Field Force Automation Market Worth $2.8 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Oct. 10, 2019 /PRNewswire/ -- According to a new market research report "Field Force Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Industry (IT and Telecom, Energy and Utilities, Manufacturing, and Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Field Force Automation Market size is expected to grow from USD 1.2 billion in 2019 to USD 2.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.
The key factors driving the Field Force Automation Market include rising demand for robust solutions for maximizing the efficiency of field forces in real-time and growing adoption of cloud-based enterprise mobility solutions.
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Large enterprises segment to hold the largest market size during the forecast period
With increasing push towards adopting newer technologies, companies across the world are implementing field force automation solutions to optimize field service delivery, improve workforce productivity, increase profit margins, improve RoI, and service revenues. Field force automation solution empowers field managers and mobile workers with real-time collaboration and communication and predictive analytics capabilities.
Services segment to grow at a higher CAGR during the forecast period
The services segment is expected to grow at a higher CAGR during the forecast period due to the demand for constant guidance, training, and support among enterprises, during the product deployment life cycle. Services enable companies to choose the right set of solutions as well as deploy solutions correctly and operate them without hassle.
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North America to account for the largest market size during the forecast period
Many companies in North America are adopting field force automation to integrate it with their existing IT infrastructure and improve their field operations and field crew productivity. North America houses some of the significant field force automation vendors, such as Accruent, Acumatica, Folio3, ServiceMax, Mize, VisitBasis, Salesforce, Intueri, Inc., ClickSoftware, Oracle, Microsoft, Trimble, and Astea. These players have their headquarters, direct sales offices, and a large number of channel partners in the region to cater North American companies., which has further added to the high adoption of field force automation solutions in North America.