(EMAILWIRE.COM, July 19, 2022 ) According to a new market research report “Field Activity Management Market by Component (Solution and Services (Consulting, Integration, and training and support)), Deployment Mode, Organization Size, Vertical (Telecom, Energy and Utilities, and Government) and Region – Global Forecast to 2026” published by MarketsandMarkets, the market size to grow from USD 1.0 billion in 2021 to USD 2.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.4% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Field activity management is the practice of managing field activities, including physical assets, associated workforce, and equipment using software, workflows, and communication solutions. Field activity management solution consolidates and captures the data related to mapping and scheduling, location data, and time and expense tracking under one platform and helps in efficient utilization, visualization, tracking, and management of assets on the field.
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The services to record a higher growth rate during the forecast period
In the field activity management market by component, the services is expected to record a higher growth rate during the forecast period. Services play a vital role in the deployment and integration of field activity management solutions. Services are considered an important part as they are instrumental in fulfilling the custom requirements of the clients. Based on services, the field activity management market has been segmented into consulting, implementation and integration, and training and support. These services help implement field activity management solutions in a cost-efficient manner to effectively accomplish business processes within the timeframe and budget.
SMEs are expected to hold a larger market share during the forecast period
By Organisation size, SMEs are expected to hold the largest market size in the present market, as SMEs are majorly focusing on utilizing field activity management solutions to go global and manage workers in various locations as well as analyze and act toward better workforce satisfaction. Field activity helps SMEs by providing them with a personalized approach, centralized portal, advanced analytics, and broad suites that help drive employee engagement and tailor all aspects of the employees workflow in a better way.
Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. Benefits include flexibility, scalability, affordability, operational efficiency, and low costs. This is due to the associated functionalities and core features. The additional benefits of cloud-based solutions include effectiveness while being used by various users, reduced upfront costs, easy rolling out of new projects, zero hardware investments, low maintenance costs, and minimized infrastructure costs.
Construction and real estate is expected to have a higher growth rate during the forecast period
By vertical, construction and real estate is expected to have a higher growth rate. Managing on-field technicians is a huge responsibility. It includes duties such as maintaining a detailed work log of field technicians, scheduling tasks for them so that their field time can be utilized properly and getting their reporting on a real-time basis. Field activity management solutions offer benefits such as reliable equipment tracking, better traceability, and improved customer communication with real-time notifications. Field activity management plays a critical role in the real estate service industry for ongoing property maintenance, with more and more organizations using mobile computing to improve communication with the field, increase productivity, streamline work processes, and enhance customer service and loyalty.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global field activity management market during the forecast period. with large-scale implementations of the field activity management solution by enterprises over the last few years. This region has been extremely responsive toward adopting the latest technological advancements, including field activities, cloud computing, and IoT, within enterprises. The US is the major contributor across North America, as continuous innovation, as well as the introduction of new technologies, are the key factors driving the growth of the US market. With the increase in the use of field activities and BYOD preferences, there is an increase in the number of data breaches.
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The key and emerging market players in the field activity management market include ESRI (US), SAP (Germany), Fielda (US), Fulcrum (US), ProntoForms (Canada), OnSource (US), SafetyCulture (Australia), Field Safe Solutions (Canada), GoCanvas (US), Repsly (US), Fieldwire (UK), FieldEZ (India), FastField (US), MobileLogix (US), Corrata (Ireland), Thundermaps (New Zealand), Logistrics Services (Canada), Bentley Systems (US), Webuild (Australia), Smart Service (US), Device Magic (US), Forms On Fire (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global field activity management market.
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Mr. Aashish Mehra