DALLAS, January 5, 2015 /PRNewswire/ --
According to a new market report "Field Service Management Market by Solution (Work Order Management, Schedule and Dispatch, Inventory Management), by Service, by Deployment Type (Cloud, and On-Premise), by User Type (SMBs and Enterprise), by Industry Vertical & by Region - Global Forecasts to 2019)", published by MarketsandMarkets, defines and segments the global FSM market into various sub-segments with an in-depth analysis and forecasting of market sizes. The report also defines the driving factor for the market, restraints, and opportunity along with the current trend adoption in this market.
Browse 68 market data tables and 64 figures spread through 162 pages and in-depth TOC on "Field Service Management Market - Global Forecasts to 2019"
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MarketsandMarkets broadly segments the global FSM market by regions as North America (NA), Asia-Pacific (APAC), Europe , Middle East & Africa (MEA) and Latin America (LA); by solutions as schedule and dispatch, inventory management, customer management, work order management, reporting, mobile field execution, and tracking and performance management; by deployment type as on-premise and cloud; by user type as SMB's and large enterprise; by industry verticals as oil and gas, home and residential services, manufacturing, construction, security and alarm, transportation, energy and utilities, healthcare, and others.
Field Service management (FSM) is at its growing stage and is expected to rise exponentially due to enhancement of technology in this sector. Today, companies are demanding real-time based solutions for the field workers, so that they can accomplish their task without any delay or interruption. Also, organizations are in need of solutions that can solve their specific demands that CRM and ERP failed to do - thus FSM is becoming quite popular among the field technicians. Furthermore, the increasing demand of low cost solutions among large enterprises as well as SMB's is also helping FSM market to progress - with an explosive growth rate. FSM provide assistance to businesses in improving their efficiency and productivity by offering proficient solutions such as work order management, inventory management, customer management, reporting, and billing and invoicing. These solutions are gaining traction in various industry verticals such as construction, oil and gas, security and alarm, transportation, and healthcare to name a few.
The FSM market is consolidated with big players such as Oracle, IBM, SAP, Click Software Technologies, Trimble Navigation, As tea International, PTC, In for, IFS, and Service Power. The factors driving this market are the escalating demand for enhanced productivity, growing demand for improved customer satisfaction, and mounting field service operation costs.
Lack of awareness about field service solutions, is the major restraint for the growth of FSM market. The organizations are adopting field service solutions but at a slow pace. Companies preferably use ERP, CRM or Enterprise asset management solutions instead of field service solutions due to lack of awareness about FSM solutions.
The benefit that FSM provides their user is the low operational and implementation cost of its solutions. The FSM solutions can be deployed as on-premise and cloud both by organizations according to their budget. Along with this, another benefit is the integration of FSM solution with M2M connected devices. The FSM solutions are flexible enough, that they can be proficiently deployed on smartphones, laptops and other smart devices.
MarketsandMarkets forecasts the Global Field Service Management Market to grow from $1.58 billion in 2014to $3.52 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 17.3%. North America is expected to be the largest market in terms of market size, while Europe and Asia-Pacific are expected to experience an increase in market traction during the forecast period.
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