The field service management solution global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Field Service Management Solution Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The field service management solution market size has grown rapidly in recent years. It will grow from $2.21 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to the adoption of cloud-based field service solutions, increased preference for software-as-a-service (SaaS) over traditional on-premise software, increase in demand for mobility for real-time visibility, rapid adoption of FSM solutions, economic growth.
The field service management solution market size is expected to see rapid growth in the next few years. It will grow to $5.9 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to rising acceptance of smartphones, increasing number of skilled field service employees in the IT And telecom industry, rising adoption of wearable devices, increasing demand for enhanced customer experience, rise in adoption of automation and digitalization in the field services industry. Major trends in the forecast period include emergence of mobility solutions, incorporation of virtual reality (VR) and augmented reality (AR), adoption of cloud-based technology, technological advancements, increasing collaborations.
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Scope Of Field Service Management Solution Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Field Service Management Solution Market Overview
Market Drivers –
The increase in the adoption of IoT (Internet of Things) is expected to drive the growth of the field service management solution market. The Internet of Things (IoT) refers to a network of interconnected devices, sensors, and objects that communicate and exchange data without human intervention. The rise and adoption of the Internet of Things (IoT) across various industries is due to the emergence of 5G networks, advancements in connectivity technologies, and the spread of cloud and edge computing. Integrating IoT technology into FSM leverages cloud-based technology to automate and manage flexible solutions for clients, optimize operations, and enable focus on core business objectives. For instance, in January 2022, according to the GSM Association, a UK-based non-profit organization, the number of Internet of Things (IoT) connections is predicted to expand from 15.1 billion in 2021 to over 23.3 billion overall by 2025. Therefore, the increase in the adoption of IoT (Internet of Things) drives the growth of the field service management solution market.
Market Trends –
Major companies operating in the fixed-income asset management market are developing innovative solutions, such as JPMorgan Active Bond ETF (JBND), to gain a competitive edge. JPMorgan Active Bond ETF (JBND)) are investment funds traded on stock exchanges, comprising a diversified portfolio of assets such as stocks, bonds, or commodities, designed to track the performance of a specific index or sector. For instance, in October 2023, J.P. Morgan Asset Management, a US-based financial services company, launched a new actively managed fixed-income ETF called JPMorgan Active Bond ETF (JBND) on the NYSE Arca. JBND adopts a bottom-up, value-oriented strategy that primarily focuses on delivering value to investors. The approach places significant importance on security selection, aiming to optimize total return through investments primarily in a well-diversified portfolio of intermediate- and long-term debt securities. JBND specifically emphasizes securitized debt within its investment strategy. The overarching goal is to outperform the Bloomberg US Aggregate Bond Index over a three- to five-year market cycle.
The field service management solution market covered in this report is segmented –
1) By Components: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Mid-Size Enterprises
4) By Verticals: Telecom, Energy And Utilities, IT And ITEs, Manufacturing, Construction And Real Estate, Transportation And Logistics, Oil And Gas, Healthcare And Life Sciences, Other Verticals
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Regional Insights –
North America was the largest region in the field service management solution market in 2023. The regions covered in the field service management solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the field service management solution market are Microsoft Corporation, Verizon Connect, Oracle Corporation, SAP SE, Salesforce Inc, IFS AB, Comarch SA, ServiceTitan, WorkWave, Field Nation LLC, ServiceMax Inc, Workiz, Jobber, Jotform, Sig Saucer Inc., Zinier Inc., Skedulo, Praxedo, FieldPulse, FieldAware Inc., OverIT S.p.A., SIMPRO S.p.A, Azuga Inc, TrueContext Corporation, Route4Me Inc
Table of Contents
- Executive Summary
- Field Service Management Solution Market Report Structure
- Field Service Management Solution Market Trends And Strategies
- Field Service Management Solution Market – Macro Economic Scenario
- Field Service Management Solution Market Size And Growth
…..
- Field Service Management Solution Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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