MarketsandMarkets expects the cloud Field Service Management (FSM) market to grow from USD 1,013.2 million in 2017 to USD 2,254.5 million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.3%. The cloud field service management market is growing rapidly, due to the rising demand for enhancing the operational productivity and reducing the operating costs, the increasing need to offer enhanced customer experience and engagement, and the emergence of Internet of Things (IoT).
The scheduling and dispatch solution is expected to have the largest market share during the forecast period. The rising competition in terms of offering an enhanced customer experience is leading to the increasing adoption of scheduling and dispatch solutions. On the basis of solutions, the cloud FSM market is segmented into scheduling and dispatch, service project management, mobile FSM, reporting and analytics, work order management, warranty management, inventory management, and others (billing and invoicing, and tracking and performance management). Among the services, the training, education, and consulting segment is estimated to have the largest market share in 2017. On the basis of services, the cloud FSM market is segmented into training, education, and consulting; integration and migration; and support and maintenance. The adoption of these cloud FSM solutions and services is growing at a fast pace, due to the increasing demand of organizations.
The mobile FSM solution is expected to have the highest growth rate during the forecast period. Mobile FSM solutions enable field employees to plan their routes efficiently. Furthermore, field operations can be easily automated using mobile FSM solutions, leading to enhanced service delivery and Return on Investment (RoI). The integration and migration segment is expected to have the highest growth rate during the forecast period. Integration and migration services help organizations deploy the cloud field service management solutions in the most appropriate manner. Integration and migration services also offer various benefits, such as desired business outcomes, faster time to market, enhanced service delivery, and reduced costs.
Hybrid cloud is a concept that incorporates the elements of both public and private clouds. In the hybrid cloud model, enterprises use both the private and public clouds at the same time. The hybrid cloud model simultaneously targets the 2 major concerns of scalability and security, which are difficult to attain byusing either the public or the private cloud deployment model.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The cloud FSM market for the SMEs segment is expected to gain traction, as cloud FSM solutions provide the ease and flexibility to solve field complexities for better customer experiences and operational processes. The implementation of cloud FSM solutions would result in increased revenue, desired outcomes, and improved business efficiencies for SMEs.
Asia Pacific (APAC) is expected to be the fastest growing region in the cloud FSM market during the forecast period, due to the increasing adoption of cloud technologies and the growing data generation in the APAC countries. The vast and diverse locations, and increasing customer expectations and competition are the 2 major factors leading to intense operational complexities for enterprises in the APAC region. These complexities have encouraged enterprises to invest in standardized cloud FSM solutions that can help them adapt to the changing competitive landscape with minimum customizations.