Field Service Management Market Size Analysis And Growth (2020-2025)

Field service management software helps companies deliver effective onsite service by tracking requests, managing personnel, and maintaining visibility into operations.

Field service management refers to a system for efficiently managing end-to-end activities in a field service organization and delivering work. The rising need for mobility with IoT, increasing technology in the computerization era which leads to the adoption of cloud-based applications, is driving the growth of the Field Service Management market globally.

Key Benefits For Field Service Management Market Reports

Some of the key points of the field service management market reports are mentioned below: 

• The global market report covers forecast analysis.

• It also includes historical data in a vast amount.

• The report evaluates the growth rate.

• The global market research report provides detailed and comprehensive information about market analysis and strategies. 

• The report includes the Market Introduction, Global market Revenue, Market Restraints, Market Opportunities, and Competitive Analysis.

• The report gives an in-depth insight into the industry.

• The global market report also helps to identify opportunities in the market.

• It analyses the Market value based on Market dynamics.

• It covers extensive analysis of emerging trends as well which can be very beneficial in newer times.

• It provides a holistic understanding of the current and expected market fluctuations. 

Covid Affect

The market has also been affected by the COVID situation. The estimated plans are regenerated in order to steady the income and recast the forecasting. The analysts are constantly tracking the impact of this rapidly evolving situation on the market. The current market trends are taken into account and will definitely reflect the effects of the epidemic. 

Field Service Management Market Segmentation:

The global field service management industry can be divided on different bases such as organization size, deployment types, and applications.

Based On The Components

It is classified into two categories:

Solutions

• Route Optimisation

• Customer Management

• Inventory Management

• Analytics and other

Services

• Consulting

• Integration and Implementation

• Training 

• Support

Based On Organization Size:

Large Enterprises

Small and Medium-sized Enterprises

Based On Type:

On-premises

Cloud

Based On Application:

IT and Telecom

Healthcare and Life Sciences

Fuel

Manufacturing

Real estate

Transportation and Logistics

Construction 

Energy

Utilities

Regions/Countries 

Countries that are involved in the field service management market size analysis and growth are North America, USA, Canada, Mexico, Europe, the UK, France, Germany, Russia, Asia-Pacific, China, South Korea, India, Japan, Latin America, Middle East, Africa.

Year Considerations

The base year considered is 2019, which suggests market size was available for years 2014-2019 and the forecast period will be 2020-2025.

Past Analysis

The field service management market was estimated at almost 3 million USD in 2019. Now, it is expected to grow at a CAGR of 16% during the forecast period which is the year of 2020 to 2025. 

Report Outcome

The reports will provide you an in-depth analysis of the current situation of the market and therefore will build your knowledge about the subject. This will help you make the decisions effectively. 

It will show the opportunities and will help you avoid the mistakes other companies could make. Furthermore, it will strengthen your analysis of your competitors. 

Indeed, will help you to maximize the profit of your company. And will keep you up-to-date about the market and its ongoing conditions. You can overview your business and then act accordingly to the trend. 

Questions Which Will Be Answered By Our Reports:

Some of the questions which may cross your mind in order to know about the market conditions, and which we will answer to you in our reports are:

• What are the Upcoming opportunities?

• What are the trends in this market?

• Which are the main factors responsible for a new product launch?

• How far will the market grow in the forecast period in terms of revenue, sales, and production?

Data Collection

The data is collected from various different sources. Some of the data is driven from interviews with multiple industry stakeholders.

We have contacts with industrial professionals who have precise insight into the market. The interviews are held via mail, phone calls, or personal meetings. We interview both our buyers and consumers to view the market from both sides.

Also, we study the financial reports of the key players of the industry to know the strategies. 

Competition

The report presents a detailed analysis of the following competitors in the global field service management market: 

• Oracle Corporation

• Astea

• Microsoft Corporation 

• ClickSoftware Technologies 

• FieldAware

• ServiceMax 

• Jobber

• Infor

• Trimble

• Comarch 

• Zinier

• Comarch

• Overit

Conclusion

Field services management market reports provide market analysis in the best way possible, which will give direction and guidance to the customers. The report provides an in-depth analysis of market data for segments such as technologies, services, and opportunities. The report evaluates the strategic options carefully with genuine data and provides open innovative ideas.

The analysis of the market status and competition, opportunity, challenge, restraints, and risks analysis, all are estimated in the reports. It presents key manufacturers, development, and status.

3 Reasons Why You Should Upgrade Your Credit Card

Most of us start off our ‘plastic’ life with a basic credit card because that is all we are eligible for in the beginning of our careers. As we start using our cards, we realize our spending and repayment patterns.

So, you’ve had your card for some time now, and are wondering whether you should trade it in for a shinier, new plastic. Here are 3 reasons why you should upgrade your credit card:

Higher Credit Limit

The credit limit that you are offered on your credit card is based on your monthly/annual income. So, if you’ve seen an increase in your income, you will be eligible for a higher credit limit. Having a higher credit limit increases your purchasing power, and at the same time can positively affect your credit score as well. There is a component in your score called ‘credit utilisation ratio’ that takes into account the amount of credit you have used in relation to the total amount of available credit.
So, if you increase the credit limit on your card, then your total available credit will also increase. And if you keep your spending habit consistent, then your credit score could increase as well because a low credit utilisation ratio = higher credit score.
If you’re considering increasing your credit limit, you have two options: you can either increase the limit on your existing card or get a new credit card with a higher limit. This decision should be based on what perks you are currently offered on your existing card and if you can find a card to better suit your financial and lifestyle needs.

Credit Card Rewards

Basic credit cards, as the name suggests, offers ‘basic’ rewards. It’s a starting point to build your credit score and may not benefit you much when it comes to rewards. There is no dearth of credit cards in the market today – you can find a card that rewards every inch of your lifestyle whether it is shopping, eating out, travelling, and so on.
If your existing card is not rewarding you well enough as per your spending pattern, then it might be time for an upgrade. Using a card that rewards your spending behaviour can help you save significantly. There are credit cards that offer reward points, cashback, and air miles on eligible spends that you can redeem for gift vouchers, flight tickets, merchandise, discounts, and offset future transactions.
So, if you dine out frequently but currently have a card that rewards grocery spends, then you’re not reaping the rewards, literally, and it might be time to trade your card in for a dining credit card.

You’re Paying a High Annual Fee

If your current card rewards your purchases, but at the same time charges a high annual fee, then the benefits cancel out the cost, i.e. you’re not really saving or earning anything by using your card. One of the biggest incentives to use a credit card is to save on purchases by earning and redeeming rewards. But if your card is “high maintenance”, emphasis on the ‘high’ and does not offer higher benefits for the price, then it might be the right time for a change. Choose a card that either comes with no or low annual fees with good perks or even if it charges a high annual fee, it offers even better rewards.
You should also read the most important terms and conditions of your card to see what other charges you’re incurring. These could be the interest rate, late payment fees, and so on and compare it with other cards to see the difference in pricing.
Want to upgrade your credit card? In addition to saving on money, if you wish to save time on research as well, you can visit credit card comparison websites such as BankBazaar, compare the perks, fees, and charges of various cards, and apply online conveniently.

Learn About These Credit Card Charges To Make Smart Credit Choices

Credit cards have rapidly become a key ingredient of the growing paperless economy. These help you to increase your purchasing power. You can make quick and easy payments even if you do not have the required funds at your disposal. Many card issuers also reward their customers with attractive offers, discounts, cashback deals and exclusive benefits on select purchases. Credit cards also offer an opportunity for you to build your credit unlike debit cards. However, credit cards must be considered as a short-term loan. It includes regular interest payments among other charges.
Every credit card company attaches interest rates and charges based on their discretion. It is important to learn about the charges and compare the interest rates before opting for a credit card.
If you are looking to apply for a credit card, consider the following costs and charges attached to a credit card:

Annual fee payment, fees for joining and renewal

Every credit card is accompanied with an annual fee which needs to be paid once in the lifetime of a card. The fee associated with each card varies. It usually ranges between 0 and Rs.30,000. The amount is usually billed in the card statement of the particular month. A number of card issuers have now introduced ‘zero or lifetime free’ annual fees or offer a limited period for with no annual fees.
When your application for a credit card gets sanctioned, most card issuers charge a joining fee which ranges from 0 to Rs.1 lakh. A credit card renewal fee is a predetermined amount which needs to be cashed once every year.
Charges related to finances
Most credit card companies offer an interest-free period to the cardholders. However, if you are unable to make timely credit card bill payments, an interest rate within 23%-47% would be charged to your account. The interest-free period becomes reactivated only after payment of the pending dues.
Fees for cash withdrawal
Cash withdrawal fees or cash advances fees are billed to your account if you withdraw cash from an ATM using your credit card. This fee is usually 2%-3.5% of the withdrawn amount or Rs.500, the higher of the two. The total amount to be paid is tallied from the day of the withdrawal until repayment.
Penalty for late payment
You can be charged with an overdue penalty if you are unable to make timely payments as per the bill statement or at least pay the minimum balance. Credit card issuers decide the value of the penalty depending upon the balance on the card.
Over limit-related charges
If you surpass the predetermined credit limit, you could be billed with an over limit penalty. The penalty could fall anywhere between 2.5%-3% for a minimum withdrawal of Rs.500.
Surcharge payment
In case of credit transactions, surcharge is the tax associated with goods and services. 2.5% is charged for railway-related expenditure and 1% or Rs.10 is charged for fuel-related cost. If the transaction for fuel exceeds Rs.400 or Rs.500, it is free from surcharge.
Charges for transactions in foreign currency
A conversion fee is applied if a credit card is used overseas. Credit issuers can charge up to 3.5% for an international transaction.t
Additional charges
A credit card is loaded with other charges such that are associated with deposits, delayed payments, fraudulent transactions and card replacement.
Bottom line
It is important to remember that, even though credit cards can be a helpful financial tool, it needs to be utilized responsibly. Factors such as delayed payments, outstanding dues and penalties can detrimentally bring down your credit score. The only way to enjoy the rewarding offers and benefits offered by credit cards is to make timely payments and regulate your credit card utilization.

How do I Convert HDFC Credit Card Purchase into EMI?

Even before converting your HDFC credit card purchase into EMI, ensure that the credit card purchase or transaction which you wish to convert into EMI is eligible for HDFC’s SmartEMI facility. You can check the same through your HDFC NetBanking account or by calling HDFC customer care, in case you don’t have an online banking account.

To check the eligibility of your HDFC transaction through NetBanking and to convert the same into EMI, follow the instructions mentioned below.

• Login to HDFC Bank NetBanking account.
• Click on ‘Cards’ from the main menu
• From the left side menu, Click Transact > SmartEMI
• Select credit card
• Choose transaction type as ‘Debit’ and click on ‘View’
• All the transactions eligible for conversion into EMI will be displayed along with an option ‘Click here to know your eligibility’.
• Click on the option corresponding to the transaction you wish to convert into EMI.
• Details of the EMI facility will be displayed
• Select the tenure in months to know the EMI details
• Check the terms and conditions box and click on ‘Continue’
• The SmartEMI details including loan amount, interest rate, tenure and monthly EMI will be displayed.
• If you’re okay with the interest, tenure and EMI, you can click on ‘Confirm’

The EMI facility will be approved immediately and the respective reference number and loan number will be displayed. The EMI will be effective from your next billing cycle and will be included in the minimum amount due.

What Lenders Look for When You Apply for Credit Card

When you apply for a credit card, there are multiple factors lenders consider before approving your application. Potential lenders always check your CIBIL score before issuing you a credit card. There are other factors that affect your credit card application such as your income, the organisation you work for, age, the city you reside in, and your payment history.

Factors lenders consider before approving your credit card application

• Credit score: Credit score is a 3-digit number that indicates your creditworthiness based on your credit history. Lenders check your credit score to analyse the risk and your repayment capacity. Your credit score can range anywhere between 300 to 850. A high credit score indicates that you are a financially trustworthy person in the eyes of the lender. If you have a low credit score, your credit card application may be rejected straightaway. Credit Information Bureau (India) Limited (CIBIL), one of the leading credit reporting agencies in India keeps a track of all your credit-related activities and issues your credit score. A credit report is a comprehensive document issued by the credit bureaus in India which list out all your borrowing and repayment history. There are many ways you can improve your credit score even if it is low currently.
• Debt-to-Income Ratio: A Debt-to-Income (DTI) ratio is determined by taking the sum of all your debt and dividing it by your income. Generally, your debt-to-income ratio should be less than 30%. If you have a high Debt-to-Income Ratio, any changes in your income level will put you in a financial crisis. So, if you have a high DTI ratio, consider closing one of your existing loans, clearing your Equated Monthly Instalments (EMIs), or paying off your credit card balance in full. Save the money you spend towards clearing your debt. This will lower your DTI ratio.

• Income and employment: If you have applied for a credit card, you would know that you have to submit your recent payslips if you are employed or your income documents if you are self-employed. Lenders analyse your employment and income details before issuing your credit card. While viewing your credit card application, lenders also check if your employment is stable.

• Credit Card Utilisation Rate: Apart from your payment history, your credit card utilisation rate is also an important factor that affects your credit card application. If you have multiple credit cards or had a credit card in the past, your credit utilisation rate can tell a lot about you. If you have over utilised your credit limit, your credit card application may be rejected. However, if you maintained a good credit utilisation rate, you would get a better deal on your credit card application.

• Delinquent accounts: If you have a delinquent account in your credit report, it could affect your credit card application negatively. A delinquent account is a credit account on which the customer hasn’t made the minimum due amount within the due day. When the account is 30 days past due, the credit provider will contact the customer to make the payment to restore the account. If the account is 90 days past due it will affect your credit score significantly. Before applying for a credit card, check your credit report and make sure you do not have any delinquent accounts.

Credit card application tips

• Before applying for a credit card, make sure you check your credit score and read your credit report. You can get a free copy of your credit report from each of the credit reporting agencies in India namely, TransUnion, Experian, and Equifax. You could also get a free copy of your credit report from one of the neutral financial advisory websites like BankBazaar.
• Close your existing loans if possible and lower your Debt-to-Income Ratio.
• If you have multiple credit cards, make sure you clear your credit card balance and maintain a good credit utilisation rate.
• Pay all your bills on time. This will increase your creditworthiness.
• Do not apply for too many credit cards or loans at the same time. The number of loan applications you submit has a negative impact on your credit card application.

If you have a low credit score or a high Debt-to-Income Ratio, make financially healthy changes and wait for few months before you apply for a credit card. Once you have made some changes like closing a loan or clearing your credit card debt, wait for a month for it to appear on your credit report.

How do I pay my credit card bill with another credit card?

Banks that issue credit cards in India do not let a cardholder use one credit card to pay the bill of another. A cardholder cannot use a credit card directly to pay another's bill. However, there are other ways in which one can pay a credit card bill using another credit card. Listed below are two ways in which a cardholder can do that:

• Balance Transfer: Using the balance transfer feature, a credit cardholder can transfer the entire or a part of the debt that has accumulated on another credit card to a different credit card. This feature helps the cardholder to keep a track on their balance and payments. This is also a wise way to save on the interest that one needs to pay.
• Cash Withdrawal: The cardholder can withdraw cash using a credit card that has ample amount of unused credit limit and use the cash to pay off the debt on the credit card that has accumulated debt.

What is the billing cycle for the HDFC credit card?

Most banks in the country decide the billing date for the credit cards that they issue to their customers. Also, banks mention the billing cycle details in the monthly e-statement that they issue. The RBI has a set of rules and regulations in place that the banks need to follow. The bank asks the customer to pay their billing within this set billing cycle. Generally, the billing cycle of an HDFC credit card is a minimum of 20 days and a maximum of 50 days.

How To Make The Best Use Of Supplementary Or Add-on Credit Cards

It is a truth universally acknowledged that credit cards unlock a world of financial freedom for the cardholders. With constant evolution of the financial world, more and more options are opening up in terms of products and services. So now, one can easily share this financial freedom with their family members, thanks to the introduction of supplementary cards. Supplementary or add-on cards, as they are popularly known, give the primary cardholders an option to share the benefits of the credit card. Supplementary cards can be issued for the primary cardholder's family members including their spouse, children or parents. Almost all the major banks in India issue supplementary credit cards. However, there is a limited number of supplementary cards that is issued by the banks. Also, a supplementary cardholder should be at least 18 years or above to be able to use the card.

Listed Below Are Some Of The Important Properties Of A Supplementary Credit Card:

• 
  Gathering reward points: The reward point system of a credit card lets the cardholder earn bonus or points each time they swipe the card. After gathering these reward points, the cardholder can claim exciting products from the bank's catalogue. It works in the same manner with supplementary or add-on credit cards. The number of reward points that the supplementary cardholder earns for subsequent swipes is the same as on the primary card.
  
• Benefits for the supplementary cardholders: Contrary to popular belief, supplementary cardholders get to enjoy the same set of benefits that are provided to a primary cardholder. From air miles to cashback offers to fuel surcharge, supplementary cardholders receive the same benefits that the primary cardholders enjoy. Most banks even allow the supplementary cardholders to earn airport lounge visits (depending on the credit limit, expenditure made on the card and maintenance of the card).
  
• Cash withdrawal facility on supplementary cards: Supplementary cardholders can withdraw cash from an ATM using their credit card any time of the day. However, the limit of cash withdrawal will be the same as that of the original credit card. In some cases, the banks set a lesser cash withdrawal limit.
  
• Monitoring usage: The primary cardholder can monitor the usage of the supplementary cards. In case the primary cardholder has given supplementary cards to family members who are dependent on them like their children, they can keep a check on their spending habits. In fact, if the primary cardholder wishes to set a separate credit limit on the supplementary card, they can do that as well.
  
• Credit limit – In most cases, the credit limit on a supplementary card is the same as that of the primary credit card. However, at times, some banks might allow a lesser credit limit to a supplementary card (in comparison to the primary credit card). For example, if a cardholder has been issued five supplementary cards and their primary credit limit is Rs.2 lakh, the sub-limit for their supplementary card should be distributed equally amongst all the add-on cards. So, the cardholders will be entitled to a limit of Rs.40,000 on each of their add-on cards. Similar sub-limits will imply on their cash withdrawal also.
  
• Fee: Most banks in the country do not levy any charges to issue a supplementary card. In fact, at times, banks issue supplementary cards as a complementary service. However, there is a limit to the number of free supplementary cards that a primary cardholder can apply for. A few banks charge a certain amount of money to issue more than four supplementary cards. Also, most banks waive the annual fee of the supplementary cards.
  
• Statements of supplementary cards: Every bank that issues a supplementary card generates a consolidated statement of account that includes the expenditure made on the primary card as well. This not only makes tracking easy, it also helps in keeping a check on the expenditure made on each and every card. These statements can be obtained in hard copy as well as via email. Most banks do not charge their customers for availing this service.
  
• Payment of balance on the supplementary card: While expenditure made on supplementary cards are individual, payment of the outstanding amount must be done through the primary card. Cardholders, both primary and supplementary, are expected to pay the consolidated outstanding balance together. The due date of the same is also the same. In case of delay in payment or failure to make a payment, the primary cardholder will be held responsible.
  

While supplementary cards ensure the financial freedom of the family members of the primary cardholders, it is also important to be meticulous when it comes to their maintenance. Any negligence in terms of payment of the outstanding amount can affect the credit score of the primary cardholder. Hence, while getting supplementary cards for the family, the primary cardholder should make sure that the add-on cards are maintained with as much care as the parent card itself.