DUBLIN--(BUSINESS WIRE)--The "Field Service Management (FSM) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Field Service Management Market (henceforth referred to as the market studied) was valued at USD 2.85 billion in 2019, and it is expected to reach USD 7.10 billion by 2026, registering a CAGR of 15.4%, during the period, 2021-2026.

Companies Mentioned

• Field Aware US, Inc.
• Oracle Corporation (OFSC)
• IFS AB
• ServiceMax Inc.
• ServicePower, Inc.
• SAP SE (Coresystems)
• Microsoft Corporation (Dynamics 365 for Field Service)
• Accruent LLC (Fortive Corp)
• Mize, Inc.
• Salesforce.com, Inc. (Field Service Cloud)
• Zinier, Inc.
• Trimble Inc.
• The simPRO Group Pty Limited
• Kirona Solutions Limited

Key Market Trends

Inventory Management to Hold Significant Market Share

• Inventory management is one of the most mismanaged components of the field services segment. Several factors, such as returns, component failure, and warranty issues, make it one of the most complex tasks in the field services industry. Hence, deploying inventory management solutions help the service providers to provide the right parts to customers accordingly, in a cost-effective manner.
• Since most technicians carry and manage spare parts, the policies, like BYOD, allow the technicians to monitor and update their inventory from a mobile device to simplify management. For example, General Electric's (GE) ServiceMax FSM software even allows the technicians to track and search spare parts in their fleet to facilitate exchanges between technicians if necessary. Such practices are witnessed in the consumer electronics service industries and several B2B operations.
• In November 2019, Comarch Improved the Hospital Inventory Management by Cloud-based FSM Software for MedicAir in Italy. The company's cloud-based Field Service Management (FSM) will ensure hospital inventory management in all the warehouses where the medical gases are stored. The staff from the hospital will be able to order equipment, which will be delivered from the warehouse to the specific unit. Additionally, the team will be able to monitor the cylinder's location, gas level and use, and the expiry date for gas and cylinder.

Asia Pacific to Witness Significant Growth Rate

• Asia-Pacific is expected to dominate the regional field service management market, and it' s rapid rate of growth is attributed as the region is being home to a large number of SMEs, which are highly involved in the development and adoption of field services and their management solutions. China is one of the largest E-Commerce markets in the world. The expansion in the sector is a significant driver for the adoption of FMS solutions. And as more and more new retail is shifting from a novel concept to the mass market sector, the need for the management of filed service will also grow.
• The field service management market has a vast scope in India, mainly due to large-scale industrialization. The country is expected to exhibit steady growth in the field service management market with enhanced geographic zones and a high client base. The growth in the number of technology users in the country further propels the growth of the field service management market. In December 2019, Field Service Management Summit was held in India which covered the topics such as technology, skills and change management strategies required to meet the increasing complexity of the field service touchpoint, future of IoT for field services management, addressing the challenges in third-party workforce management & third billing, increasing first-time fix rates to achieve higher customer satisfaction and profits, etc.
• Japanese service companies have laid a roadmap to commence specific changes with the business transformation years behind the United States. In January 2020, Accenture in Japan plans to achieve digital transformation by following the example of a parts-maker in Europe that has so far been very effective in integrating cloud applications, SaaS platforms, connected devices, and artificial intelligence (AI).

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Force Analysis

4.3 Industry Value Chain Analysis

4.4 Analysis of Major FSM Use-cases

4.4.1 Emergence of AR/VR for Remote Assistance

4.4.2 Focus on Predictive Maintenance for Customer Retention and Service

4.4.3 Gradual Transition Toward Back-end Automation

4.5 Key Considerations and Imperatives for Buyers

4.6 Impact of COVID-19 on Field Service Industry

4.7 Technology Snapshot

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Growing Emphasis on Maximizing Work Efficiency and Creating New Sales Opportunities

5.1.2 Technological Trends Such as Mobility and Adoption of Cloud-based Solutions

5.2 Market Challenges

5.2.1 Data Confidentiality Concerns, Implementation/Integration Issues, And Licensing Costs

6 MARKET SEGMENTATION

6.1 Deployment Type

6.2 Organisation Size

6.3 FSM Software and Service Type

6.4 End User

6.5 Geography

6.5.1 North America

6.5.2 Europe

6.5.3 Asia Pacific

6.5.4 Rest of the World

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

8 INVESTMENT ANALYSIS

9 FUTURE OUTLOOK

For more information about this report visit https://www.researchandmarkets.com/r/b7f32c

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