Market Leader - Field Service Management Market
The Field Service Management (FSM) Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, to reach USD 5.7 billion by 2026 from USD 3.2 billion in 2021. Increased adoption of automation and digitalization in the field services industry, increase in adoption of BYOD and mobile-based FSM solutions are expected to spur the demand for FSM offerings across the globe.
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, Microsoft, Salesforce, IFS, ServiceMax, SAP, Infor, Trimble and Comarch have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the FSM Market.
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Oracle is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. In terms of organic growth strategies, in March 2019, Oracle launched a single integrated cloud solution, Oracle Service Logistics Cloud, to help organizations improve their field service operations and deliver a seamless customer experience. In inorganic growth strategies, Oracle chose to adopt partnerships, collaborations, and acquisitions. Oracle partnered with City of Lubbock Utilities and Oracle Field Service Cloud delivers the benefits of advanced metering capabilities to customers, thereby reducing complexity and cost.
Microsoft is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. Microsoft has aggregated a variety of tools to improve service delivery in Dynamics 365 Field Service. As a stand-alone Dynamics 365 module, Dynamics 365 Field Service facilitates management (including calendars) and gives managers full access to check-in, check-out, and technical data a variety of tools to improve service delivery. The company offers a wide range of solutions and services to different verticals, including automotive, media and communications, government, healthcare, finance, manufacturing and energy, and retail. Countries in the Middle East and Africa (MEA) are working toward developing IT infrastructure, cloud computing, and professional services, and the integration of IoT in various manufacturing processes, which is a good opportunity for Microsoft to expand its business.
Related Reports:
Field Service Management Market with COVID-19 Impact Analysis, by Component (Solution and Services), Organization Size (SMEs and Large Enterprises), Deployment Mode (On-premise and Cloud), Vertical, and Region - Global Forecast to 2026
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