The cloud FSM market size is expected to grow from USD 1,013.2 Million in 2017 to USD 2,254.5 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.3%.
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The report "Cloud Field Service Management Market by Solution (Mobile Field Service Management, Scheduling and Dispatch), Service, Organization Size, Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Vertical, and Region - Global Forecast to 2022",
The growth of the cloud FSM market is driven by many factors, such as the rising demand to enhance operational productivity and reduce operating costs, the increasing need to offer improved customer experience and engagement, and the emergence of Internet of Things (IoT). With the increase in the adoption rate of cloud computing among enterprises, the cloud FSM market is expected to gain major traction during the forecast period.
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The scheduling and dispatch solution is estimated to have the largest market share in 2017.
Scheduling and dispatch solutions play an important role in the cloud FSM market, as they help organizations efficiently allocate resources on the field to meet customer needs without any interruption. The rising competition, in terms of offering an enhanced customer experience, is leading to the increasing adoption of scheduling and dispatch solutions.
The other driving factors are providing optimized scheduling and dispatch, controlling costs, offering differentiated service delivery, and maximizing the Return on Investment (RoI).
The training, education, and consulting segment is estimated to have the largest market share in 2017.
Training, education, and consulting services are aimed at providing various informative programs to mitigate the knowledge gaps and offer guidance to customers whenever required.
Training programs enable organizations to easily understand and adopt the cloud FSM solutions. SMEs that lack skilled employees can easily understand the cloud benefits of FSM solutions by undergoing the training programs, which in turn, results in the increased adoption of cloud-based FSM solutions and services.
Consulting services help enterprises choose the most suitable cloud FSM solution and service, depending on the businesses and end-users requirements.
The retail and consumer goods vertical is expected to record the highest CAGR during the forecast period.
The retail and consumer goods vertical is one of the fastest-growing industry verticals, due to the rising consumer purchasing power. The major factor driving the adoption of cloud FSM solutions in this vertical is the need to offer an enhanced customer experience.
Cloud FSM solutions offer various benefits, including reporting and analytics, collaborative communication, revenue generation, reduced billing cycle time, and connecting field employees with offices and various outlets.
North America is estimated to have the largest market share in 2017.
North America is estimated to have the largest market share in 2017, while APAC is projected to be the fastest growing region during the forecast period. North America is the most mature market in terms of cloud adoption, due to various factors, such as standard regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of technical expertise.
The US and Canada are the top countries in North America that contribute to the cloud FSM market.
The major vendors providing cloud FSM services are Industrial and Financial Systems AB (Sweden, Europe), ServiceNow, Inc. (California, US), Salesforce.com, Inc. (California, US), SAP SE (Germany, Europe), Oracle Corporation (California, US), International Business Machines 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), and Astea International Inc. (Pennsylvania, US).
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