DUBLIN--(BUSINESS WIRE)--The "Field Service Management Market by Component (Solutions, Services), Organization Size, Deployment Type, Industry Vertical (IT and Telecom, Energy and Utilities, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Field Service Management Market Size is Expected to Grow from USD 2.8 Billion in 2019 to USD 5.9 Billion by 2024, at a CAGR of 16.2% during the Forecast Period.
Growing demand for mobility-based solutions to improve field service operations and maximizing the productivity of field service technicians with the help of advanced technology are expected to drive the growth of the field service management market.
The field service management market is driven by various factors, such as delivering prompt customer services, better communication between field representatives and customers, and enhanced efficiency of field technicians. However, security concerns related to data security can hinder the growth of the market.
The transportation and logistics segment is projected to grow at the highest CAGR during the forecast period
With time, many organizations have deployed a mix of technologies, computer systems, and different field service management solutions to cater to the growing demands of customers. Modern logistics is constantly moving forward, with enterprises trying to stay on top of the latest trends and technologies while satisfying customers.
With visibility on technician's movement, equipment and transactions, transportation and logistics enterprises can better perform field operations in real-time and improving operational efficiency. Many organizations are using mobile technologies to schedule shifts, plan capacity, and track the location of the people or goods in transit.
The integration and implementation services segment expected to account for the largest share during the forecast period
Integration and implementation services provide ease to organizations in deploying field service management solutions. These services ensure organizations that applications would be integrated effortlessly with their internal and external systems, and they would get the most out of investments made on IT infrastructure. System integrators help enterprises understand the operational functionalities of their existing systems and establish reliable connectivity between data, people, applications, and devices for the growth of business revenue.
APAC expected to grow at the highest rate during the forecast period
The field service management market in APAC is expected to grow at the highest CAGR during the forecast period, due to the increase in demand for field service management solutions and services. These solutions enable an organization to fine-tune field service operations so that field technicians can perform assigned tasks with better accuracy and provide maximum satisfaction to customers. The APAC region is expected to experience extensive growth opportunities during the forecast period. Australia and New Zealand (ANZ), India, and China have emerged as undisputed leaders in the field service management market.
- Growing Demand for Mobility Solutions to Gain Real-Time Visibility Into Field Operations
- Increasing Adoption of Cloud-Based Field Service Management Solutions
- Security Concerns of Organizations Related to Data Confidentiality
- Maximizing Work Efficiencies With the Help of Advanced Technologies
- New Sales Opportunities By Technicians
- Selecting the Right Solution That Aligns With the Organization's Business Needs
- Offering Consistent Customer Service Experience
- Use Case 1: Viasat
- Use Case 2: Orchard Manufacturing Corporation (OMC)
- Use Case 3: BranDSMart USA
For more information about this report visit https://www.researchandmarkets.com/r/e40zpg