Global Service Management Market Size By Deployment (On-Premise, Cloud), By Enterprise (Small And Medium Enterprises, Large Enterprises), By Solution (Mobile Field Execution, Service Contract Management, Warranty Management), By Application (Energy And Utilities, Telecom, Manufacturing, Healthcare), By Geographic Scope And Forecast
Report ID: 86862|No. of Pages: 202
Global Service Management Market Size By Deployment (On-Premise, Cloud), By Enterprise (Small And Medium Enterprises, Large Enterprises), By Solution (Mobile Field Execution, Service Contract Management, Warranty Management), By Application (Energy And Utilities, Telecom, Manufacturing, Healthcare), By Geographic Scope And Forecast
Service Management Market Size And Forecast
Service Management Market size was valued at USD 5,750.09 Million in 2022 and is projected to reach USD 21,453.1 Million by 2030, growing at a CAGR of 12.79% from 2023 to 2030.
Extending wireless communication network infrastructure, growing industry desire for enterprise mobility solutions, and increasing relevance of transparency in field operations are the main drivers fuelling the growth of the Service Management Market. The Global Service Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Service Management Market Definition
An automated system known as a service management solution streamlines all the procedures related to field operations. Using field service software, service providers register the orders, send the appropriate agent to the best work site, and track the vehicles. Accessibility to client information from any location, a reduction in operational costs and fuel costs, control of a mobile workforce, increased productivity, and increased customer satisfaction are just a few of the major benefits of Service Management.
Service management is a powerful technology that combines billing, accounting, distribution, and service operations to assist businesses to provide field services as efficiently as possible. Real-time communication of work orders and progress, task tracking, client information, and service histories are just a few benefits that a service management solution may provide. The two types of businesses that use service management the most are small and large businesses. They have numerous uses in inventory management, service contract management, workforce management, warranty management, and mobile field execution.
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Global Service Management Market Overview
Extending wireless communication network infrastructure, growing industry desire for enterprise mobility solutions, and increasing relevance of transparency in field operations are the main drivers fueling the growth of the Service Management Market. The rising preference to eliminate paper-based processes in field service operations, the growing focus on improving field service productivity through automation, and the ongoing emphasis on integrating technicians, customers, and technology to boost business productivity are the key factors driving the growth of the global Service Management Market. The growing trend of outsourcing field service operations and the availability of software as a service (SaaS) subscription-based service management solutions are likely to fuel the expansion of the global Service Management Market at the level of small and medium-sized companies (SMEs).
The market’s expansion will be hampered by a number of obstacles and hurdles. The market’s growth is expected to be hampered by factors such as a shortage of competent labor to operate management systems. Additionally, the complexity of converting to a service management system, the high cost of implementation, and the lack of knowledge are potential roadblocks to the market’s overall expansion. Nevertheless, attractive growth opportunities are provided by technological advancements, the incorporation of cutting-edge technologies like AI, AR, and VR, and the expansion in IoT use, which drives the acceptance of cloud-based service management.
Global Service Management Market Segmentation Analysis
The Global Service Management Market is Segmented on the basis of Deployment, Enterprise, Solution, Application, and Geography.
Service Management Market, By Deployment
- On-premise
- Cloud
Based on Deployment, The market is bifurcated into On-premise and Cloud. The market share that belongs to cloud deployment is the largest. Since the use of cloud services leads to improved work process efficiency and more storage capacity, industries are gradually shifting their storage from on-premise to the cloud. The segment’s expansion is also anticipated to be fueled by additional advantages including cost-effectiveness and lowering operating expenses.
Service Management Market, By Enterprise
- Small & Medium Enterprises
- Large Enterprises
Based on Enterprise, The market is segmented into Small & Medium Enterprises and Large Enterprises. During the projection period, the segment of large enterprises will hold the largest market share. Due to their extensive staff, large businesses are making extensive use of the software. It helps in keeping track of employee information, performance metrics, subcontracting, and contract extensions.
Service Management Market, By Solution
- Mobile Field Execution
- Service Contract Management
- Warranty Management
- Workforce Management
- Others
Based on Solution, The market is bifurcated into Mobile Field Execution, Service Contract Management, Warranty Management, Workforce Management, and Others. During the anticipated period, the Workforce Management solution segment will hold the greatest market share. Increased cash flow, reduced revenue leakage, and faster, higher-quality service delivery are all aspects that can be ascribed. Clients can automate the workflow process for customer support and increase worker profitability and productivity by using the workforce management system. The management of work orders, customer information, job assignments, and service history is made easier by this solution for office personnel, field service agents, and call center executives.
Service Management Market, By Application
- Energy & Utilities
- Telecom
- Manufacturing
- Healthcare
- BFSI
- Others
Based on Application, The market is bifurcated into Energy & Utilities, Telecom, Manufacturing, Healthcare, BFSI, and Others. The segment for healthcare is anticipated to experience the highest CAGR during the forecast period. The variables that contribute to the more intense competition in the healthcare sector in developing nations increase the need for service management in the sector. During the projection period, the utility sector will hold the greatest market share.
Service Management Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of The World
Based on Geography, The Global Service Management Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The greatest market share belongs to North America, and the highest CAGR is anticipated to be seen in Asia-Pacific during the projection period. The existence of economically and technologically developed nations like the US and Canada, the expansion of end-use industries, rising consumer demand for improved productivity and workflow, and ongoing projects will all drive the market in the North American area.
Key Players
The “Global Service Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP SE, Oracle, SAS Institute, Teradata, Tibco, Adobe, Cisco, IBM, Tableau, and Sisense.
Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Developments
Product Launches and Product Expansions
- In April 2020, ServiceMax expanded its offering of FSM. Aquant’s machine learning engine is used by ServiceMax Remote Triage, a new module for the ServiceMax platform.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | SAP SE, Oracle, SAS Institute, Teradata, Tibco, Adobe, Cisco, IBM, Tableau, and Sisense. |
| SEGMENTS COVERED | By Deployment, By Enterprise, By Solution, By Application, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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Data Collection Matrix
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Econometrics and data visualization model
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The aims of doing primary research are:
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Industry Analysis Matrix
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