The Asia Pacific Field Service Management Market would witness market growth of 13.2% CAGR during the forecast period (2021-2027).
Field service management (FSM) solutions are capable of integrating billing, distribution, accounting, and service processes that can facilitate companies to gain the highest efficiency in their field services. There are many advantages of adopting field service management solutions such as real-time communication of work orders & status, customer information & service history, and work monitoring. Moreover, these solutions are becoming highly popular across several providers, specifically with the practice of offering field service through third-party and contractors’ agents.
APAC would emerge as one of the leading regions of the field service management market. Factors such as the presence of a large number of SMEs that are directly involved with the growth and deployment of field services and their management solutions. One of the biggest eCommerce markets in the world is China. The booming eCommerce market is majorly propelling the adoption of FMS solutions. With the increasing number of new retails is transitioning towards a novel concept to the mass market sector, the requirement and demand for field service management solutions would also increase.
Due to the massive industrialization in the Indian market, the field service management market is expected to witness a wide adoption rate in this country. The country would display constant growth in the field service management market with improved geographic zones and a large customer base. The growth & demand for the field service management market is directly proportional to the surge in the number of technology users in the country.
In December 2019, India hosted the Field Service Management Summit which included topics like skills, technology, and change management policies needed to fulfill the growing complexities of the field service touchpoint, future of IoT in field service management, resolving the limitations in third-party workforce management & third billing, enhancing first-time fix rates to obtain increased customer satisfaction and profiles. Japanese service organizations have prepared a plan to begin particular changes with the business transformation years following the United States.
In January 2020, Accenture in Japan is willing to bring digital transformation by following the footsteps of a parts-maker in Europe that has been very efficient in the integration of SaaS platforms, cloud applications, artificial intelligence (AI), and connected devices. By achieving digital transformation, the parts-maker was capable to link all aspects of its field service management like dispatch repair, central operations, predictive maintenance, and other activities.
Field service management for manufacturing firms including manufacturers from South East Asia is growing in this region, thereby boosting the growth of the regional market. Presently, it is an extremely crucial sector for the region with China's increasing wages, stringent norms, and trade wars encouraging some organizations to shift their manufacturing units to South East Asia. The companies are using field service management (FSM) solutions that utilize predictive maintenance or IoT to obtain work activities and locate an ideal field technician in real-time to be on-site to carry out the work activity.
The China market dominated the Asia Pacific Hosted Field Service Management Market by Country 2020, thereby, achieving a market value of $246.2 million by 2027. The Japan market is exhibiting a CAGR of 14% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 15.4% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated across Schedule, Dispatch, & Route Optimization, Work Order Management, Inventory Management, Customer Management, Reporting & Analytics and Others. Based on Deployment Type, the market is segmented into On-premise and Hosted. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into Manufacturing, Transportation & Logistics, Construction & Real Estate, Healthcare, Telecom & IT, Energy & Utilities and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Field Service Management Market is Projected to reach USD 7 Billion by 2027, at a CAGR of 11.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Salesforce.com, Inc., Tata Consultancy Services Ltd., Tech Mahindra Limited, Trimble, Inc., Comarch SA, and Infor, Inc. (Koch Industries).
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