At a CAGR of 11.1%, the Field Service Management Market Shows a Positive Growth Outlook through 2033

The field service management market is projected to reach USD 12.2 billion in 2033, growing at a CAGR of 11.1% from 2023 to 2033.

From a projected value of US$ 4.2 billion in 2021, the field service management market is anticipated to increase by 12.5% annually to reach US$ 3.6 billion in 2022. The market is anticipated to increase at a CAGR of 11.1% from 2023 to 2033 and reach US$ 12.2 billion.

The following factors help the market expand:

The use of cloud-based FSM solutions is being driven by the expanding need for IoT, which is expected to provide the industry significant chances in the coming years. The largest impact is from the implementation of field management software.

Request a Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-14444

During the assessment period, it is anticipated that rising activities to provide better customer services, reduce labour costs, and offer better productivity would have a significant impact on the market. Additionally, it is anticipated that the field services sector would experience significant growth as a result of the rising integration of AI, AR, and VR. During the projected period, the U.S. market is anticipated to dominate the global market regionally. By 2032, the country is anticipated to grow at a 10.9% annual rate.

During the assessment period, the Chinese market is anticipated to generate USD 764.6 Million and exhibit a CAGR of 10.9%. On the other hand, the growing frequency of cyberattacks is a significant worry and is anticipated to restrain market expansion over the assessment period. Additionally, as BYOD policies are increasingly adopted, cyberattacks have increased, which is a critical problem for the market as it inhibits market growth.

Key Takeaways from the Market Study

• The global field service management market to expand at a CAGR of 11.1%
• The global field service management market to hold a value of USD 10.3 Bn
• The solution segment to record an 11.1% growth rate
• The on-premise segment to witness a 10.9% expansion rate
• The market in the US to secure USD 3.6 Bn in 2032
• The market in the U.K to record a CAGR of 10.1% during the forecast period

Ask for Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-14444

“Rapid adoption of automation and digitalization is expected to propel adoption of field service management solutions across a wide range of end use industries,” remarks an FMI analyst.

Competitive Landscape

Players in the global field service management service adopt various strategies to enhance their reach in the global market. Key players in the global field service management market include SERVICEMAX, ORACLE, SALESFORCE, MICROSOFT, INFOR, among others. Key developments among the players are:

• In 2019, SalesForce Inc., a US-based cloud software company acquired ClickSoftware Technologies for USD 1.35 Bn. With this acquisition, Salesforce Inc. enhanced the expansion of its Service Cloud software and improved its Field Service Lighting (FSL).
• In March 2021, IFS AB rolled out IFS Cloudto help businesses in orchestrating customers, people, and assets to deliver end-to-end capabilities. Customers can integrate human capital management, enterprise resource planning, and asset management to provide improved field services.

Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-14444