Efficiency is one such word that not just defines but also drives success for a business. If you own a company that uses field workforce to ...
Field service management market is one of the widest and the quickest growing industry in the entire world. With changing trends, people want business services at their doorstep. This has led SME’s as well as enterprises to develop mobile based solutions in order to manage their field executives.
The field service management market is growing at a whooping rate as field service apps and software are now required in almost each industry vertical.
From grocery delivery to healthcare industry where doctors and nurses remain in the field to serve patients at their home and from restaurants’ food home delivery to beauty salons wherein expert professionals are available at your doorstep for customized personal care services.
We can say that every industry segment has contributed in the enormous growth of market size for field service management applications.
A field service management offers various solutions to all the user types including small, medium and large enterprises.
These solutions include schedule & dispatch, work order management, mobile field execution, customer management, reporting & analytics dashboard, billing & invoicing, inventory management, tracking & performance management and lot more for the field service executives.
The enterprises enjoy an array of benefits through these solutions. Just imagine a Field service management app that can help control the cost and analyse your business capabilities thereby increasing customer loyalty and retention!
Won’t you really be interested in integrating service related material management, financial management & billing processes? Would you not like to have the real-time analysis of mobile work status or an increased productivity or shortened billing cycles? Let us have a close look at the various field service management trends and the growth,valuation and facts about the field service market sector.
Related Reading: Do You really need a Field Service Management App? Find Out Here!
Current Market size for mobile field service management sector:
The major factor driving the field service management market has primarily been the requirement of a centralised system and the attainment of operational efficiency.
As of now, the current market size for mobile field service management sector has rocked past the $1.58 Billion mark on a worldwide level. The global field service management market is expected to grow from $1.58 billion as in 2014 to $3.52 billion by 2019. This has been calculated at a Compound Annual Growth Rate (CAGR) of 17.3%. This report basically provides an estimated figure of the field service management market size and its future growth potential across various segments. Year 2014 has been taken as the base year for the research with the forecast period ranging from Year 2015 to 2020.
A field service management market solution facilitates a field service organization in optimising the utilization of its field workers and improves the overall customer experience.
At present, the field service management market is growing at an alarming rate with the increase in technological advancements.
The major sectors of the market are increasingly using field service management solutions in order to optimise their operational efficiency and automate the various field processes including scheduling and dispatch, work order management, billing & invoicing, tracking and managing performance, etc.
The field service market trends are also increasing on a good pace and the role played by the platform providers in this market is vital. This is because these platform providers act as facilitators for the end user experience on the latest smart phone or tablet devices.
The field service market comprise of various stakeholders that include:
- Solution providers of the field service market.
- System integrators.
- Third-party vendors.
- Cloud service providers.
- Mobile application providers
- Application developers.
- And more...
They provide the required technologies, networks, applications and significantly contribute to the growth of the field service management market. Also, the organizations require solutions that can cater to their individual demands which CRM and ERP failed to do.
With the advancements in enterprise mobility and the customized solutions availability, a substantial growth in the sector of field service management market is expected in the coming years. Today, the companies demand real-time based solutions for field executives so that they can complete their tasks without any delay.
However, the only factor that is likely to prevent the growth of the field service management market is the lack of awareness about the various benefits of the field service management solutions. This is the reason that the growth is not presumed to be exponential in the current year 2016 or for that matter even in the beginning of 2017. But once there is awareness among the enterprises about the various benefits, the growth is expected to compound either by the end of year 2017 or with the coming of year 2018.
The earlier you adapt the technology, the more the chances you will have for a substantial growth in this vast mobile field service management software market.
Geographical predictions for field service management market
Among the major regions of the global market, North America is expected to be the largest market in terms of field service management software usage. Europe and Asia-Pacific are expected to experience an increase in market traction during the forecast period of 5 year i.e. year 2016, 2017, 2018, 2019 and 2020.
The North American countries, including USA & Canada, are sure to mark the major growth in the field service management market with a share of 10% of the entire mobile field service management software or app usage while the European Nations, like UK & Spain, along with the Asia pacific countries, like India & China, are expected to experience a rising trend during this period. Both of these regions together contribute to 60% (20% & 40% respectively) of the total mobile field service management market size. The other part called as ‘Rest of the World’, will have 30% of the total field service management market capture. But these areas are still under exploration and are yet to see a change in traditional to modern ways of field management.
Wish to be a part of this $5 Billion Market to manage your field service business the easiest way? Get in touch with us to know how we can help you!