Cloud field service management market to be US$6.75 billion by 2032: FMI
The global cloud field service management (FSM) market was worth US$2.34 billion in 2022 and is expected to reach US$6.75 billion by 2032 at a CAGR of 11.2% between 2022 and 2032. These insights are based on a report on the cloud field service management (FSM) market by Future Market Insights (FMI).
The growing usage of cloud-based services and IoT drives the global cloud field service management market.
Cloud field service management provides access to customers' information from remote locations. In addition, fuel expenses and operational overheads are reduced with better mobile workforce management. Large organizations use cloud field solutions to monitor and manage the workforce and activity on the field. On these grounds, SAP SE does offer Service Order (a field service management tool for organizations). This app also extends support to field technicians, with real-time insights helping to solve conflicts efficiently.
At the same time, the fact that there is a shortage of operational effectiveness coupled with the other advantages offered by technologically advanced systems cannot be done away with. In addition, it is challenging to maintain the integration of FSM solutions that exist with cloud service management solutions. These factors could restrain the cloud field service management market soon.
Future Market Insights has entailed these facts with future perspectives in its report. It has a dedicated team of analysts and consultants to look through an eagle's eye view in its primary, secondary, and tertiary modes of research.
"With rising awareness about the fact that implementation of cloud field service management solutions enhances operational processes, that too, without interruption, the global cloud field service management market is likely to witness grandeur in the forecast period", says an analyst from Future Market Insights.
Some of the key takeaways in the report include North America holding more than 30% of the market share. This could be credited to the US housing majority of cloud field service providers worldwide. Rapid technological advancements are there to add.
"Europe holds almost 20% of the market share due to an ever-increasing demand for efficient computing frameworks by SMEs herein. Meanwhile, the Asia-Pacific is expected to witness maximum turbulence in the cloud field service management market in the forecast period. This could be reasoned with regions like China, Japan, and India witnessing a rising demand for cloud field service management solutions to achieve improved productivity and optimized workflow. The IQ (Innovation Quotient) is another factor to add," notes FMI in its report.
The report also does a competitive analysis of the sector.
"Commvault, in June 2022, strategically collaborated with Oracle for including Metallic DMaaS on Oracle Cloud. The latter's services would be offered on OCI (Oracle Cloud Infrastructure) and made available in every commercial OCI region at a global scale," says FMI.
"ServiceMax, in April 2022, did announce releasing new features for Asset 360 for Salesforce. As such, this would help in empowering the CXOs."
"IFS AB, in March 2021, tabled IFS Cloud for helping customers in integrating human capital management, ERP, CRM, and asset management for delivering improvised field services."
"ORTEC, in March 2021, did launch a cloud-based field service with dispatching and scheduling software for monitoring and accessing operations on a continuous basis."
