The global Cloud Field Service Management (FSM) market is anticipated to be valued at USD 2,574.7 million in 2023. From 2023 to 2033, the overall market is projected to register a CAGR of 11.6% by FMI. FMI report further predicts the overall market to be valued at nearly USD 7,738.4 million by the end of this forecast period.
This impressive market growth is attributed to the rising demand for improved customer service experience and engagement.
Enterprises are implementing cloud field service management solutions to enhance their operational processes to meet customer needs without interruption. Cloud-based service management solutions are primarily used in the retail sector, owing to the continuous rise in consumer spending patterns.
Moreover, small and medium enterprises are undergoing training programs on cloud field service management solutions to enrich their business needs.
North America is expected to dominate during the forecast period owing to the increasing demand for efficient computing frameworks by small and medium-sized business enterprises.
New functions like schedule optimization, workforce optimization, and territory planning improvements can give cloud FSM service providers useful information to expand their operations. Schedule optimization is a crucial area where many cloud field service management service providers may concentrate on growing their businesses in the coming days.
On the other hand, lack of awareness of the operational effectiveness and other benefits of technologically advanced systems is another factor projected to have a negative impact on the growth of the cloud field service management (FSM) market over the forecast period.
Attribute | Details |
---|---|
Global Cloud Field Service Management (FSM) Market Valuation in 2022 | USD 2,340.6 million |
Estimated Global Market Share in 2023 | USD 2,574.7 million |
Forecasted Global Market Size by 2033 | USD 7,738.4 million |
Projected Global Market Growth Rate from 2023 to 2033 | 11.6% CAGR |
Historical Market Growth Rate from the Year 2018 to 2022 | 9.5% |
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In 2018, the net worth of total cloud field service management solutions adopted globally was a mere USD 1,625.1 million. From 2018 to 2022, a CAGR of 9.5% was registered for the market raising its value to USD 2,340.6 million by its end.
Some advanced cloud field service management applications now have intelligent resource management capabilities that assist businesses in effectively managing their personnel. They also help learn important information about the performance, productivity, and skill gaps of their technicians by utilizing real-time data and analytics.
The increasing use of IoT and cloud-based services boost the growth of the cloud field service management market. Lower costs and greater efficiency are driving the demand for the cloud field service management (FSM) market.
As cloud field service management provides access to customer information from any location, a reduction in operational overheads and fuel expenses, mobile workforce management, increased productivity, and improved customer satisfaction. Large companies use cloud field solutions to monitor and manage the activity and workforce on the field, which drives market growth.
A few of the applications of cloud field service management is consultations, customer support, sales, and maintenance among others. For instance, Oracle Field Service is a cloud-based solution that increase the efficiency of mobile workers by connecting them with customers and offices.
Although the cloud field service management (FSM) market has numerous end-uses, there are numerous obstacles that pose a challenge to market growth.
Lack of awareness of the operational effectiveness and other benefits of technologically advanced systems is another factor projected to have a negative impact on the growth of the cloud field service management (FSM) market over the forecast period.
Maintaining the integration of existing Field Service management with cloud service management solutions is the key challenge most vendors face in the cloud field service management (FSM) market.
Category | By Component Type |
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Top Segment | Inventory Cloud Field Service Management |
Market Share in Percentage | 30.1% |
Category | By Service |
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Top Segment | Cloud Field Service Management Integration and Migration |
Market Share in Percentage | 49.8% |
Field insights allow for efficient resource planning, training initiatives, and performance assessments, empowering organizations to maximize their personnel through data-driven decisions. By adopting FSM services, businesses can optimize employees' potential, improve the quality of their services, and facilitate scalable expansion. Also, with territory planning improvements, businesses can efficiently map and assign jobs based on client preferences, technician proximity, and geographic coverage.
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Regional Market Comparison | North America |
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Global Market Share in Percentage | 27.6% |
Regional Market Comparison | Europe |
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Global Market Share in Percentage | 20.1% |
North America was the leading cloud field service management market, and the trend is expected to continue into the forecast period since North America has several cloud field service companies in the world. The region is forecast to have a 32.2% total cloud field service management market share.
North America is expected to be the next dominant region witnessing high adoption rates for the cloud field service management market during the forecast period. With the rapid technological development and an increase in organizations in North America, demand for the cloud field service management market is anticipated to rise in the region.
Regional Market Comparison | United States |
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Global Market Share in Percentage | 19.9% |
Regional Market Comparison | Germany |
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Global Market Share in Percentage | 7.1% |
Regional Market Comparison | Japan |
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Global Market Share in Percentage | 2.9% |
Regional Market Comparison | Australia |
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Global Market Share in Percentage | 2.1% |
According to FMI, Europe is expected to provide immense growth opportunities for the cloud field service management market due to the expansion of the business sector in the region. The cloud field service management market is expected to witness sustained growth over the forecast period.
The growth of the cloud field service management market is driven by the increasing demand for efficient computing frameworks by small and medium size business enterprises in the region. Europe accounts for 20.7% of revenue in the global cloud field service management market.
Regional Markets | United Kingdom |
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CAGR (2023 to 2033) | 10.5% |
Regional Markets | China |
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CAGR (2023 to 2033) | 13.4% |
Regional Markets | India |
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CAGR (2023 to 2033) | 15.6% |
BiznusSoft Field Service, NextService, Managemart.com, The Kantata Cloud for Professional Services, Binzusoft, and Smart Serv are some startup companies operating in the cloud field service management market.
In June 2022, Kantata, a SaaS platform-based company closed its first quarter, operating as a new company following the successful merger of Mavenlink and Kimble Applications. Through this merger, the firm aim to deliver a strong results driven by the growth of its client roster.
A few of the key participants present in the global cloud field service management market include Salesforce.Com, Inc., SAP SE, Oracle Corporation, IBM Corporation, Servicemax Inc., Microsoft Corporation, Acumatica Inc., and Astea International Inc., among others.
Attributed to the presence of several participants, the market is highly competitive. While global players such as Salesforce.Com, Inc., SAP SE, Oracle Corporation, and IBM Corporation account for considerable market size, several regional-level players are also operating across key growth regions.
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 11.6% from 2023 to 2033 |
Expected Market Value (2023) | USD 2,574.7 million |
Anticipated Forecast Value (2033) | USD 7,738.4 million |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD million or USD billion and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | By Component, By Services, By Enterprise, By Region |
Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East and Africa (MEA) |
Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, Italy, United Kingdom, Spain, France, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
Key Companies Profiled | Salesforce.Com, Inc.; SAP SE; Oracle Corporation; IBM Corporation; Servicemax Inc.; Microsoft Corporation; Acumatica Inc.; Astea International Inc. |
Customization & Pricing | Available Upon Request |
The market is estimated to reach USD 7,738.4 million by 2033.
The market is forecast to register a CAGR of 11.6% through 2033.
Bringing sustainability to the field service processes may drive market growth over the coming years.
New territorial improvements for wider service coverage may provide growth prospects for the market players.
Salesforce.Com, Inc., SAP SE, and Oracle Corporation are the top key players.
Technology
October 2023
REP-GB-4881
170 pages
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