of USD 10.3 Bn
- The solution segment to record an 11.1% growth rate
- The on-premise segment to witness a 10.9% expansion rate
- The market in the US to secure USD 3.6 Bn in 2032
- The market in the U.K to record a CAGR of 10.1% during the forecast period
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“Rapid adoption of automation and digitalization is expected to propel adoption of field service management solutions across a wide range of end use industries,” remarks an FMI analyst.
Players in the global field service management service adopt various strategies to enhance their reach in the global market. Key players in the global field service management market include SERVICEMAX, ORACLE, SALESFORCE, MICROSOFT, INFOR, among others. Key developments among the players are:
- In 2019, SalesForce Inc., a US-based cloud software company acquired ClickSoftware Technologies for USD 1.35 Bn. With this acquisition, Salesforce Inc. enhanced the expansion of its Service Cloud software and improved its Field Service Lighting (FSL).
- In March 2021, IFS AB rolled out IFS Cloud to help businesses in orchestrating customers, people, and assets to deliver end-to-end capabilities. Customers can integrate human capital management, enterprise resource planning, and asset management to provide improved field services.
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Comparative View Of Adjacent Global Field Service Management Market
|Attributes||Field Service Management||Information Technology Service Management||IoT in Warehouse Management Market|
|Market Value (2032)||10.3 Bn||6.62 Bn||USD 14 Bn|
|Growth Factor||Growing demand for mobility for real-time visibility and the surging adoption of automation and digitalization in the field are the key factors propelling the market in the forecast period.||Increasing rate of BYOD by organizations at workplaces is expected to drive the market significantly in the forecast period.||Growing application of fleet management by several transport operators is expected to drive the demand for IoT in the warehouse management market.|
|Opportunity||Advent of advanced technologies such as AR and VR are expected to offer significant opportunities for expansion.||Banks and financial sector is majorly focusing on data protection owing to various cyberattacks. The growing implementation of IT service management in the banking sector is anticipated to pose lucrative opportunities for market expansion in the coming time.||Rapid penetration of cloud-based platforms is expected to offer significant opportunities for expansion in the forecast period.|
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