CHICAGO, July 8, 2019 /PRNewswire/ -- According to a new market research report "Field Service Management Market by Component (Solutions, Services), Organization Size, Deployment Type, Industry Vertical (IT and Telecom, Energy and Utilities, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Field Service Management Market size is expected 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-based solutions to improve field operations, scaling field technician's effort with the help of advanced technologies and increasing adopting of cloud-based field service solutions are some of the major factors driving the growth of the Field Service Management Market.
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The schedule, dispatch, and route optimization solution segment to hold the largest market size in the Field Service Management Market during the forecast period
Scheduling and dispatching capabilities enable field service organizations to create and manage job schedule. When scheduling and planning field service operations, it is not always easy to account for unexpected situations resulting in late service delivery. Automating scheduling, planning, and dispatching processes will empower organizations efficiently allocate available workforce to maximize the business output and minimize operational costs. It also ensures that customer service never suffers because of unpredictable circumstances.
The services segment to grow at a higher CAGR during the forecast period as compared to the solutions segment
Field service management services have a wide scope of usage, ranging from assistance to client for the deployment of solutions, strategy, and implementation, to cater to business-specific needs of organizations. Field service management services help businesses bridge legacy systems to modern aplications and take care of training and implementation work so that the client can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different industries and help them deal with complexities while configuring field service management solutions.
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North America estimated to lead the Field Service Management Market size during the forecast period
North America is estimated to account for the largest share of the Field Service Management Market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. The North American region exhibits a wide presence of key industry players offering field service management solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
Oracle (US), Microsoft (US), IFS (Sweden), ClickSoftware (US), ServiceMax (US), Astea (US), Comarch (Poland), SAP (Germany), Salesforce (US), Trimble (US), Infor (US), OverIT (Italy), ServicePower (US), FieldAware (US), GEOCONCEPT (France), FieldEZ (India), and Zinier (US) are some of the leading companies operating in this market.
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