The global Cloud field service management (FSM) market was worth $2.34 billion in the year 2022 and is expected to reach $6.75 Billion by the year 2032 at a whopping CAGR of 11.2% between 2022 and 2032.
The global Cloud field service management market is driven by the growing usage of Cloud-based services and IoT throughout.
Cloud field service management does provide access to customers’ information from even remote locations. In addition, fuel expenses and operational overheads are reduced with better management of the mobile workforce. Large organisations make use of Cloud field solutions for monitoring and managing the workforce and activity on the field. On these grounds, SAP SE does offer Service Order (a field service management tool for organisations). This app does extend support to the field technicians, too, with real-time insights helping to solve the conflicts on an efficient note.
At the same time, the fact that there is a dearth of operational effectiveness coupled with the other advantages offered by technologically advanced systems cannot be done away with. In addition, it is challenging to maintain the integration of FSM solutions that exist with Cloud service management solutions. These factors could restrain the Cloud field service management market in the near future.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Cloud Field Service Management Market’. It has a dedicated team of analysts and consultants to look through an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“With rising awareness about the fact that implementation of Cloud field service management solutions enhances operational processes, that too, without interruption, the global Cloud field service management market is likely to witness grandeur in the forecast period”, says analyst from Future Market Insights.
Key Takeaways from Cloud Field Service Management Market
· North America holds more than 30% of the market share. This could be credited to the US housing majority of Cloud field service providers around the world. Rapid technological advancements are there to add.
· Europe holds ~20% of the market share due to an ever-increasing demand for efficient computing frameworks by SMEs herein.
· The Asia-Pacific is expected to witness maximum turbulence in the Cloud field service management market in the forecast period. This could be reasoned with regions like China, Japan, and India witnessing a rising demand for Cloud field service management solutions to achieve improvised productivity and optimised workflow. The IQ (Innovation Quotient) is another factor to add.
· Commvault, in June 2022, strategically collaborated with Oracle for including Metallic DMaaS on Oracle Cloud. The latter’s services would be offered on OCI (Oracle Cloud Infrastructure) and made available in every commercial OCI region at a global scale.
· ServiceMax, in April 2022, did announce releasing new-fangled features for Asset 360 for Salesforce. As such, this would help in empowering the CXOs.
· IFS AB, in March 2021, tabled IFS Cloud for helping customers in integrating human capital management, ERP, CRM, and asset management for delivering improvised field services.
· ORTEC, in March 2021, did launch a Cloud-based field service with dispatching and scheduling software for monitoring and accessing operations on a continuous basis.