Demand for Field Service Management (FSM) and Impact of COVID-19……..


The global field service management market size is expected to reach USD 4.16 billion by 2025, according to a new report conducted by Grand View Research, Inc. Various other factors such as improper management of inventory, increased inventory cycle time, increased holding cost, increased ordering cost and incorrect information about the stock further increase the cost of business operations. FSM software helps to fortify the functionality of the service industry while improving overall profitability.
In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.
The main forces which are driving the market include the increase in number of field operations across manufacturing, oil & gas and construction sector., increase in the use of smartphone devices, and rising demand for better organizational efficiency and reduced cost of operations. The advancement of cloud services, supports the integration of cloud to the FSM software. This is expected to surge the FSM market growth over the next nine years. Over the forecast period, most of the end use industries are expected to deploy the FSM software on the cloud rather than on the premise.
In addition, the software developers are inching toward better customer service to maintain their position in the market. At present, some of the global players that provide FSM solutions include Accenture, Comarch SA, ClickSoftware Technologies, Infor, Klugo Group, SAP SE, Astea International, Inc., Trimble Navigation Limited, and Tech Mahindra Limited, among others.
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The market is characterized by moderate competition with the presence of a few major global players and other small vendors offering the FSM solutions. The FSM industry is witnessing mergers and acquisitions as a means of inorganic growth strategy amongst software development companies. For instance, IBM Corporation acquired Ravy Technologies Pvt. Ltd and Agile 3 Solutions LLC, both of which work in the information security domain. These acquisitions have enabled IBM to provide better security features to their FSM solutions.
The global field service management market is anticipated to witness a high growth over the forecast period. The high presence of smartphones and tablets are playing an important role in the overall growth of the FSM industry globally. FSM solutions are also compatible with next generation smartphone operating systems, further boosting their importance across the competitive landscape.
Further key findings from the report suggest:
·         The mobile field execution solution provided by the FSM software is the most preferred solution by the end use industries which helps in execution and maintenance of field work by technicians, reporting status, receiving alerts, gain visibility to individual performance.
·         Most of the end use industries such as utilities, healthcare, IT among others are moving from on-premise deployment to cloud deployment of the FSM software as it enables faster deployment speeds and reduces upfront costs.
·         As compared to the small and medium enterprises, the large enterprises are increasingly adopting the FSM software for the management of large on field technicians and employees who work on field.
·         The FSM software is being increasingly adopted across the construction industry due to the rapid industrialization and increasing population particularly in developing countries such as China and India.
·         The FSM market is in the developing stage in the regions of Asia-Pacific, Middle East & Africa, and Latin America due to their increase in investment in IT sector and increased focus on digital workplace transformation initiatives.
·         The key purveyors in this industry comprise Accenture, Cisco Systems, Astea International, Inc., Comarch, ClickSoftware Technologies, Klugo, Infor, SAP, ServiceMax, Trimble Navigation Limited, among others.

The global Field Service Management market size was valued at USD 1,725.8 million in 2016 and is expected to witness a significant growth with an approximate CAGR of 10% due to the growing number of field operations across different end-use industries such as telecom, oil & gas, construction and energy & utilities. Furthermore, the rapid adoption of FSM solutions by different small & medium enterprises is also expected to drive the market growth over the forecast period.
In an organization, enhanced productivity leads to an increase in profitability. With this software, there are better lines of communication between the front office, management, and technicians. Since technicians and field workers spend less time in coordinating logistical tasks, they have more time for client work. The development of technologies including cloud, big data, and advanced analytics support the integration of mobility and cloud with FSM software. Several cloud technology service providers offer an enhanced level of FSM solutions that cater to the needs of small, medium, and large enterprises, and are expected to drive the field service management market growth in the coming years.
The FSM software provides various solutions for the execution of fieldwork. It also helps gain visibility into the individual performance of field workers and technicians. FSM solutions assist in the management and execution of service contracts made with customers, vendors, partners, and employees. The service contract management process broadly deals with processes such as travel, tooling, sub-contracting, document maintenance, help desk service, and contract renewals.
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The FSM software offers various solutions to all the user types including small, medium and large enterprises. The adoption of the FSM software is higher in large enterprises as compared to small & medium enterprises. Large enterprises are extensively adopting the software owing to the presence of a large workforce. It assists in maintaining employee records, their individual performance statistics, sub-contracting, contract renewals, and document maintenance, among others. The FSM software makes use of mobile computing to improve communication with field workers, streamline work processes, and enhance productivity.
Small and medium enterprises consist of fewer employees as compared to large enterprises. However, these enterprises are increasingly adopting the FSM across their organization. The adoption is growing rapidly across small and medium enterprises in response to proven business results from projects and technology developments in Software as a Service (SaaS), mobility, and machine learning. The software assists in dispatching technicians to customer locations for providing different services such as repair & maintenance and the installation of customer-owned equipment or systems.
Grand View Research has segmented the global field service management market on the basis of solution, deployment, service, enterprise, application and region:
Field Service Management Solution Outlook (Revenue, USD Million; 2014 - 2025)
·         Mobile Field Execution
·         Service Contract Management
·         Warranty Management
·         Workforce Management
·         Customer Management
·         Inventory Management
·         Others
Field Service Management Deployment Outlook (Revenue, USD Million; 2014 - 2025)
·         On-premise
·         Cloud
Field Service Management Service Outlook (Revenue, USD Million; 2014 - 2025)
·         Implementation
·         Training & support
·         Consulting & advisory
Field Service Management Enterprise Outlook (Revenue, USD Million; 2014 - 2025)
·         Small & medium enterprises
·         Large enterprises
Field Service Management Application Outlook (Revenue, USD Million; 2014 - 2025)
·         Energy & Utilities
·         Telecom
·         Manufacturing
·         Healthcare
·         BFSI
·         Construction & Real Estate
·         Transportation & Logistics
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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