Field Service Management to Be a $5.1 Billion Market by 2025

Research firm MarketsandMarkets valued the global market for field service management solutions at $3 billion in 2020 and expects it to reach $5.1 billion by 2025, growing at a compound annual rate of 11 percent.

The major factors driving the growth include the rising need for mobility and predictive analytics and increasing adoption of cloud-based applications.

The adoption of field service management solutions is higher in large enterprises, as they have large workforces, large volumes of documentation, and more extensive customer records, according to the research. Moreover, large enterprises face greater challenges in assigning work orders to field technicians and engineers.

Field service companies are adopting cloud-based deployment as it offers several benefits, such as reduced physical infrastructure, lower maintenance cost, 24/7 data accessibility from anywhere, and increased storage, scalability, flexibility, portability, and compliance.

Smaller firms in particular are adopting the cloud deployment type largely due to its cost-effectiveness and ability to produce advanced results.

These solutions also support real-time collaboration, thereby empowering field service organizations to communicate with employees and customers before, during, and after each appointment.

Among the prominent players cited in the report are Oracle, Microsoft, SAP, IFS, ServiceMax, Salesforce, and Infor.