LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global field service management (FSM) software market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
“Enterprises of all sizes are deploying SaaS-based solutions as it is economical, can be accessed from anywhere and provides all functionalities at the lowest total cost of ownership.”
The research study covers the present scenario and growth prospects of the global FSM software market for 2016-2020. In this report, Technavio estimates the market size and forecast of the global FSM software market across segments such as deployment model, end-user, and geography.
The growth of the global FSM software market is driven by factors such as the growing technological developments in the field of cloud, analytics, and mobile technologies. This supports the integration of mobility and cloud to FSM solutions. Integration of FSM solutions with technologies such as mobile wireless, geographic information systems (GIS), and remote asset monitoring are expected to further stimulate the growth of the market.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global FSM software market:
- Increased demand for SaaS-based FSM solutions
- Increased need to control and reduce service cost
- Increased need to drive workforce productivity
Increased demand for SaaS-based FSM solutions
With the rise of cloud computing in the global FSM market, many enterprises are opting to host their software solutions off-site. For these enterprises, switching to a cloud-based SaaS model eases the burden on IT departments and allows external service providers to provide support and maintenance to their users.
Ishmeet Kaur, a lead enterprise application research analyst at Technavio, says, “Enterprises of all sizes are deploying SaaS-based solutions as it is economical, can be accessed from anywhere and provides all functionalities at the lowest total cost of ownership.”
Increased need to control and reduce service cost
One of the biggest threats faced by large enterprises in running a business is controlling operating costs and overheads. The quality of customer service has become an increasingly important criterion for enterprises to differentiate themselves in the market. Therefore, large enterprises are focusing excelling in delivering services and retaining customers.
“FSM solution helps enterprises to streamline their workflow as it gives a real-time view into the work status of the employees in the field, enabling the enterprises to allocate assets accordingly,” adds Ishmeet.
Increased need to drive workforce productivity
With the constant pressure on enterprises to maintain profit margins and gain a competitive advantage in the market, tracking of field resources has become very critical. Enterprises are giving prominence to the adoption of FSM solutions because it helps streamline business processes and improve workforce productivity, without increasing the size of the field-based workforce.
Field service management helps enterprises to place the right person on the job to resolve the issues faster, boost employee productivity, and customer satisfaction. FSM solutions systematically prioritize and schedule work processes. In addition, it reduces the scheduling lag, speeds up collaboration between processes, and thus increases workforce productivity.
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