The field service management market is projected to reach USD 10.3 billion in 2032, growing at a CAGR of 11.1% from 2022 to 2032.

In 2021 and 2022, respectively, the market is projected to reach USD 3.2 billion and USD 3.6 billion. The industry's quick adoption of automation and digitization, as well as the increased demand for real-time visibility, are both credited with the market's expansion.

From a projected value of US$ 3.2 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 2022 to 2032 and reach US$ 10.3 billion.

The following factors help the market expand:

Over the course of the projection period, the market will be driven in addition to the increased usage of automation and digitization in the workplace by the growing demand for mobility for real-time visibility.

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.

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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

“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

Different techniques are used by participants in the global field service management business to increase their market reach. Among other prominent companies, SERVICEMAX, ORACLE, SALESFORCE, MICROSOFT, and INFOR are major players in the world market for field service management. Significant changes among the players include:

• 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.