In a recent report published by the Transparency Market Research on the global field service management market states that the market is projected to experience a healthy growth in the forthcoming years. The report provides detailed analysis on this market including the revenue generation that is expected to be close by US$ 8.5 billion by the end of 2025. The market is also projected to progress at 14.1% CAGR during the period of eight years from 2017 to 2025. Thus, analysis states that the global field service management market has huge growth potential in the near future.
Witnessing this high growth potential, the players in the global field service management market started exploring their avenues that will help them strengthening their position in the market. Currently, handful players are holding larger share in the market and making significant efforts to establish themselves strongly among their competitors. However, entry of new players providing filed services management solutions are expected to increase the competition among the players in the next few years.
These players will offer advanced and innovative facilities to attract larger number of customers that will help them in generating a strong customer base. For example, AsteaInternational Inc. recently partnered with Baxter Planning to integrate its service parts planning software into the AsteaAlliance Enterprise field service management and mobility platform. This will help the company to offer complex, and large service organizations at a reduced total inventory carrying costs.It will also assist the company to attract huge customer base.
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Based on the company analysis, Asia Pacific is considered a prominent region that will further expand the growth of field service management in the coming years. Large scale industrialization and growing e-commerce in countries including India and China has made this region the global field service management market. Growing number of technology users in the region has further supported the growth of the field service management market. These two countries are considered to be the leading the region and highly profitable market for the players, thus driving the growth in the field service management market.
North America on the other hand, is highly likely to hold significant share in the market due to strong presence of leading players and high adoption of such software across many verticals. Additionally, smart and strong communication and internet infrastructure has further made North America a key region for the growth of field service management solutions.