Field Service Management (FSM) Market Is Expected to Reach $3.52 Billion by 2019 – New Report by MarketsandMarkets
(PRWEB) December 19, 2014 -- The report defines the “Field Service Management Market” to provide an in-depth analysis of the growth trends, revenue forecasts and business opportunities for the key players. It also focuses on the vital factors driving and restraining the growth of this market in near future.
Explore “Field Service Management Market” through a detailed ToC, Data tables and Figures, spread across over 150 Report Pages.
http://www.marketsandmarkets.com/Market-Reports/field-service-management-market-209977425.html
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MarketsandMarkets broadly segments the global FSM market on the basis of the types of solutions, deployment modes, geographic regions, industry verticals and the types of users. Major geographic regions covered in this report include North America (NA), Asia-Pacific (APAC), Europe, Middle East and Africa (MEA) and Latin America (LA). Solutions in the market are sub-segmented into schedule and dispatch, inventory management, customer management, work order management, reporting, mobile field execution, and tracking and performance management. Basic types of deployment analyzed in the report include on-premise and cloud. Basic user types in the market are categorized into SMB’s and large enterprise. The report also provides detailed analysis of the key industry verticals, which are further divided into oil and gas, home and residential services, manufacturing, construction, security and alarm, transportation, energy and utilities, healthcare, and others.
According to the report, the Field Service management (FSM) is at its growing stage and is expected to rise exponentially due to rapid technological enhancements. Today, companies are demanding real-time based solutions for the field workers to accomplish the tasks without any delay or interruption. The organizations are also in need of solutions that can solve their specific demands that the CRM and ERP failed to accomplish. Thus, FSM is becoming quite popular among the field technicians.
Furthermore, the increasing demand of low cost solutions among large enterprises as well as SMB’s is also helping FSM market to progress – with an explosive growth rate. FSM provides assistance to the businesses by offering proficient solutions such as work order, inventory and customer management, reporting, and billing and invoicing. According to the report, these solutions are gaining traction in various industry verticals such as construction, oil and gas, security and alarm, transportation, and healthcare.
According to the report, the Field Service Management market is consolidated with various big players such as Oracle, IBM, SAP, ClickSoftware Technologies, Trimble Navigation, Astea International, PTC, Infor, IFS, and ServicePower. The factors driving this market are the escalating demand for enhanced productivity, growing demand for improved customer satisfaction, and mounting field service operation costs.
According to the report, lack of awareness about field service solutions is the major restraint for the growth of FSM market. Companies preferably use ERP, CRM or Enterprise asset management solutions instead of field service solutions due to lack of awareness about FSM solutions.
MarketsandMarkets forecasts the Global FSM market to grow from $1.28 billion in 2014 to $3.52 billion by 2019. During this span of four to five years, it expects the market to maintain a steady CAGR of 17.3%. It expects North America to be the largest market in terms of size, while Europe and Asia-Pacific are expected to experience growth in market traction in near future.
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