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“Oracle (US), Microsoft (US), Salesforce (US), IFS (Sweden), ServiceMax (US), SAP (Germany), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIT (Italy), FieldAware (US), Geoconcept (France), Zinier (US), Accruent (US).”

The Field Service Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, to reach USD 5.7 billion by 2026 from USD 3.2 billion in 2021. Increased adoption of automation and digitalization in the field services industry, increase in adoption of BYOD and mobile-based FSM solutions are expected to spur the demand for FSM offerings across the globe.

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Adoption of work order management solutions is noticeably increasing in among large enterprises due to increased need to enhance efficiency and productivity of the workforce

Work order management software is a solution that allows facility managers to effectively track and manage all work order information through a single dashboard. With a centralized place to create service requests, monitor real-time status updates, track completion, and leave feedback on work performed, location managers can easily manage work orders across a multi-location enterprise. The work order management solution enables clients to automate the service workflow process and increase the efficiency and productivity of the workforce. This solution helps field service representatives, office staff, and call center executives to manage work orders, job assignments, customer details, and service histories. Customer information, along with analytics, helps field service organizations gain insights into a customer’s behavior and conduct marketing campaigns accordingly. The work order management solution empowers managers or dispatchers to schedule a job for a field service representative as per various criteria, including availability, proximity, urgency, and level of expertise. It also helps service organizations minimize revenue leakage, increase the cash flow, and provide faster service delivery with enhanced quality.

Growing need to provide professional services in lesser time and cost is enhancing usage of the integration and implementation services by the organizations.

Professional services include the assistance provided to a company by external sources. These services include system integration and implementation, too. Companies that offer professional services encompass technical consultants, dedicated project management teams, and enterprise video experts that specialize in the design and delivery of critical decision support software, tools, services, and expertise. Integration and implementation services are likely to share large revenues in the estimated year, as they enable clients to appropriately deploy and integrate field service management solutions with their existing systems, such as ERP and CRM. These services are provided by trained and technically expert professionals who can ensure the accurate deployment of field service management solutions. The market for field service management solutions is expected to grow because these solutions deliver field services in lesser time and cost.

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Unique Features in the Field Service Management Market

Based on variables including technician expertise, work priority, and location, intelligent scheduling algorithms dynamically optimise and dispatch field service activities. By doing this, travel time is reduced and operating efficiency is increased.

Field service technicians may now access real-time information, update job statuses, and connect with the back office while on the job thanks to mobile applications and tools. Being mobile-enabled improves responsiveness and productivity.

Combining GPS monitoring with geolocation to track field service technicians’ locations in real time. This facilitates accurate arrival time estimation, tracking of job progress, and route optimisation.

Tools for managing and tracking assets so that you can monitor inventory and equipment out in the field. This involves monitoring the position, state, and maintenance background of assets.

Tools for remote diagnostics that let technicians troubleshoot and fix problems from a distance. This feature speeds up issue response times and decreases the need for pointless site visits.

Major Highlights of the Field Service Management Market

Increased use of cloud-based field service management (FSM) systems, which allow businesses to simplify operations, lessen dependency on on-premises infrastructure, and access field service tools and data from any location.

There’s a growing focus on empowering mobile workers with smartphone apps that let field service professionals update task statuses, get real-time information, and interact with the back office easily.

Maintaining the emphasis on cutting-edge scheduling algorithms and route optimisation will increase field service productivity, reduce travel time, and improve overall.

Predictive maintenance is made possible by integration with the Internet of Things (IoT), which enables businesses to remotely monitor machinery, anticipate possible problems, and plan preventative maintenance to minimise downtime.

Growing use of augmented reality (AR) technologies for remote help, which let field technicians consult with experts or view visual instructions for complicated repairs, resulting in quicker problem solving.

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Top Key Companies in the  Field Service Management Market

The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, Microsoft, Salesforce, IFS, ServiceMax, SAP, Infor, Trimble and Comarch have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the FSM Market.

Oracle is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. In terms of organic growth strategies, in March 2019, Oracle launched a single integrated cloud solution, Oracle Service Logistics Cloud, to help organizations improve their field service operations and deliver a seamless customer experience. In inorganic growth strategies, Oracle chose to adopt partnerships, collaborations, and acquisitions. Oracle partnered with City of Lubbock Utilities and Oracle Field Service Cloud delivers the benefits of advanced metering capabilities to customers, thereby reducing complexity and cost.

Microsoft is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. Microsoft has aggregated a variety of tools to improve service delivery in Dynamics 365 Field Service. As a stand-alone Dynamics 365 module, Dynamics 365 Field Service facilitates management (including calendars) and gives managers full access to check-in, check-out, and technical data a variety of tools to improve service delivery. The company offers a wide range of solutions and services to different verticals, including automotive, media and communications, government, healthcare, finance, manufacturing and energy, and retail. Countries in the Middle East and Africa (MEA) are working toward developing IT infrastructure, cloud computing, and professional services, and the integration of IoT in various manufacturing processes, which is a good opportunity for Microsoft to expand its business.

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“IBM (US), Splunk (US), Solarwinds (US), Rapid7 (US), Micro Focus (US), RSA (US), McAfee (US), Alert Logic (US), Manage Engine (US), LogRhythm (US), Sumo Logic (US), BlackStratus (US), LogDNA (US), Logit.io (UK), Paessler AG (Germany), Sematext (US), Xpolog (US), Humio (UK), Logz.io (Israel), Anodot (US), Loom Systems (US), Chaos Search (US).”

The global Log Management Market size is expected to grow from USD 2.3 billion in 2021 to USD 4.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% from 2021 to 2026. Log management helps in performing various functions such as ensuring security, system, and network administrators regularly to perform effective analysis of log data, protecting the confidentiality, integrity, and availability of logs, identify security incidents, monitor policy violations, identify fraudulent activities, etc.

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Increasing sophistication of cyberattacks necessitating log management for early detection of cyberattacks, presence of stringent government regulations and compliances, and generation of large data due to increased dependence on IT infrastructure to boost the growth of Log Management market across the globe during the forecast period. Moreover, rising demand for business intelligence, rising trend of cloud-based log management practices, and integration of technologies such as predictive analytics, AI, ML into log management would provide lucrative opportunities for Log Management market vendors.

By deployment mode, cloud based segment to hold the largest market size during the forecast period

To reduce the cost and complexity of the security process and to ensure compliance with external and internal requirements, effective management of log data is essential. Cloud-based log management helps businesses to cost-effectively collect, normalize, and report on enterprise-wide security-related data necessary for compliance and security investigations. Cloud-based log management services accelerate search and analysis to help clients quickly identify errors and determine root causes for faster troubleshooting. According to Loggly, cloud-based log management and analytics service are easy to set up without any complex configuration requirements. Cloud-based log management seamlessly aggregates structured and unstructured logs in a centralized repository that offers better visibility across distributed security environments and allows clients to manage all logs from a single screen. Cloud-based deployment of log management solutions and services is expected to witness increased adoption during the forecast period.

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Unique Features in the Log Management Market

Centralised gathering of log data from various sources, such as security appliances, servers, apps, and network equipment. A single picture of system activity is provided by centralization, which also makes log maintenance easier.

The ability to track and log occurrences in real-time as they happen. Prompt reaction to important occurrences, including security breaches or system malfunctions, is made possible via real-time notifications and alerts.

Log aggregation capabilities that create a centralised repository from log entries from various sources. The ability to correlate log events makes it easier to spot trends or abnormalities by establishing links between them.

Robust search and query features that let users easily get particular log data by using different criteria. Forensics, compliance reporting, and troubleshooting all depend on this functionality.

Tools for behavioural analysis and anomaly identification that find anomalous patterns in log data by applying machine learning techniques. This aids in identifying any potential security risks or unusual system activity.

Major Highlights of the Log Management Market

Organisations now prioritise log management as a key element of their cybersecurity strategy due to heightened knowledge of cybersecurity threats. The detection and response to security issues depend heavily on efficient log management.

Log management systems are integrated with SIEM platforms to offer event monitoring and thorough security information. Organisations may better detect and respond to threats by correlating log data with security events thanks to this connection.

A stronger focus on real-time log monitoring and alerting in order to promptly detect and address operational problems and security incidents. Proactive threat identification and incident response depend on real-time capabilities.

Behavioural analytics and machine learning are combined to find trends and abnormalities in log data. The capacity to identify sophisticated threats and unusual system behaviour is improved by these advanced analytics.

Cloud-based log management systems are becoming more and more popular because of their scalability, flexibility, and accessibility. Organisations may handle logs without requiring a large amount of on-premises infrastructure thanks to cloud-based solutions.

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Top Key Companies in the Log Management Market

IBM (US), Splunk (US), Solarwinds (US), Rapid7 (US), Micro Focus (US), RSA (US), McAfee (US), Alert Logic (US), Manage Engine (US), LogRhythm (US), Sumo Logic (US), BlackStratus (US), LogDNA (US), Logit.io (UK), Paessler AG (Germany), Sematext (US), Xpolog (US), Humio (UK), Logz.io (Israel), Anodot (US), Loom Systems (US), Chaos Search (US), Coralogix (US), Datadog (US).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the Log management market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.

Splunk offers Splunk Cloud, which eliminates the need to manage the IT infrastructure. The platform is used to collect, store, and analyze the data. The company also provides Splunk Enterprise, a machine data platform designed to index, collect, search, report, analyze, monitor, alert, and manage the data. Splunk also offers Splunk Light, which provides log search and analysis, and is designed for small IT environments. Splunk’s other solutions include Splunk Enterprise Security, Splunk IT Service Intelligence, and Splunk User Behavior Analytics. The company’s offerings help IT, business, and security professionals provide solutions that help organizations gain real-time actionable intelligence by analyzing the data and providing real-time visibility into organizations’ operations. The operational intelligence helps reduce operational costs and improve security and service levels. Splunk’s offerings are leveraged for business analytics, infrastructure and operations management, applications management, and security and compliance in verticals, such as financial services, business services, healthcare, manufacturing, telecommunications, travel and transportation, media and entertainment, retail, and online services.

SolarWinds is a leading provider of powerful and affordable IT infrastructure management software. SolarWinds’ product portfolio comprises network management, system management, database management, IT security, cloud monitoring, and IT help desk. The company’s log and event manager suite normalizes logs and manages security requirements, compliances, and troubleshooting. It also provides various services, along with the products, such as consulting, education and training, customer support and maintenance, and technical support. The company serves its products and services to 300,000 customers worldwide, including Fortune 500 enterprises, government agencies, and educational institutions. It offers products and solutions to various verticals, such as automotive, IT and telecom, education, BFSI, global service providers, Industrial Control Systems (ICS), healthcare, government, and retail. The company has a global presence in more than 170 countries across North America, Europe, APAC, MEA, and Latin America.

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“Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), TCS (India), and Worldline (France).”

MarketsandMarkets forecasts the global Digital Banking Platforms Market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The digital banking platforms market is gaining traction due to growing demand among banks for delivering enhanced customer experience and increasing adoption of cloud-based solutions by financial institutions.

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Corporate Banking segment to grow at the highest CAGR during the forecast period

Among the Banking Type segment, Corporate Banking is expected to grow at the highest CAGR during the forecast period. Corporate banking solutions provide banks and corporates with a seamless, connected corporate banking experience and a 360° view of the business. This results in integrating payments, treasury, lending, trade, and supply chain finance, benefiting both customers and corporates. Several organizations are incorporating corporate suites that provide superior features to corporate banks.

Mobile Banking segment is expected to grow at a higher CAGR during the forecast period

Mobile banking platforms offer an intuitive and secure mobile banking experience to retail and corporate banks. The platforms offer a responsive User Interface (UI) and support the bank customers’ entire banking journey, from onboarding to transactional banking requests, on their mobile devices. Banks are increasingly adopting the mobile banking platform due to the changing customer preference toward mobile banking across all segments. This helps drive the business growth of the mobile banking segment. This is substantiated by the 2018 Mobile Banking Study from Citi Bank. The study revealed that 46% of US consumers have increased their use of mobile banking in the past year. Furthermore, 91% preferred using apps over going to a branch, whereas 68% of millennials said they could see their smartphones replacing their physical wallets.

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Unique Features in the Digital Banking Platforms Market

A consistent customer experience regardless of the channel they pick thanks to seamless integration across a variety of channels, including social media, mobile apps, and the web.

Enhance the security of digital banking transactions and access with advanced security measures, such as biometric authentication (facial recognition or fingerprint authentication).

Voice-activated transactions and commands: By utilising voice recognition technology, users can do banking operations, increasing accessibility and ease.

Application programming interfaces (APIs) for open banking to be implemented, allowing outside developers to create services and apps with safe access to financial information.

Real-time or instantaneous payment features that let users send money instantly between accounts or to other people.

Users can withdraw cash from ATMs without a physical card by using smartphone apps that facilitate cardless ATM withdrawals.

Major Highlights of the Digital Banking Platforms Market

Traditional banks and financial institutions have accelerated their digital transformation efforts in order to stay competitive in the digital era and adapt to changing client expectations.

A focus on offering smooth omnichannel experiences that enable users to continuously access banking services over a variety of channels, including as the internet, mobile apps, and in-branch encounters.

Improvements in open banking that make it possible for outside developers to use APIs to access banking information and services. Open banking promotes cooperation, creativity, and the creation of new financial services and products.

Digital wallets and contactless payment systems are becoming more widely used, allowing consumers to use wearables, mobile devices, and other digital payment methods to conduct safe and effortless transactions.

Investigation of blockchain technology and its cryptocurrency integration for safe and open financial transactions. Decentralised finance (DeFi) solutions are being investigated by several digital banking platforms.

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Top Key Companies in the Digital Banking Platforms Market

The major vendors covered in the digital banking platforms market include Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France). These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, partnerships, agreements, and collaborations, new product launches to expand their presence in the digital banking platforms market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.

EdgeVerve (India) is a wholly-owned subsidiary of Infosys Ltd., an Indian multinational information technology company. EdgeVerve has adopted both, organic and inorganic growth strategies to enhance its position in the digital banking platforms market. As a part of the organic growth strategies, in July 2021, EdgeVerve announced digital banking SaaS, an offering that would enable the Indian urban cooperative banks to modernize their business and operations. The company also focused on inorganic growth strategies, such as acquisition and partnerships, which facilitated the expansion of their portfolio. In August 2021, EdgeVerve and UBP collaborated to help UBP migrate an on-premise deployment of Finacle digital banking solution suite on the cloud. This transformation would help UBP to be able to benefit from a secure, scalable, and flexible IT infrastructure.

Oracle (US) is another top player in the digital banking platforms market and has majorly adopted inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its inorganic growth strategies, in November 2020, Oracle partnered with Sathapana Limited to offer its core banking system offering called Oracle Flexcube to the latter. This was the first company in Myanmar to implement Oracle technology and network infrastructure. The company implemented Oracle Flexcube in 50+ branches in just 6 weeks, serving 350,000 customers. Similarly, in November 2020, Oracle expanded its business by offering its Flexcube to companies in the Middle East and Africa. These companies include the Gulf Bank of Kuwait, Oman Arab Bank (OAB), Alizz Islamic Bank, and International Commercial bank in Tanzania.

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