The global field service management (FSM) market size is expected to value at USD 4.1 billion by 2025. The market is subject to witness a substantial growth due to the increasing number of field campaigns around various end-user businesses like telecom sector, oil & gas industry, building & construction sector and energy & utilities industry. Moreover, growing demand for the field service management solutions by numerous small & medium-sized enterprises (SMEs) is also anticipated to fuel the growth of market over the forecast period.

Globally, the field service management market is predicted to grow at CAGR of 10% in forecast period, providing numerous opportunities for market players to invest in research and development in the market. Some of the important factors such as complex management of inventory, improved inventory cycle time, higher asset cost, higher collection cost and unpredictable data regarding the stock exchange and higher cost of business operations, are driving market growth in the recent years.

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Field service management software allows fortification of the functions performed by service sector thus enhancing overall profitability. Increasing adoption of handheld electronic devices, growing need for superior operational efficiency and reduced functional cost are expected to fuel the growth of field service management (FSM) industry in the upcoming years. Recent advancement in the cloud services that allows the incorporation of cloud solutions onto the field service management software are further augmenting market value of the field service management industry.

Growing competition in the market is expected to push industry players to further invest in the research & development of the field service management solution, offering innovative products and services, which in turn drive market growth over the next decade. Cloud security and numerous advantages over traditional platforms enables numerous organizations to opting for cloud based field service management software.

The field services are considered as one of the fastest growing segment in the field service management market with substantial revenue generation in the last couple of years. Growing popularity of the field services market segment is attributed to increasing penetration of smartphones and tablets across the globe. Field service management solutions are highly compatible with advanced mobile operating systems, thereby propelling market expansion, in the recent years.

Field service management software offers enhanced productivity that ultimately leads to an increase in overall profit. Furthermore, early adoption of the field service management software allows superior communication among the front office, management teams, and technicians. As operators and field labors pass minimum time for synchronizing logistical tasks, they can spend more time for client work, thus increasing overall efficiency.

With the introduction of technologies such as cloud solutions, big data, and modern analytics solutions is further offering lucrative opportunities for market players to develop innovative products in the field service management solutions to gain a competitive edge in the market. Increasing number of cloud technology service providers are offering an advanced level of Field service management solutions to cater demands of small, medium-sized, and large enterprises, thus driving market growth over the forecast period.

The field service management industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, rapid growth of the oil & gas and healthcare industries, and existence of well-established IT infrastructure.

Asia-Pacific region is predicted to hold major market share in the field service management market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rise in the number of end-user industries, increase in the demand for optimized workflow, improved productivity and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the field service management industry are Accenture Inc., Comarch S.A., ClickSoftware Technologies Ltd., Infor Pvt. Ltd., Klugo Group Pvt. Ltd., SAP SE, Astea International Incorporations, Trimble Navigation Ltd., and Tech Mahindra Ltd.

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Market Segment:

Field Service Management Solution Outlook (Revenue, USD Million; 2014 - 2025)
    • Mobile Field Execution
    • Service Contract Management
    • Warranty Management
    • Workforce Management
    • Customer Management
    • Inventory Management
    • Others

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The global field service management (FSM) market size is expected to value at USD 4.1 billion by 2025. The market is subject to witness a substantial growth due to the increasing number of field campaigns around various end-user businesses like telecom sector, oil & gas industry, building & construction sector and energy & utilities industry. Moreover, growing demand for the field service management solutions by numerous small & medium-sized enterprises (SMEs) is also anticipated to fuel the growth of market over the forecast period.

Globally, the field service management market is predicted to grow at CAGR of 10% in forecast period, providing numerous opportunities for market players to invest in research and development in the market. Some of the important factors such as complex management of inventory, improved inventory cycle time, higher asset cost, higher collection cost and unpredictable data regarding the stock exchange and higher cost of business operations, are driving market growth in the recent years.

The report “Field Service Management (FSM) Market” is available now at https://www.millioninsights.com/industry-reports/field-service-management-fsm-market 

Field service management software allows fortification of the functions performed by service sector thus enhancing overall profitability. Increasing adoption of handheld electronic devices, growing need for superior operational efficiency and reduced functional cost are expected to fuel the growth of field service management (FSM) industry in the upcoming years. Recent advancement in the cloud services that allows the incorporation of cloud solutions onto the field service management software are further augmenting market value of the field service management industry.

Growing competition in the market is expected to push industry players to further invest in the research & development of the field service management solution, offering innovative products and services, which in turn drive market growth over the next decade. Cloud security and numerous advantages over traditional platforms enables numerous organizations to opting for cloud based field service management software.

The field services are considered as one of the fastest growing segment in the field service management market with substantial revenue generation in the last couple of years. Growing popularity of the field services market segment is attributed to increasing penetration of smartphones and tablets across the globe. Field service management solutions are highly compatible with advanced mobile operating systems, thereby propelling market expansion, in the recent years.

Field service management software offers enhanced productivity that ultimately leads to an increase in overall profit. Furthermore, early adoption of the field service management software allows superior communication among the front office, management teams, and technicians. As operators and field labors pass minimum time for synchronizing logistical tasks, they can spend more time for client work, thus increasing overall efficiency.

With the introduction of technologies such as cloud solutions, big data, and modern analytics solutions is further offering lucrative opportunities for market players to develop innovative products in the field service management solutions to gain a competitive edge in the market. Increasing number of cloud technology service providers are offering an advanced level of Field service management solutions to cater demands of small, medium-sized, and large enterprises, thus driving market growth over the forecast period.

Request a Free Sample Copy of Field Service Management (FSM) Market Report @ https://www.millioninsights.com/industry-reports/field-service-management-fsm-market/request-sample 

The field service management industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, rapid growth of the oil & gas and healthcare industries, and existence of well-established IT infrastructure.

Asia-Pacific region is predicted to hold major market share in the field service management market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rise in the number of end-user industries, increase in the demand for optimized workflow, improved productivity and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the field service management industry are Accenture Inc., Comarch S.A., ClickSoftware Technologies Ltd., Infor Pvt. Ltd., Klugo Group Pvt. Ltd., SAP SE, Astea International Incorporations, Trimble Navigation Ltd., and Tech Mahindra Ltd.

Market Segment:

Field Service Management Solution Outlook (Revenue, USD Million; 2014 - 2025)
• Mobile Field Execution
• Service Contract Management
• Warranty Management
• Workforce Management
• Customer Management
• Inventory Management
• Others

Field Service Management Deployment Outlook (Revenue, USD Million; 2014 - 2025)
• On-premise
• Cloud

Field Service Management Service Outlook (Revenue, USD Million; 2014 - 2025)
• Implementation
• Training & support
• Consulting & advisory

Field Service Management Enterprise Outlook (Revenue, USD Million; 2014 - 2025)
• Small & medium enterprises
• Large enterprises

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Field Service Management Application Outlook (Revenue, USD Million; 2014 - 2025)
• Energy & Utilities
• Telecom
• Manufacturing
• Healthcare
• BFSI
• Construction & Real Estate
• Transportation & Logistics
• Others

Field Service Management Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Middle East & Africa

As we all know that the real estate transactions are very complex and it requires much effort to organize, account, and detailed attention. It becomes very strenuous to manage all of such things in a cabinet or in Excel spreadsheets, If you have ever tried it, you can understand how hard it is to maintain it regularly.

So, in order to manage and coordinate your real estate transactions, you need to go digital with some powerful software for your requirement. And the best digital solution as your real estate transactions coordinator is a “real estate CRM” that will help you by allowing performing a huge portion of the work automatically. Such software will do the below-mentioned tasks:

Works as a reminder for missing documents

Sends personalized emails on behalf of you

Updates automatically a contact’s tag from Lead to Client.

We have mentioned a few of the reasons which state and concludes that how a real estate CRM helps in real estate transaction management.

1. Workflows help you to stick to the process.

The best real estate CRMs let you stick to your process (each & every detail you manage for each step of the transaction) into workflows.

This will help you to use the workflow repeatedly and continue to improve it because once you have created the workflow for your transaction management system, you can use it over and over again. This is how you ensure that nothing falls through the cracks and that you follow the same proven process every time.

2. Dynamic workflows help to move on to an alternate plan

Basically, workflows are of two types:

a) Linear Workflows- Do task A, then task B, then task C….and so on

b) Dynamic Workflows- Do task A, if the required condition doesn’t meet out then automatically move on to an alternative task.

So, Dynamic workflows allow you to account for the many hiccups that will occur during the transaction. For example, what if the appraisal comes back low? You need to have a contingency plan set up, with a whole series of tasks that need to happen.

3. Automated email templates help to save time and let you stay on top of your communications

With the help of workflows, there are a lot of different automated tasks that can be set up at an ease. One of them is to set up automated emails. Setting up automated emails not only saves your time but also helps you to stay on top of your communications.

You can create an email template that uses merge fields to pull in info from your database (a contact's name, a listing address, important dates, etc.). Then you can schedule the email to send based on a specific date (October 1) or a conditional date (7 days before close).

There are millions of ways to use the automated email feature, but we have mentioned one of the examples below:

Create an introductory email from your assistant, and schedule it to send immediately after the buyer/listing agreement is signed—

"Hi, my name is Isabella and I am the administrative assistant for ((agent or company name))..."

It is an appropriate way to speak up with your customers in a pleasant manner even if they have missed some documents because the first voice of our assistant is pleasing them instead of yelling at them to send the missing documents!

4. Checklists help you in tracking all the documents

We all know that every real estate transaction requires Paperwork, and completion of such documents for each and every step becomes a little complex to remember all of the required paperwork. So, a real estate CRM helps in tracking all the documents whether completed or left to complete.

It basically maintains a checklist of the documents that need to be completed by the client. Once the document is completed, you can check it off by confirming the same.

Another feature of CRMs is to schedule a reminder for the missing documents or set up an automatic email for the documents which are not marked as completed yet in your checklist. Such reminder emails can be set up with a deadline for the required documents.

5. Groups helps you to quickly customize a transaction

Additionally, Creating Groups to categorize the different types of transactions is one of the key features in CRM. Groups basically categorize the activity. For example, some buyers will be using a Federal Housing Administration (FHA) loan and others will use a conventional loan. Some homes will have a septic tank, while others will be hooked up to the sewer. These different scenarios come with different tasks that need to be completed.

So, the Group feature categorizes the different types of activities accordingly.

As another example, you might have a Group called HOA, and it will include all activities required when a homeowner's association is involved.

While starting with your each new transaction workflow, you can select which task groups apply to such transaction, and your workflow will automatically be populated with relevant tasks.

6. Your Transaction Coordinator can stay stress-free and go on vacation without falling apart

As we have already stated that a real estate CRM with workflows spells out everything that needs to be completed. So, this will let your transaction coordinator be stress-free and if he goes on vacation or falls sick, his position can be replaced easily by someone else and can be taken care of easily.

It does not matter if that person has managed the transaction ever or not, because if the transactions are setup right, then it’s all detailed information is carried out by such transaction. For example, If you have setup Transaction XXXX, it’s each email that needs to be sent will be pre-written and schedule to send automatically, every person to whom a call to be done, will be listed. And any other task like Drop off lockbox, Order signs, etc. will be added to that day’s To-Do list.

So, briefly, you have all the transactions and their detailed information on activities listed in those transactions accordingly. (When you will click on the transaction ID, you will get all the details, like to whom to send an email, to whom to call, and any other task activities to be done).

The conclusion at a glance

As you can see that there are many benefits to using a real estate CRM for real estate transaction management.

Automation features:

Automation features like workflows, emails, checklists, etc. save time and ensure that nothing slips through the cracks.

Dynamic workflows:

Dynamic workflows allow you to set up contingency plans.

Group policy:

Group policy allows you to quickly customize each new transaction.

Detailed Information:

Each Transaction ID holds detailed information of the activities relating to such transaction ID, so, If your transaction coordinator goes on vacation or falls sick, any other compatible person can hop in and take the reins.

Your Accountability:

Your CRM will enable you to be accountable for every single task that must be completed, whether it is assigned to you or to another colleague.

So, Last but not least, when you use a real estate CRM for your real estate transactions management, your job will be easier, stress-free, and full of pleasure, your clients will be happier with regular updates, and you'll have more time and resources available to spend your precious time on other valuable things to enjoy your life & achieve your goal.

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