CHICAGO, UNITED STATES, July 8, 2022 – The growing need to track field activities, increasing demand for real-time visibility leading to faster mobility, and increasing acceptance of IoT are a few of the significant factors driving the market revenue growth of field service management.
According to the reports by Reports and Data, the global field service management (FSM) market size is set to cross the colossal $174 billion mark in 2030, recording revenue of 17% CAGR during the forecast period. The critical factor behind market revenue growth is the rising demand for mobility allowing real-time visibility.
Monitoring the activities of field service technicians is expected to send immediate alerts to the nearest technicians to resolve the task. Rather than visiting the location, technicians can use FSM software to inform the team about new development on the site remotely. At the same time, customers track technicians’ activities through the FSM application installed on their smartphones. FSM software like Talygen can benefit customers by faster delivery of services, which will ultimately lead to their rapid adoption, thus driving the market growth.
Field service companies are identifying the need to make the most available resources for business growth and that field technicians/ workers perform assigned tasks correctly. However, field service companies find it a bit trivial, as they can’t track the live-work location due to their physical unavailability at the job site. By implementing Talygen, one of the best field service management software, comprising asset management, CRM, and other handy modules for organizations, maximum productivity can be achieved easily among field service providers.
Implementing a Software-as-a-Service (SaaS) over obsolete on-premise software is predicted to grow exponentially during the forecast period. Businesses are fast transitioning to the best field service software as the cloud market keeps growing. This solution focuses on reducing the endless workload of the IT department while allowing third-party service providers to deliver maintenance and support to their customers.
Key Takeaways from the Report
· Companies offering FSM software are predicated on earning rapid revenue growth in the future. This is because FSM solutions enable companies to use their resources effectively by providing a shared platform.
· FSM software also helps businesses minimize warranty costs and improve cash flow for maximum productivity. As a result, more companies will be adopting this technology shortly, thus increasing revenue.
· Field service optimization is increasing the utilization of IoT, including utilities and energy, AR/VR in field-based sectors, oil & gas, manufacturing, and construction & real estate. Consequently, demand for FSM software is on a constant rise.
· The on-premise section is anticipated to contribute the largest revenue share in the international FSM market during the estimated period. The reason behind it is its flexibility and security when collecting data.
· Field service businesses employ on-premise FSM software to retain control over customer and company information since they have to deal with the sensitive company and customer data.
In conclusion, every aspect of the field service management market is qualitatively and quantitatively evaluated to study the regional and global markets. The market study mentioned above provides well-researched informational and actual data about the market, providing a thorough statistical analysis based on market limitations, market drivers, and future predictions.
Talygen offers comprehensive FSM software for your on-location tasks and projects. With its rich capabilities, an FSM business can easily manage its work orders, automate field operations and activity tracking, and manage the location, track time, and assets efficiently.
For more information on the benefits of Talygen’s field service management software, click here and give your business a chance to grow!
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