According to the report published by Allied Market Research, the global field service management market was pegged at $3.12 billion in 2018 and is estimated to hit $10.81 billion by 2026, registering a CAGR of 16.9% from 2019 to 2026.
Rise in need for tracking activities on the field, increase demand for mobility to acquire real-time visibility, and surge in adoption of digitalization & automation in the field services industry fuel the growth of the global field service management market. Based on industry vertical, the manufacturing segment held the major share in 2018. Based on geography, on the other hand, Asia-Pacific would portray the fastest CAGR by 2026.
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The global field service management market is analyzed across component, deployment, organization size, industry vertical, and region. By component, the solution segment accounted for nearly three-fourths of the total market revenue in 2018 and is expected to rule the roost by the end of 2026. The service segment, on the other hand, would manifest the fastest CAGR of 19.3% throughout the forecast period.
By industry vertical, the manufacturing segment contributed to nearly one-fourth of the total market share in 2018 and is anticipated to lead the trail throughout the forecast period. Simultaneously, the transportation & logistics segment would grow at the fastest CAGR of 19.2% till 2026.
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By region, North America generated the highest share, garnering more than one-third of the global market and is projected to dominate, in terms of revenue, by 2026. Simultaneously, the region across Asia-Pacific would manifest the fastest CAGR of 18.4% during the study period.
The leading market players analyzed in the global field service management market report include Oracle, Tableau, SAS Institute, SAP SE, Sisense, Teradata, Adobe, Cisco, Tibco, and IBM. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their stand in the industry.
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Covid-19 scenario-
- Covid-19 led to disruptions in various field activities and the field services industry has been affected indeed. Also, there has been a significant decline in the number of skilled workforce to operate on field management service systems due to lockdown.
- Nevertheless, due to social distancing, there has been a steep increase in the need to automate manual field service business operations such as scheduling, dispatching, transporting, and fleet trailing which, in turn, has given the market a positive boost.
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