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Field Service Management Market
Field Service Management Market
The global Field Service Management Market is predicted to expand at a rate of 11.6% over the forecast period. The accelerating number of field operations across several end-use industries such as oil & gas, construction, energy & utilities, and telecom has paved the way for market growth.
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Field Service Management Market Dynamics
The field service management industry has experienced a significant growth over the last few years, buoyed by the augmenting demand for cost and time-efficient solutions. In addition, the inclination towards software-as-a-service over the conventional on premise software is likely to increase substantially, aided by the surging demand for high-speed and enhanced services. With the growing deployment of cloud computing in the field service management market, several solutions are switching to cloud-based FSM solutions. Rapid digitalization and the growing adoption of automation in the field service guided by the growing demand for real-time visibility of field operations to oblige customers effectively is another major factor propelling the market share. The growing deployment of the mobile devices in the organization will strengthen the market size. This is because mobile phone devices support field service management solutions and offer real-time connectivity to the distant workers that provide efficient administration and management of distributed workers.
With the advent of fourth industrial revolution, the manufacturing industries have adopted the Industrial Internet of Things for new services. As per the report published by IBM, a production site can produce over 2200 Tb of data in one month and still most data go unanalysed. The increasing application of artificial intelligence and the Internet of Things technology in utility and energy industries to assess risks, enhance equipment operation, and address them in real time will supplement the market growth. However, with the increasing digitalization, the risk of various cyberattacks has increased. The technician bring mobile phone to job sites which in unprotected from attack, primarily if mobile phones are connected to an unsafe Wi-Fi network.
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