DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Field Service Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific field service management market was valued at USD 1,087 million in 2020, and it is expected to reach USD 2,667.3 million by 2026, registering a CAGR of 16.04% during the period 2021-2026.
The field service management (FSM) industry has been witnessing rapid growth over the last few years, lifted by the increasing demand for time and cost-effective solutions. Field service organizations realize that adopting digital technology can play an important role in closing the gap for technician workforce shortages.
Key Highlights
- Field service is on an upward trajectory globally, and one region is leading the charge to challenge the US dominance of the industry, Asia-Pacific. The reason for this rapid growth trend is attributed to the fact that the region’s emerging markets (such as India and China) are home to a large number of small and medium-sized enterprises. According to Eurostat, there were estimated to be approximately 131.88 million SMEs in APAC (Asia-Pacific) in 2020, slightly more than in 2019 when there were 131.11 million.
- The continued increase in the number of these enterprises leads to a sympathetic increase in the competition. This, in turn, drives the introduction of new innovative technology, such as automation for various business processes such as job scheduling, billing and invoicing, and service delivery. There is also an increasing demand to increase productivity and reduce operating costs. The emergence of new technologies such as IoT and mixed labor models are promoting market growth.
- According to TSIA’s State of Field Services report, one of the top business challenges for field service organizations in 2020 was dealing with parts and logistics. In Asia-Pacific, SuiteCommerce is a demanding scalable business solution pre-integrated into NetSuite, including order management, customers, and an advanced customer center solution for My Account. Field service companies tend to use this software to sell their products via the website, both direct to consumer and direct to business.
Key Market Trends
India is expected to have a dominant share in the market
- India is one of the significant markets for field service management solutions, cloud, and AI. The growing cloud and AI adoption among SMEs and increasing investments by all the end-users in AI technology are significant factors driving the market. According to the survey conducted by Yotta in 2020 stated that 37% of Indian enterprises had their digital infrastructure located in the cloud and estimated that by 2022, more than 60% of the infrastructure would be adopted through the cloud. Further, the market’s growth in automation, machine-to-machine communication, cloud manufacturing, and cloud AI directly creates the need for field service management platforms. Therefore, driving the need for FSM solutions.
- The region is expected to witness growth, owing to the investments of small and medium organizations. SMEs are investing to increase the adoption of cloud-based and technologically advanced solutions for field service management. India provides significant growth opportunities in the region.
- For instance, according to recent data from the Ministry of Micro, Small, and Medium Enterprises, India has 50 million MSMEs that make it among the world’s largest MSMEs. Given that the government and MSMEs are relying on scalable IT systems and solutions, it is understandable that they would want to shift their processes and sensitive information to the cloud.
- Moreover, the FSM market has a vast scope in India, mainly due to large-scale industrialization. The country is expected to exhibit steady growth in the field service management market with enhanced geographic zones and a high client base. The increase in the number of technology users in the country further propels the growth of the field service management market.
Competitive Landscape
Asia Pacific Field Service Management Market studied is moderately competitive, with a considerable number of regional and global players. The primary strategies adopted by these firms include expansions, product innovations, and mergers and acquisitions. The principal players dominating the market are Salesforce.Com, Microsoft Corporation, IFS AB, Trimble Inc, and Oracle Corporation.
Companies Mentioned
- Salesforce.Com Inc.
- Microsoft Corporation
- IFS AB
- GMS Development GmbH
- Trimble Inc.
- Oracle Corporation
- SAP SE
- Infor Inc.
- Verizon Connect
- Innosoft GmbH
Key Topics Covered:
MARKET INSIGHTS
- Market Overview
- Industry Attractiveness – Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Consumers
- Threat of New Entrants
- Threat of Substitute Products
- Intensity of Competitive Rivalry
- Analysis of the Major FSM Use-cases – Global and APAC
MARKET DYNAMICS
- Market Drivers
- Customer Demand for Quicker Response Time enabling FMS Companies to Invest in New Technologies
- Implementation/Integration Issues and Licensing Costs (Cost and ROI challenges)
- Assessment of the Impact of COVID-19 on the Market
MARKET SEGMENTATION
For more information about this report visit https://www.researchandmarkets.com/r/2mfw63
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