The increasing utilization of digital marketing strategies, growing smartphone and internet penetration, rapid shift toward digital transformation in industries, rising need for utilizing real-time field data, and surging adoption of next-generation technologies, such as the internet of things (IoT), cloud computing, and augmented reality (AR), in various business functions are the key factors resulting in the global field force automation market growth. Due to these factors, the market is expected to generate revenue of $9,033.0 million by 2030, witnessing a CAGR of 20.9% during the forecast period.
COVID-19 Impact Analysis
Owing to the effect of the coronavirus pandemic (COVID-19), the adoption of field force automation solutions is projected to increase, which would further drive the field force automation market. This would mainly be due to the lockdown initiated in countries, which is expected to result in a high demand for automated field operations, for collecting real-time field insights. In addition, with a strong focus on digital transformation and increasing pace of production, industries are likely to implement field force automation solutions.
Solutions Offering Held Larger Share in Industry
The field force automation market, based on offering, is classified into solutions and services. Of these, the solutions bifurcation held the larger share in the market in 2019, owing to the swift adoption of field force automation solutions across several industries, rising demand for enhanced monitoring services, and increasing requirement for real-time insights, for data-driven decision making.
Furthermore, the mobile sub-category held the larger share in the market in 2019, and it is also expected to witness the faster growth during the forecast period. This is mainly due to the growing bring-your-own-device (BYOD) trend at the workplace, smartphone penetration, and focus of market players toward the launch of field force automation mobile applications.
Further, on the basis of deployment, the field force automation market is bifurcated into cloud and on-premises. The cloud category held the larger share in the field force automation market in 2019, and this category is also projected to witness the faster growth during the forecast period. This is mainly attributed to the increasing adoption of the cloud computing technology among enterprises, for a high data storage capacity, better data access flexibility, reduced IT expenditure, and other benefits. In addition, cloud-based field force automation applications allow users to plan and control field operations and store important data on the cloud, which is another major factor resulting in its market growth.
Geographically, Asia-Pacific (APAC) is projected to witness the fastest growth in the field force automation market, during the forecast period. Factors driving the regional market growth include the rising urbanization rate, changing consumer demands, surging need for real-time sales forecasting techniques, and growing requirement for computerized field sales tasks, for better working efficiency of the agent and improved growth of the company.
Moreover, the growing smartphone and mobile internet penetration in the region offers lucrative opportunities to the market players to introduce field force automation mobile applications, to support organizations in better monitoring and managing their field force activities, which is expected to contribute toward the positive market growth, in coming years.
Product Launches Are Strongest Growth Strategy Implemented by Players in Industry
Players in the field force automation market are regularly launching products, in order to cater to the growing requirement and expand their offerings. For instance, in September 2019, Salesforce.com Inc. launched a solution, Consumer Goods Cloud, which helps retail companies achieve revenue growth and a high return on investment (ROI). The solution has been integrated with Salesforce Einstein AI, which comprises image recognition and object detection capabilities, in order to effectively manage inventory and merchandising compliance checks, thereby resulting in a reduced time in auditing activities and a better relationship with customers.
Browse report overview with detailed TOC on "Field Force Automation Market Research Report: By Offering (Solutions, Services), Enterprise (Large Enterprises, SMEs), Deployment (Cloud ,On-Premises), Pricing Model (Subscription-Based, Free, Quote-Based), Application (Sales Order Management, Customer Service, Lead Management), Vertical (IT & Telecom, Manufacturing, Logistics & Transportation, Healthcare, Retail & E-Commerce, BFSI) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/field-force-automation-market-report
Moreover, in April 2019, Trimble Inc. launched an AR tool, Trimble PULSE Remote Expert, which enables field service teams to connect with experts in real-time, through audio, video, and spatial annotations, in order to improve their productivity. The tool allows users to share complex information through live views of text and drawings.
Some of the major players operating in the global field force automation market are ServiceMax Inc., Trimble Inc., Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, Infosys Limited, IFS AB, MarketXpander Services Limited (Leadsquared), BeatRoute Innovations Pvt. Ltd., Channelplay Limited, Foilo3 Software Inc., Flick2Know Technologies (FieldAssist), Pegasystems Inc., and Kloudq Technologies Limited.