Cloud Field Service Management Market: Moving Towards a Brighter Future
Technological improvements are providing opportunities to enhance productivity and improve customer experiences by managing inventories and other field related operations. Field service management (FSM) solutions make efficient use of a company’s historical data and offer the necessary trends and patterns to improve customer services. FSM services extend superior customer services into the field and provide operational efficiency even in complex organizations. Cloud-based field service management solutions provide timely updates and have reporting features that allow field service officials to work efficiently. Increased adoption of cloud and SaaS in FSM is contributing significantly to the growth of the cloud field service management market. In addition, demand for highly automated solutions are creating opportunities for the growth of cloud field service management. Various business organizations are determining the value that FSM software can bring to the organization for its employees, shareholders, and customers. Cloud based FSM ensures all the information is processed seamlessly and increases the efficiency of businesses by improving collaborations.
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There is increasing demand to increase productivity and reduce operating costs. Players are adopting FSM solutions to enhance customer experience, with customer demands and the logistics of managing field teams continuing to increase in complexity. Furthermore, companies are focusing on offering enhanced customer experience and engagement. To achieve this, companies are deploying FSM solutions and are providing efficient customer services and a competitive edge to other players. Moreover, emergence of new technologies such as IoT and mixed labor models are promoting the market growth. Thus, increasing demand to enhance productivity and advent of various technologies are anticipated to drive the market growth during the forecast period.
Strict regulations concerning the Federal Information Security Management Act (FISMA), and Payment Card Industry Data Security Standard (PCI-DSS) and others are limiting the market growth. Moreover, integration of the existing systems with cloud field service management solutions is a major challenge. Lack of awareness about cloud field service management solutions is also anticipated to restrain the market growth during the forecast period.
The market for cloud field service management can be segmented on the basis of component, enterprise size, deployment model, end use vertical, and geography On the basis of deployment model, the market can be segmented into public, private cloud, and hybrid cloud. On the basis of enterprise size, the market can be segmented into large enterprises and small and medium-sized enterprises. On the basis of component, the market can be segmented into solution and services. Solutions provided by cloud field service management providers include work order management, mobile field service management, reporting and analytics, service project management, scheduling and dispatch inventory management and others. Services can be further sub-segmented into consulting, integration, and maintenance. On the basis of end-use vertical, the market can be segmented into transportation and logistics, manufacturing, construction, energy and utilities, IT & telecommunication, healthcare, retail and consumer goods, banking, financial services, and insurance (BFSI) and others. Geographical segmentation of the cloud field service management market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. North America is expected to contribute prominently to the market due to various factors such as advanced IT infrastructure, the existence of a large number of enterprises, and the availability of technical expertise.
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Key players operating in the cloud field service management market includes Acumatica, Inc., Astea International Inc., Clicksoftware Technologies Ltd., FieldAware, Industrial And Financial Systems AB, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.Com, Inc., SAP Se, Servicemax, Inc., Servicenow, Inc., and ServicePower Technologies Plc. These companies are adopting various strategies such as product innovation, mergers & acquisitions, partnerships and collaborations, etc. in order to gain competitive advantage in the market.
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