The global
industry for field service management (FSM) is still in the development stage
and is expected to witness tremendous growth from 2015 to 2022. Extensive adoption
of FSM by vast and medium enterprises is anticipated to foster market growth.
Growing
demand for optimized workflow and enhanced productivity has also encouraged FSM
adoption, coupled with the increased usage of FSM to assist workers in the
field or site, to improve collaboration and efficiency.
Companies
involved in FSM develop and publish software designed to help dispatching and
tracking of field service technicians. The dissemination of appropriate data to
these professionals helps them track inventory and help automate fleet dispatch
assignments.
Additionally,
increasing demand for improved services among customers has motivated and
encouraged various businesses across the world to adopt FSM. This also helps
companies to gain leverage in customer relationship.
Companies
are also able to offer real-time solutions to meet customer requirements via
FSM.FSM plays a crucial role in augmenting and optimizing the organization’s
productivity and resources as well.
In the world
of dynamic customer demands, the service industry must be capable of
functioning in vibrant business situations. Increased investments in automation
and optimization of processes are likely to enable companies to reach their
goals.
FSM also
helps address customer demands in a better way while reducing operational and
overhead costs. Various other factors such as improper management of inventory
increased inventory cycle time, increased holding cost, increased ordering cost
and incorrect information about the stock further increase the cost of business
operations.
FSM helps to
fortify the functionality of the service industry while improving overall
profitability. It also aids in the minimizing overall field operational costs.
The software helps companies to leverage optimized solutions by providing
real-time access to critical and important information for better job dispatch,
job views, customer queries, which helps employees perform various tasks with
agility.
With the
advent of cloud, big data, and advanced analytics technology, the continuous
technological advancement supports the integration of mobility and cloud to
FSM. Vendors are also able to provide superior solutions, further enabling
organizations to improve their performance in a cost effective way.
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Numerous
third-party and cloud technology service providers offer an enhanced level of
field service solutions. It caters to the needs of small, medium and large
enterprises.
The
permeating presence of tablets and smartphones are playing a crucial role in
the growth of the global industry.FSM solutions are also compatible with next
generation smartphone operating systems, further boosting their importance
across the competitive landscape.
Recently,
legacy systems such as enterprise resource planning (ERP), customer
relationship management (CRM), supplier relationship management (SRM) have
gained an advantage owing to their ideal solutions.
Legacy
systems occupied the highest market share in recent years; however,
transitioning business environments and technological breakthroughs have proved
the failure of these systems in modernized business models.
Legacy
systems have mostly failed to cater to particular customer demands specifically
in the areas of service operations, and job scheduling, which has led to the
adoption of collaboration led surfacing and FSM solutions.
This trend
is expected to continue over the upcoming years on account of increased
adoption of FSM by SMBs and large enterprises. There has been significant
investment in the FSM market on account of several benefits.
FSM is
expected to offer a different innovative solution with the machine to machine
(M2M) integrated connectivity. Business analytics is the main component of this
package, providing improved productivity with the real-time computer repair
&connectivity.
The key
drivers identified for the growth in this market include an escalating demand
for enhanced productivity, improved customer satisfaction, and mounting field
service operation costs.
However,
significant restraints that may pose a challenge to the market growth include a
lack of awareness regarding field service solutions. Numerous companies are
adopting FSM solutions but at a very slow pace.
The global
FSM market is segmented by solution, deployment, applications, end-use
industries and regions. The solutions segment is further classified into the
schedule and dispatch, work order management, mobile field execution, customer
management, reporting, billing and invoicing, tracking, performance management
and inventory management.
The
deployment segment is further categorized into the cloud and on – premises
technology.Primary applications include large enterprises and SMBs.
Several
end-use industries utilize this technology, including the oil and gas sector,
construction, home and residential services, manufacturing, energy and
utilities, transportation, security and alarm, healthcare and others.
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