The presence of a handful of large companies has rendered competition prevailing in the global field service management marketmoderate. Besides this, the market also witnesses the presence of several small players offering field service management solutions, finds TMR (Transparency Market Research) in a new study. The competition is however forecast to intensify in the coming years in response to the increasing number of end-use industries and the subsequently rising demand for enhanced productivity and optimized workflow.
Also, the demand for FSM solution is on the rise as a result of the developments in the healthcare and oil & gas sector. On the back of these factors, competition in the global field service management market is forecast to increase in the coming years. “The rising IT investment and initiatives aimed at digital workplace transformation in Latin America, Asia Pacific, and the Middle East & Africa will offer the field service management market lucrative growth prospects in the coming years,” said a lead TMR analyst.
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With software developers inclining toward improved customer service to gain competitive edge in the market, competition as per TMR is expected to get fiercer in the global field service management market. Some of the most prominent companies operating in the global field service management market are ClickSoftware Technologies, SAP SE, Accenture, Trimble Navigation Limited, Infor, Comarch SA, Astea International, Inc., Klugo Group, and Tech Mahindra Limited.
According to TMR, the global field service management market is expected to reach US$8,593.6 mn by the end of 2025. Between 2017 and 2025, the global field service management market is forecast to exhibit a CAGR of 14.1%. In terms of industry verticle, the global field service management market was dominated by telecom and IT. Regionally, Asia Pacific and Europe is likely to cover nearly 40% of the global market by the end of 2017.
Demand for FSM Solutions to Rise as Organizations Look to Achieve Higher Employee Productivity
Field service management offers improved visibility and control on the time an employee spends at his work on a specific work or on a site. Furthermore, the technology aids the management of expenses incurred on various services. When implemented, this software capitalizes on instant communication and access to real-time data to offer prompt resolution of issues. Also with the help of FSM solutions enterprises can position employees on most suitable jobs, thus ensuring faster resolution of issues, improving employee productivity, and subsequently enhancing customer satisfaction.
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Application across Diverse Industries to Boost Growth
The global field service management market will gain significantly from the rising adoption of mobile devices. Also to amplify productivity several organizations across the world are encouraging employees to install FSM mobile apps to capitalize on seamless communication with their on-site field service staff. These apps help bridging the information gap between field service professionals and service organizations. Furthermore, the technology helps in diagnosing issues and determining the most suitable equipment to be deployed on the client’s site.