APAC Field Service Management Market 2021: Customer Demand for

On Nov 19, 2021

DUBLIN, November 19, 2021–(BUSINESS WIRE)–The “Asia Pacific Field Service Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The Asia Pacific field service management market was valued at USD 1,087 million in 2020, and it is expected to reach USD 2,667.3 million by 2026, registering a CAGR of 16.04% during the period 2021-2026.

The field service management (FSM) industry has been witnessing rapid growth over the last few years, lifted by the increasing demand for time and cost-effective solutions. Field service organizations realize that adopting digital technology can play an important role in closing the gap for technician workforce shortages.

Key Highlights

Field service is on an upward trajectory globally, and one region is leading the charge to challenge the US dominance of the industry, Asia-Pacific. The reason for this rapid growth trend is attributed to the fact that the region’s emerging markets (such as India and China) are home to a large number of small and medium-sized enterprises. According to Eurostat, there were estimated to be approximately 131.88 million SMEs in APAC (Asia-Pacific) in 2020, slightly more than in 2019 when there were 131.11 million.
The continued increase in the number of these enterprises leads to a sympathetic increase in the competition. This, in turn, drives the introduction of new innovative technology, such as automation for various business processes such as job scheduling, billing and invoicing, and service delivery. There is also an increasing demand to increase productivity and reduce operating costs. The emergence of new technologies such as IoT and mixed labor models are promoting market growth.
According to TSIA’s State of Field Services report, one of the top business challenges for field service organizations in 2020 was dealing with parts and logistics. In Asia-Pacific, SuiteCommerce is a demanding scalable business solution pre-integrated into NetSuite, including order management, customers, and an advanced customer center solution for My Account. Field service companies tend to use this software to sell their products via the website, both direct to consumer and direct to business.

Key Market Trends

India is expected to have a dominant share in the market

India is one of the significant markets for field service management solutions, cloud, and AI. The growing cloud and AI adoption among SMEs and increasing investments by all the end-users in AI technology are significant factors driving the market. According to the survey conducted by Yotta in 2020 stated that 37% of Indian enterprises had their digital infrastructure located in the cloud and estimated that by 2022, more than 60% of the infrastructure would be adopted through the cloud. Further, the market’s growth in automation, machine-to-machine communication, cloud manufacturing, and cloud AI directly creates the need for field service…