Global Field Service Management Market to Hit Sales of $8.01 billion by 2028 | M&A Remains Top Priority to Expand Customer Base

Westford, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- An important part of any company's operations is its customer service department. This department oversees the handling of customer issues, from inquiries and complaints to product replacements and refunds. By automating many of these processes and integrating various technologies, companies have been able to improve the customer experience and grow their sales.

In the global field service management market, SkyQuest's research highlights field service management (FSM) solutions can help automate different aspects of this process, from data entry to routing and communication with customers. This can improve efficiency and accuracy, reducing the amount of time needed to handle individual cases. Additionally, it can help avoid potential errors or misunderstandings that could lead to negative interactions between customers and employees.

Among employers, the telecommunications and technology sectors are particularly keen on FSM due to the increasing number of customer support interactions required by these industries. In addition, many hospitals and health care organizations are also finding FSM to be an advantageous tool in optimizing patient care.

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The growth in this market can be attributed to three main factors:

First, as companies in the global field service management market become increasingly reliant on service-enabled products and services, they are looking for better ways to manage their field operations. Second, the increasing digitization of business processes has made remote service management more important, as it enables companies to work from anywhere in the world. And finally, an expanding pool of cloud-based tools and platforms makes it easier for organizations to deploy FSM solutions.

SkyQuest report on field service management market would help market participant in tracking market analysis, market dynamics, forecast, growth opportunities, trends, challenges, M&A activities, company profiles, competitive landscape, market share analysis, pricing analysis, consumers data analysis, clientele of major players, among others.

SkyQuest Survey Revealed Start-Ups are Facing Challenges due to Lack of Tools & Resources in the Field Service Management Market

A survey on field service management has been conducted by SkyQuest. The survey has been divided into three parts, customer satisfaction, coordination and communication, challenges, and team work.

Nearly half (46%) of the respondents in the global field service management market survey who started their own field services said that they have had to face difficulties in obtaining essential tools and resources such as software, databases, etc. This is mainly because these companies don't have enough money to purchase them outright or they can't afford to employ someone full-time to manage procurement effectively. This highlights the importance of early planning and ensuring that all essential tools and resources are available right from the start.

Following are some of the key findings in the global field service management market:

  • Out of the respondents, a majority (57%) reported being satisfied with the coordination and communication part of the field service management system.
  • The customer satisfaction percentage was marginally higher for the team work part (58%), which indicates that teams are working well together.
  • On the other hand, only 43% said they were satisfied with the customer satisfaction part of the system.
  • FSM is a complex process that requires a multidisciplinary team: 73% of respondents said that FSM requires a multidisciplinary team in order to be successful.
  • There are many steps in FSM: 54% of respondents reported that there are many steps in FSM, with tasks such as intake, planning, coordination, execution, and review being common steps.
  • FSM is time-consuming: 49% of respondents said that FSM is time-consuming, with respondents citing hours spent on tasks such as intake, planning, coordination

For a detailed understanding about the global field service management market and its segmentation,

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M&A Remained the Key Strategy for Players in Global Field Service Management Market to Expand their operations

Following are Some of the Excerpts from SkyQuest Study:

  • In August 2022, Mix Telematics announced to acquire Trimble's Field Service Management's (FSM) business. However, the acquisition is subject to meet the customary closing condition. The company is aiming to add over 40,000 scribers to its consumer base after the acquisition is successfully completed.
  • In August 2022, Service Max started providing communication, mobile, and data capture capabilities to its portfolio.
  • In August 2022, Lenovo and CareAR entered Singed collaboration agreement to improve service experience management (SXM) for providing 3D XR solution
  • In August 2022, BigChange, emerging player in field service management market, announced that it has signed over 200 customers and secured contract worth more than $16.45 million across multiple industries in the first of 2022. Currently, the company is catering its service to over 1,900 organizations.
  • In August 2022, Xplor Technologies announced to acquire Enterprise Selling Solutions LLC. This deal will the help the company to produce accurate, quick, professional work proposals to protect their future revenue opportunities.
  • In August 2022, Diabsolut Acquired Emelar Consulting Group, expert in Salesforce Field Service and CPQ. This acquisition would help the company in expanding its operation in field services and strengthen in position in the same domain across global field service management market.
  • In April 2022, Dispatch, 3rd party provider of field services, acquired Youreka to creat flexible solution can help in meeting the growing demand for field services
  • In November 2021, SimPRO succeed in raising over $350 million through a funding round organized by K1 Investment management. The company also announced acquisition of 2 software companies namely ClockShark LLC (US) and AroFlo Innovations Pty Ltd. (Australia) that would achieve its goal and expand market reach. Currently, the company is catering its services to more than 5,500 organization and provide services to their over 200,000 customers. Collectively, these three companies would cater to over 17,000 companies and over 350,000 customers.

SkyQuest has tracked over 100 recent developments by players active in the global field service management market. This will help you in getting better understanding about what is happening across the global market and target potential growth opportunity.

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Major Players in Global Field Service Management Market

  • Microsoft (US)
  • SAP (Germany)
  • ServiceMax, Inc. (U.S.)
  • Oracle Corporation (U.S.)
  • IFS AB (Sweden)
  • Salesforce Inc (US)
  • PRAXEDO (France)
  • Infor, Inc. (U.S.)
  • Comarch SA (Poland)
  • OverIT S.p.A. (Italy)
  • FieldAware Group Ltd. (U.S.)

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