Field Service Management Market: Overview
Field Service Management (FSM) is a system developed for managing field operations through a mobile application or software. FSM software solution enables the companies to manage field resources such as vehicle location, field worker activity and ensure delivery of spare parts to the operational field. FSM solution assigns work according to the skills and geographical location of the field employee and checks inventory for the availability of spare parts. The process for FSM contains various modules such as administrator, initiator, qualifier, dispatcher and agent.
Administrator module manages all data related to business operation. Initiator module enables the customer/agent to generate new work order and groups the tasks/work order. Qualifier module qualifies the work orders and creates work order tasks. Dispatcher module schedules the tasks and assign tasks to suitable field employee. Agent module manages actual task time and performs the work on the site. FSM software could also be integrated with backend systems such as billing, accounting and HR systems.
Field Service Management Market: Drivers and Opportunities
The growing number of field operations in manufacturing, oil & gas and construction has driven the growth of global FSM market. Organizations always tend to improve their operational efficiency, thus would enhance the growth of FSM market. With the support of FSM solutions, the organizations could improve customer satisfaction and increase their profitability by reducing operational costs. This could further boost the growth of FSM market.
Growth of cloud based solutions and rise in demand for advanced mobile applications is likely to provide immense opportunities for FSM market. Further, growth in Internet of Things (IoT) is anticipated to create ample opportunities for the global FSM market. However, data security concerns and high costs involved in implementation of FSM solutions are anticipated to create obstacles in the growth of FSM market.
Field Service Management Market: Segmentation
Field service management market can broadly be segmented on the basis of service type, application, organization size, deployment type, end-use sector and geography. On the basis of service type FSM market is segmented into consultation, software as a service (SaaS) and managed services. In terms of application type, the global FSM market could be segmented into schedule and tracking management, inventory management, customer management and invoice management.
In terms of organization size, the market is segmented into small & medium sized enterprises (SMEs) and large sized organizations. On the basis of deployment type, FSM market could be segmented into on premise and cloud deployment. On the basis of end-use sector, the FSM market could further be segmented into oil & gas, communication, manufacturing, energy, healthcare, logistics and insurance sectors.
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Moreover, in terms of geographies, the global FSM market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America regions. FSM solutions are widely present in North America region due to increasing demand for operational cost reduction. Moreover, Asia Pacific region is anticipated to witness high adoption rate of FSM solutions due to growth in oil & gas, manufacturing and energy sector