Field service management market to grow
October 29, 2008
The worldwide market for field service management (FSM) solutions is expected to grow at a compound annual growth rate (CAGR) of 7.8% over the next five years, says a study from the ARC Advisory Group. The market was valued at $364.6 million in 2007 and is forecasted to reach $532 million in 2012.A number of publicly traded, best-of-breed FSM suppliers have been reporting strong revenue growth over the last few years. The FSM revenues of these suppliers registered a CAGR of 17% for the 2004-2007 period. Solid growth will continue and is expected to be driven largely by an increase in maintenance outsourcing and OEM post-sales service to asset-intensive manufacturers.
Novel technologies, such as mobile wireless, geographic information systems and remote asset monitoring, are expected to stimulate growth in the FSM market. In addition, FSM software has enabled service organizations to more effectively administer the complexities associated with managing an overabundance of information and a large, often geographically dispersed workforce.
For more information on the study, Field Service Management Solutions Worldwide Outlook, visit www.arcweb.com.