Cloud Field Service Management Market worth 2,254.5 Million USD by 2022 Report by Marketsandmarkets

The cloud Field Service Management market size accounted for USD 903.7 Million in 2016 and is projected to reach USD 2,254.5 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period.

(EMAILWIRE.COM, November 28, 2018 ) According to new market research report "Cloud Field Service Management Market by Solution (Mobile Field Service Management, Scheduling and Dispatch), Service, Organization Size, Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Vertical, and Region - Global Forecast to 2022", The cloud FSM market size is expected to grow from USD 1,013.2 Million in 2017 to USD 2,254.5 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 17.3%.

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The cloud Field Service Management market has been segmented on the basis of types, organization size, deployment models, verticals, and regions. The mobile FSM solution is expected to grow at the highest CAGR during the forecast period, and the scheduling and dispatch solution is estimated to have the largest market size in 2017 in the cloud FSM market. Adoption of cloud services among the Small and Medium-sized Enterprises (SMEs) segment has become an essential part of the business processes, due to the ease of use and flexibility offered by cloud services. The adoption trend is expected to continue in the coming years.

The public cloud deployment model is estimated to have the largest market share in 2017. With the help of cloud FSM solutions, enterprises are developing new and better ways to enhance the operational benefits, while reducing the overall costs. Lower costs and greater efficiency, and the growing adoption of Internet of Things (IoT) are driving the demand for cloud FSM solutions. The enterprises that are adopting cloud FSM solutions are also increasingly inclined toward deploying cloud-based solutions to run their other critical business functions, including finance, Human Resources (HR), operations, and logistics.

North America is estimated to have the largest market share in 2017, whereas the Asia Pacific (APAC) region is projected to grow at the highest CAGR during the forecast period in the cloud FSM market. The increasing need for efficient computing frameworks and the shifting of the workloads to the cloud environment are driving the growth of the cloud FSM market, globally.

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The adoption of cloud FSM is increasing in the market, owing to the growing adoption of cloud-based services and the emergence of IoT. However, enterprises face some obstacles while adopting cloud FSM, due to the lack of awareness about cloud FSM solutions and the concerns related to regulatory compliance.

The major vendors providing cloud FSM solutions are Industrial and Financial Systems (IFS) AB (Sweden, Europe), ServiceNow, Inc. (California, US), Salesforce.com, Inc. (California, US), SAP SE (Germany, Europe), Oracle Corporation (California, US), International Business Machines (IBM) Corporation (New York, US), ServicePower Technologies plc (Cheshire, UK), ClickSoftware Technologies Ltd. (Massachusetts, US), ServiceMax, Inc. (California, US), Acumatica, Inc. (Washington, US), Microsoft Corporation (Washington, US), and Astea International Inc. (Pennsylvania, US). These players have adopted various strategies, such as new product developments, mergers and acquisitions, collaborations, and partnerships, to expand their presence in the global cloud Field Service Management market.