North American mobile field service management market to surpass US$4B by 2025
by CM Staff
Increasing migration towards cloud-based field service management solutions presents immense growth prospects finds Frost & Sullivan
SANTA CLARA, Calif. — Frost & Sullivan’s recent analysis, North American Mobile Field Service Management Market Continues to Offer Expansion Opportunities: Forecast to 2025, reveals that the mobile field service management (FSM) market in North America is expected to surpass US$4 billion by 2025, exhibiting a compound annual growth rate of 17.4%.
FSM’s mobility component continues to spur market adoption by expanding its addressable market and introducing new cutting-edge technologies and partnerships to the FSM ecosystem. Although user growth is expected to slow down due to COVID-19, it is likely to recover by 2022 and witness more than two-fold growth.
“Mobilized FSM solutions enable remote service workers to receive and transmit work-related information and guidance on a real-time basis,” said Jeanine Sterling, information & communication technologies industry director at Frost & Sullivan, in a prepared statement. “Going forward, we expect these solutions to continue to produce impressive hard-dollar results by improving field response times, reducing paperwork, decreasing labor expenses, expediting cash flow, and increasing new sales leads.”
Sterling added: “Users of mobilized FSM solutions are demonstrating an increasing level of interest in cutting-edge technologies as they can offer a differential advantage in highly competitive sectors. For example, the escalating deployment of machine learning and artificial intelligence in the FSM space alongside the integration of mobile FSM solutions with Internet of Things platforms enabling a more proactive and highly-valued approach to both machine maintenance and technician workflows.”
Customers’ increasing migration towards cloud-based FSM solutions versus purchasing on-premise offerings presents immense growth prospects for mobile FSM solutions providers.
- Vertical-specific solutions will create new revenue streams for FSM solutions providers and their channels.
- High-powered, low-latency 5G networks can pave the way to a new level of FSM apps and capabilities.
- Sharpening predictive and proactive field service capabilities will optimize the service experience and increase profitability.
- Implementing high-touch post-sale communications strategies will uncover and capture incremental sales opportunities.
- Optimizing FSM solution integration will enhance customer satisfaction, expedite service response intervals, and increase profits.