Market Overview:
The global functional service providers (FSP) market is expected to grow from USD 2.02 billion in 2018 to USD 3.73 billion by 2030, at a CAGR of 7.5% from 2018 to 2030. The growth of the FSP market is attributed to the increasing demand for outsourcing services by biopharmaceutical companies and other application segments across the globe. Furthermore, the growing focus on regulatory compliance is also fueling the demand for FSP services globally. The global FSP market has been segmented on the basis of type, application, and region. On the basis of type, the global FSP market has been segmented into clinical monitoring, data management, statistical programming, regulatory operations, and other services.
 Industry Outlook.svg)
Product Definition:
Functional Service Providers (FSP) are entities that provide specific support services that are essential to the functioning of a government organization. FSPs can include IT service providers, human resources management firms, and other support service providers. They play an important role in helping government organizations function efficiently and effectively.
Clinical Monitoring:
Clinical monitoring is a set of tools and techniques that are used to observe, evaluate, and analyze patients in real-time. It includes the use of electronic devices such as sensors or wearable devices which help in collecting physiological data about the body. The data is then transferred to a remote location for further analysis using software applications. Clinical monitoring helps healthcare professionals obtain vital information pertaining to patient health during their stay at hospitals or any other healthcare facilities.
Data Management:
Data management is the process of collecting, organizing, processing and storing data. It includes techniques for extracting business insights from the collected data. In functional service providers (FSP) market it plays a vital role in improving operational efficiency by helping companies to reduce costs and streamline their services. Data management software helps FSPs to improve customer experience along with reducing operational expenses which ultimately increases company's profitability.
Application Insights:
The other application segment accounted for the largest market share in 2017 and is expected to continue its dominance over the forecast period. The FSPs are widely used across various industries such as banking, financial services, healthcare and others. The growing demand for applications that enable efficient management of data across diverse systems is anticipated to drive the demand over the forecast period.
The biopharmaceutical company segment was estimated at USD 578.5 million in 2017 owing to its high usage across various functions such as clinical trials, drug development & manufacturing, quality control & safety monitoring among others.
Regional Analysis:
Asia Pacific dominated the global market in 2017. This can be attributed to factors such as increasing outsourcing of services by Asian countries and growing biopharmaceutical industry in this region. Moreover, the presence of a large number of emerging companies is also expected to drive regional growth over the forecast period. The European market for functional service providers is anticipated to grow at a significant rate over the forecast period owing to technological advancements and increased adoption of new technologies across various sectors including healthcare.
The North American market was valued at USD X million in 2017.
Growth Factors:
- Increased demand for FSP services from small and medium-sized businesses (SMBs) due to the growing complexity of IT infrastructure and the need for specialized skillsets.
- The increasing trend of outsourcing by large enterprises to reduce costs and improve efficiency.
- Rapid growth in digital transformation initiatives, which is leading to increased demand for FSP services that can help organizations quickly adopt new technologies and processes.
- Proliferation of cloud-based solutions, which is driving organizations to seek out FSPs that can help them migrate their applications and data to the cloud securely and cost-effectively.
- Growing awareness among businesses about the benefits of using managed services, which is helping fuel demand for FSPs’ Managed Services offerings
Scope Of The Report
Report Attributes
Report Details
Report Title
Functional Service Providers (FSP) Market Research Report
By Type
Clinical Monitoring, Data Management, Statistical Programming, Regulatory Operations, Other
By Application
Biopharmaceutical Company, Other
By Companies
IQVIA, Parexel, Quanticate, Covance, BioPoint, Rho, ICON, PPD, KPS Life, WuXi AppTec
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
183
Number of Tables & Figures
129
Customization Available
Yes, the report can be customized as per your need.
Global Functional Service Providers (FSP) Market Report Segments:
The global Functional Service Providers (FSP) market is segmented on the basis of:
Types
Clinical Monitoring, Data Management, Statistical Programming, Regulatory Operations, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Biopharmaceutical Company, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IQVIA
- Parexel
- Quanticate
- Covance
- BioPoint
- Rho
- ICON
- PPD
- KPS Life
- WuXi AppTec
 Market Overview.svg)
Highlights of The Functional Service Providers (FSP) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Clinical Monitoring
- Data Management
- Statistical Programming
- Regulatory Operations
- Other
- By Application:
- Biopharmaceutical Company
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Functional Service Providers (FSP) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Functional Service Providers (FSPs) are companies that provide a specific type of service, such as cloud computing, data storage, or software development. FSPs can be either independent contractors or employees of larger organizations.
Some of the major companies in the functional service providers (fsp) market are IQVIA, Parexel, Quanticate, Covance, BioPoint, Rho, ICON, PPD, KPS Life, WuXi AppTec.
The functional service providers (fsp) market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Functional Service Providers (FSP) Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Functional Service Providers (FSP) Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Functional Service Providers (FSP) Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Functional Service Providers (FSP) Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Functional Service Providers (FSP) Market Size & Forecast, 2018-2028
4.5.1 Functional Service Providers (FSP) Market Size and Y-o-Y Growth
4.5.2 Functional Service Providers (FSP) Market Absolute $ Opportunity
Chapter 5 Global Functional Service Providers (FSP) Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Functional Service Providers (FSP) Market Size Forecast by Type
5.2.1 Clinical Monitoring
5.2.2 Data Management
5.2.3 Statistical Programming
5.2.4 Regulatory Operations
5.2.5 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Functional Service Providers (FSP) Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Functional Service Providers (FSP) Market Size Forecast by Applications
6.2.1 Biopharmaceutical Company
6.2.2 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Functional Service Providers (FSP) Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Functional Service Providers (FSP) Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Functional Service Providers (FSP) Analysis and Forecast
9.1 Introduction
9.2 North America Functional Service Providers (FSP) Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Functional Service Providers (FSP) Market Size Forecast by Type
9.6.1 Clinical Monitoring
9.6.2 Data Management
9.6.3 Statistical Programming
9.6.4 Regulatory Operations
9.6.5 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Functional Service Providers (FSP) Market Size Forecast by Applications
9.10.1 Biopharmaceutical Company
9.10.2 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Functional Service Providers (FSP) Analysis and Forecast
10.1 Introduction
10.2 Europe Functional Service Providers (FSP) Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Functional Service Providers (FSP) Market Size Forecast by Type
10.6.1 Clinical Monitoring
10.6.2 Data Management
10.6.3 Statistical Programming
10.6.4 Regulatory Operations
10.6.5 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Functional Service Providers (FSP) Market Size Forecast by Applications
10.10.1 Biopharmaceutical Company
10.10.2 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Functional Service Providers (FSP) Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Functional Service Providers (FSP) Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Functional Service Providers (FSP) Market Size Forecast by Type
11.6.1 Clinical Monitoring
11.6.2 Data Management
11.6.3 Statistical Programming
11.6.4 Regulatory Operations
11.6.5 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Functional Service Providers (FSP) Market Size Forecast by Applications
11.10.1 Biopharmaceutical Company
11.10.2 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Functional Service Providers (FSP) Analysis and Forecast
12.1 Introduction
12.2 Latin America Functional Service Providers (FSP) Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Functional Service Providers (FSP) Market Size Forecast by Type
12.6.1 Clinical Monitoring
12.6.2 Data Management
12.6.3 Statistical Programming
12.6.4 Regulatory Operations
12.6.5 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Functional Service Providers (FSP) Market Size Forecast by Applications
12.10.1 Biopharmaceutical Company
12.10.2 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Functional Service Providers (FSP) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Functional Service Providers (FSP) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Functional Service Providers (FSP) Market Size Forecast by Type
13.6.1 Clinical Monitoring
13.6.2 Data Management
13.6.3 Statistical Programming
13.6.4 Regulatory Operations
13.6.5 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Functional Service Providers (FSP) Market Size Forecast by Applications
13.10.1 Biopharmaceutical Company
13.10.2 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Functional Service Providers (FSP) Market: Competitive Dashboard
14.2 Global Functional Service Providers (FSP) Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 IQVIA
14.3.2 Parexel
14.3.3 Quanticate
14.3.4 Covance
14.3.5 BioPoint
14.3.6 Rho
14.3.7 ICON
14.3.8 PPD
14.3.9 KPS Life
14.3.10 WuXi AppTec
