The field service management software market is set to grow by USD 3.43 billion, accelerating at a CAGR of over 17%, during the period spanning over 2020-2024. One of the key factors driving growth is the adoption of various pricing strategies by vendors. Vendors are adopting customer-centric pricing strategies to gain an edge in the market. The increasing demand for SaaS-based FSM solutions is a significant trend that will further stimulate market growth. The rising adoption of cloud-based solutions has led several enterprises to deploy their software solutions off-site.
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Parent Market Analysis
Technavio categorizes the global field service management (FSM) software market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies engaged in developing and producing applications and system software. It also includes companies offering database management software. The global application software market covers companies engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. It excludes companies classified in the interactive home entertainment sub-industry, and companies producing systems or database management software classified in the systems software sub-industry. Growth in the global application software market will be driven by the increasing adoption of analytics in enterprises.
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Field Service Management Software Market: Geographic segmentation
The report segments the market by geography: North America, Europe, APAC, MEA, and South America. About 32% of the market's growth will originate from APAC during the forecast period. The rapid expansion of businesses across countries such as India, China, Malaysia, and Thailand and the high penetration of mobile devices and the internet are fueling the market growth. China and Japan are the key markets for field service management software in APAC.
Field Service Management Software Market: Segmentation by Platform
The on-premise segment was leading the market in 2019. On-premise FSM software allows organizations to have complete control over critical data. Besides, vendors that provide on-premise solutions offer installation, data migration, and employee training services during the software implementation. These factors are contributing to the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the field service management software market size.
Field Service Management Software Market: Growth Drivers
The market is driven by the adoption of various business strategies by vendors. The growing competition in the market has compelled many software vendors to adopt customer-centric pricing strategies. This is because customers focus on certain aspects such as ROI, the ability to opt for free models, and constrained IT budgets while investing in software. Hence, vendors are offering SaaS, commercial open-source models, and term licensing models to attract customers. This is expected to foster the growth of the market during the forecast period.
Field Service Management Software Market: Challenges to overcome
Open source FSM software is increasingly gaining popularity across developing countries such as China and India. Many SMEs are exhibiting high adoption of such software due to budget constraints. Besides, several workforce management software vendors are offering free solutions to small businesses, with certain restrictions. These factors will challenge the growth of vendors during the forecast period.
Field Service Management Software Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading field service management software companies, including:
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