Factors Driving the Field Service Management Market Growth Rate At 20%

Written by – Business Research Company

Repetitive tasks within organizations are accelerated with automation execution abilities, which is seen especially in the field service market.

LONDON, March 8, 2022 /PRNewswire/ — Field service management industry statistics show that the increasing adoption of automation and digitalization is expected to propel the growth of the field service management market in the forecast period. Automation and digitalization are used for the automatic execution of tasks at a particular interval with the use of digital technology. The advantages of adopting automation and digitalization in field service management are optimal utilization of resources, effective tracking and monitoring of resources, and lower operational costs.

The global field service management market size is expected to grow from $3.02 billion in 2021 to $3.64 billion in 2022 at a compound annual growth rate (CAGR) of 20.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The field service management market is expected to reach $6.51 billion in 2026 at a CAGR of 15.7%.

Global Field Service Management Market Overview

The main types of components in field service management are solutions and services. The various services include consulting, training and support, and integration and implementation with third-party systems to boost the performance of the field service. The different deployment modes include on-premise, cloud and is used in various applications such as energy and utilities, telecom, manufacturing, healthcare, BFSI, construction and real estate, transportation and logistics, among others.

Field Service Management Market Trends

The increasing availability of SaaS solutions and value-added features is a key trend gaining popularity in the field service management market. Software as a service (SaaS) is an abbreviation that refers to a software distribution model in which a cloud provider hosts applications for simple access by end-users. The advantages of SaaS solutions are ease of access, minimal setup time and customizability based on the requirements. SaaS solutions are widely incorporated in field service management to effectively track and manage resources.

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