MarketsandMarkets expects the global field service management market size to grow from USD 2.8 billion in 2019 to USD 5.9 billion by 2024, at a CAGR of 16.2% during the forecast period. The growing demand for mobility solution to gain real-time visibility into field service operations and increasing adoption of cloud-based field service management solution are driving the growth of the field service management market across the globe. Field service management solutions are gaining traction globally as they enable organizations to increase the productivity of field technicians and deliver prompt service to customers.
Field service management solutions can be easily integrated with the existing systems of an organization, thereby providing enhanced ability to adapt to changes and increase the efficiency of field operations. The growing focus of organizations to improve and automate field service processes is driving the demand for field service management solutions across industries in the global market.
Field service management solutions are needed by both large enterprises and Small and Medium-sized Enterprises (SMEs) to enhance the performance of their field service processes. By organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period as compared to the large enterprises. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. SMEs are investing in implementing cloud-based field service management solutions to enhance the efficiency of their field operations and compete with large organizations.
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The transportation and logistics industry vertical is expected to be the fastest-growing segment in terms of adoption of field service management solutions and services during the forecast period. This industry constantly suffers from a lack of visibility into field operations. Moreover, the unpredictable nature of fuel costs, rising labor rates, increased traffic, and a changing regulatory environment, continue to make operations challenging. This makes the adoption of field service management solutions imperative in this industry. With the right field service management solution in place, enterprises can connect their field workforce across a centralized cloud network, and capture and share their mission-critical data, allowing them to gain real-time visibility of their operations.
Organizations are investing strategically by implementing field service management solutions and services to make timely decisions and reduce service delays through quicker detection of issues. Moreover, these solutions are looking forward to capitalizing new opportunities by leveraging various advanced technologies, such as analytics, machine learning, and artificial intelligence.
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