Field Service Management Market Size, Share & Trends Analysis growing at a compound annual growth rate (CAGR) of 13.3% from 2023 to 2030
The global field service management market size was valued at USD 4.43 billion in 2022 and is projected to reach USD 11.78 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.3% from 2023 to 2030, due to the growing number of field operations across different end-use industries such as telecom, oil & gas, construction, and energy & utilities.
Key Market Trends & Insights
- North America dominated the market and accounted for the largest revenue share of 26.5% in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 19.4% during the forecast period.
- Based on component, the solution segment accounted for the largest revenue share of 81.3% in 2022.
- Based on deployment, the cloud segment accounted for the largest revenue share of 67.7% in 2022 and is expected to grow at the fastest CAGR of 14.9% during the forecast period.
- Based on enterprise, the large enterprises segment accounted for the largest revenue share of 66.1% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 4.43 Billion
- 2030 Projected Market Size: USD 11.78 Billion
- CAGR (2023-2030): 13.3%
- North America: Largest market in 2022
- Asia Pacific: Fastest growing market
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Furthermore, the rapid adoption of FSM solutions by different small & medium enterprises is also expected to drive market growth over the forecast period.
The solution segment accounted for the largest revenue share of 81.3% in 2022. 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 coordinating logistical tasks, they have more time for client work. The development of technologies, including cloud, big data, and advanced analytics, supports 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 travel, tooling, sub-contracting, document maintenance, help desk service, and contract renewals.
