Market Trends of Asia Pacific Field Service Management Industry
This section covers the major market trends shaping the APAC Field Service Management Market according to our research experts:
Adoption of Field Service Management Solutions in India is Increasing at a High Pace
- India is one of the crucial markets for field service management solutions, cloud, and AI. The rising AI and cloud adoption among SMEs and the growing investments by all the end-users in AI technology are some of the significant factors enhancing the market's growth.
- The region is anticipated to witness massive growth, owing to the ongoing investments by small and medium organizations. SMEs are investing a huge sum of money to maximize the overall adoption of cloud-based and technologically advanced solutions for field service management. Moreover, the country India offers significant growth opportunities in the market.
- For instance, as of March 2022, as per the Ministry of Micro, Small & Medium Enterprises, India has over 7.9 million MSMEs (micro, small and medium enterprises). Given that the MSMEs and government are relying on scalable IT solutions and systems, it is quite understandable that they would like to shift their sensitive information and processes to the cloud.
- Moreover, the FSM market has a wide scope in India, primarily due to large-scale industrialization. The country is anticipated to exhibit steady growth in the field service management market with advanced geographic zones and a high client base. The steady rise in the overall number of technology users in the country further propels the growth of the field service management market.
- Before COVID-19, Field Service Management Summit occurted in India, which covered the topics such as skills, technology, and change management strategies required to fulfill the rising complexity of the field service touchpoint, the future of IoT for field services management, addressing the key challenges in third-party workforce management and third billing, enhancing first-time fix rates to achieve higher customer satisfaction, profits, etc.
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Large Enterprises to Hold Significant Market Share
- The growing adoption of field service management solutions in large enterprises is relatively greater than SMEs in the Asia Pacific region. The affordability and the large scale of economies of the Large organizations enable them to deploy customer management, warranty management, inventory management, and billing and work order management solutions on a greater scale.
- Among the current field service management software, customer management has become one of the key priorities for the companies as it allows the organizations' brand recognition and assists in retaining customers. Enterprises are widely focusing on offering a fast and smooth experience to the customer, which has positively impacted the demand and requirement for the field service management market in the region.
- Enterprises across various industries are seeing various digital transformations and investing in customer engagement solutions. Also, a change from the traditional platforms, like CRM, is notably evident across enterprises. Therefore, such a shift among the enterprise projects may provide more excellent prospects to the manufacturers and vendors in the market over the forecasted time period.
- Moreover, key vendors in this region concentrate on strategic alliances to increase their geographical reach. In August 2022, Microsoft (COLOMBO, Sri Lanka) and WSO2, a key open-source integration vendor, announced a strategic agreement to roll out cloud-native solutions for securely delivering APIs, applications, and digital identities to areas all over the world via Microsoft Azure. Due to the agreement, the integration vendor will also use Microsoft Azure as its primary cloud platform.
- Additionally, as a result of digital transformation, Larger enterprises are adopting cloud-integrated contract management solutions. Better management is made possible by it, and businesses in both the public and private sectors are able to write, negotiate, sign, approve, track, and renew contracts in one convenient spot.
- Alongside the advantages of deploying field service management software for large enterprises, the rising industrial sector in the maturing economies of the APAC region opens up new opportunities for the integration of field service management software. For example, according to the Asian Development Bank, in 2021, the value added in the industry sector in Bangladesh registered a growth rate of 10.3% year-on-year.
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