The global field service management market size was valued at $4,005.00 million in 2020, and is projected to reach $24,294.00 million by 2030, growing at a CAGR of 19.7%from 2021 to 2030.
Requirement for tracking activities on the field, demand for mobility to acquire real-time visibility, and rise in adoption of digitalization & automation in the field services industry drive the global field service management (FSM) market. However, lack of availability of skilled workforce for operating FSM hinders the market growth. On the other hand, integration of AI, AR, and VR in field services sector and surge in adoption of internet of things (IoT) present new pathways for market players.
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Based on industry vertical, the manufacturing segment held the largest market share of the global field service management market, accounting for nearly one-fourth of the total market share in 2018, and is expected to maintain its dominant position by 2026. This is due to its extensive usage for managing field engineers, surge in demand for HAVC related use cases, and demand for equipment tracking and repairing solutions. However, the transportation & logistics segment would register the fastest CAGR of 19.2% from 2019 to 2026, owing to rise in utilization of vehicle fleet, reduced unloading time, enhanced ETA accuracy, and less vehicle maintenance cost.
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Based on component, the solution segment contributed to nearly three-fourths of the total share of the global field service management market in 2018, and is expected to maintain its lead status throughout the forecast period. This is attributed to requirement to automate manual field service business operations including dispatching, scheduling, routing, and fleet tracking. However, the service segment would portray the highest CAGR of 19.3% from 2019 to 2026, owing to efficient functioning of FSM software and platforms throughout the process and adoption of cloud-based FSM service.
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