The global Cloud Field Service Management Market size is expected to grow from $1,013.2 million in 2017 to $2,254.5 million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period.
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Rising demand to enhance operational productivity and reduce operating costs and the emergence of Internet of Things (IoT) are the major factors driving the growth of the cloud Field Service Management (FSM) market.
The Cloud Field Service Management Market growth is driven by various factors, such as the need for business agility, demand for faster deployment and scalability, increasing awareness about the cloud technology among enterprises globally, and the necessity to reduce the cost of ownership. However, enterprises face some obstacles, due to lack of awareness about cloud FSM solutions and the concerns regarding regulatory compliance.
key cloud FSM providers are profiled in the report such as Industrial and Financial Systems (IFS) AB (Sweden, Europe), ServiceNow, Inc.
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(California, US), Salesforce.com, Inc. (California, US), SAP SE (Germany, Europe), Oracle Corporation (California, US), International Business Machines (IBM) Corporation (New York, US), ServicePower Technologies plc (Cheshire, UK), ClickSoftware Technologies Ltd.
(Massachusetts, US), ServiceMax, Inc. (California, US), Acumatica, Inc.
(Washington, US), Microsoft Corporation (Washington, US), Astea International Inc. (Pennsylvania, US).
The mobile FSM solution is expected to have the highest growth rate during the forecast period.
Mobile FSM solutions enable field employees to plan their routes efficiently. Moreover, field operations can be easily automated using mobile FSM solutions, leading to enhanced service delivery and Return on Investment (RoI).
Managers can easily locate their field employees using the mobile FSM solutions, which provide real-time location updates.
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North America is estimated to have the largest market share in 2017, while Asia Pacific (APAC) is expected to have the highest CAGR during the forecast period.
North America is expected to have the largest market size during the forecast period, as organizations in the region are shifting toward cloud-based solutions and services due to the increasing adoption of digital business strategies. Furthermore, North American organizations are investing significantly in advanced technologies to gain a competitive market advantage and improve business operations.
The APAC region is expected to be the fastest-growing region in the global Cloud Field Service Management Market during the forecast period.
The key reasons for the high growth rate in APAC include the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and the focus of cloud FSM solutions to drive customer experience and improve operational issues.
The break-up of the profiles of the primary participants is given below:
- By Company: Tier I – 43%, Tier II – 35%, and Tier III – 22%
- By Designation: C-Level – 60%, D-Level – 25%, and Others – 15%
- By Region: North America – 44%, Europe – 25%, APAC – 21%, and RoW – 10%
The Cloud Field Service Management Market has been segmented on the basis of types, organization size, deployment models, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, services, key strategies, new service launches, partnerships, agreements and collaborations, business expansions, and competitive landscape associated with the Cloud Field Service Management Market.
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