The Latest Field Service Industry Statistics Explained
By 2025, the global field service management market size is projected to reach $5.9 billion, growing at a CAGR of 11.5% from 2020 to 2025.
This statistic indicates that the global field service management market size is expected to reach $5.9 billion by the year 2025. The market is projected to experience a compound annual growth rate (CAGR) of 11.5% from the year 2020 to 2025. This growth rate suggests a steady increase in the market value over the specified time period, reflective of the growing importance of field service management solutions across various industries. The projected growth rate and market size highlight the opportunities and potential for businesses operating in the field service management sector to expand and capitalize on the increasing demand for such services globally.
Approximately 52% of field service companies still do manual tasks, such as scheduling.
The statistic that approximately 52% of field service companies still perform manual tasks, like scheduling, suggests that a significant portion of companies in this sector have not fully embraced automation or digital technologies to streamline their operations. This could indicate potential inefficiencies in their processes, as manual tasks are often time-consuming, prone to errors, and may hinder overall productivity. By highlighting this statistic, there is a clear opportunity for these companies to consider adopting technology solutions for more efficient and effective management of field service operations, ultimately improving customer satisfaction and business performance in the long run.
There’s been a 92% increase in usage of real-time mobile location tracking in field services.
The statistic ‘There’s been a 92% increase in usage of real-time mobile location tracking in field services’ suggests that there has been a significant rise in the adoption and implementation of real-time mobile location tracking technology within the field services industry. This substantial increase of 92% implies that more organizations are recognizing the benefits and importance of tracking the locations of their mobile workforce in real-time for improved efficiency, productivity, and service delivery. This growth indicates a shift towards leveraging technology to streamline operations and enhance overall performance in field services, indicating a positive trend towards embracing digital solutions for better management and optimization of resources.
80% of businesses believe that they give excellent customer service while only 8% of consumers believe they receive excellent service.
This statistic indicates a significant disparity between the perceptions of businesses and consumers regarding the quality of customer service. While 80% of businesses perceive their customer service to be excellent, only 8% of consumers share this sentiment. This disconnect suggests a potential gap in understanding between businesses and their customers in identifying and addressing customer service needs and expectations. It underscores the importance of businesses actively seeking feedback and engaging with their customers to better align their service delivery with consumer perceptions and preferences, ultimately fostering stronger customer satisfaction and loyalty.
In 2018, North America had the biggest market size within the field service management industry.
The statistic “In 2018, North America had the biggest market size within the field service management industry” indicates that the region of North America dominated the market in terms of revenue and size within the field service management sector during the year 2018. This suggests that a significant portion of the total market share for field service management solutions, which involve managing and dispatching work orders, scheduling appointments, and monitoring field service teams, was held by companies operating in North America. This data point highlights the strong presence and influence of North American businesses in the field service management industry and could indicate potentially lucrative opportunities for companies and investors looking to target this region for business expansion or investment strategies.
97% of service decision makers believe field service is a crucial part of their overall business strategy.
The statistic that 97% of service decision makers believe field service is a crucial part of their overall business strategy indicates a strong consensus among key stakeholders in service-oriented industries regarding the importance of field service operations. This high percentage implies that most decision makers recognize the significant role that field service plays in delivering value to customers, optimizing operational efficiency, and ultimately driving business success. The widespread agreement on the strategic necessity of field service suggests that organizations are likely to allocate resources and prioritize efforts to enhance and innovate their field service capabilities in alignment with broader business goals.
Field service employees.20 statistics – Field service workers use mobile apps about 197 minutes per day, on average.
The statistic suggests that field service workers, on average, spend approximately 197 minutes per day using mobile apps in the course of their work duties. This indicates a significant reliance on technology among field service employees, likely for tasks such as communication, data recording, scheduling, navigation, and accessing job-related information. The statistic highlights the integration of mobile technology into the daily workflow of field service workers, potentially improving efficiency, productivity, and the ability to provide timely service to customers. Understanding the extent to which mobile apps are utilized by this workforce can be valuable for optimizing technology deployment and training programs in the field service industry.
About 60% of businesses using field service management software reported an improvement in customer satisfaction.
This statistic suggests that there is a positive association between businesses using field service management software and improved customer satisfaction, with around 60% of such businesses experiencing this outcome. Field service management software can help businesses streamline their operations, enhance communication with customers, and improve service delivery efficiency, ultimately leading to higher levels of customer satisfaction. The statistic highlights the potential benefits of investing in technology solutions like field service management software to enhance customer service and improve overall business performance.
More than 20% of field service work is sourced from Third Party Administrators (TPAs).
The statistic indicating that more than 20% of field service work is sourced from Third Party Administrators (TPAs) suggests that a significant portion of field service tasks, such as repairs, maintenance, or installations, are outsourced to external service providers who act as intermediaries on behalf of the company requiring the service. This reliance on TPAs can be a strategic approach to managing field service operations efficiently, potentially due to cost-effectiveness, access to specialized expertise, or scalability. The statistic underscores the importance of partnerships with TPAs in the field service industry and highlights the trend of companies leveraging external resources to fulfill their service needs.
Forecast suggests that field service management market in Europe will amount to approximately 947 million U.S. dollars by 2024.
The statistic indicates that the field service management market in Europe is projected to grow substantially, reaching an estimated value of around 947 million U.S. dollars by the year 2024. This forecast suggests an increasing demand for field service management solutions and software in the European region over the coming years. Factors contributing to this growth could include advancements in technology, evolving business needs, and a focus on improving operational efficiency and customer satisfaction. Businesses operating in the field service management sector may need to capitalize on this opportunity by offering innovative solutions that cater to the specific needs of European customers, in order to capture a portion of this expanding market.
Equipment repair and maintenance services account for 52% of the total revenue in the field service industry.
The statistic indicates that equipment repair and maintenance services constitute a significant portion of the total revenue generated within the field service industry, representing 52% of the overall revenue. This suggests that businesses operating in the field service industry heavily rely on revenue generated from providing repair and maintenance services for various equipment and machinery. The high percentage highlights the importance of these services within the industry, emphasizing the demand for maintaining and servicing equipment to ensure operational efficiency and reliability. Consequently, companies operating in this sector may need to focus on optimizing their repair and maintenance services to meet the industry’s substantial demand and drive business success.
The global subsystem value for Field Service Dispatch and Management is projected to grow from $3.34 billion in 2019 to $5.25 billion in 2024, at a CAGR of 9.4%.
This statistic indicates that the value of the global subsystem for Field Service Dispatch and Management is expected to increase from $3.34 billion in 2019 to $5.25 billion in 2024. This growth represents a compound annual growth rate (CAGR) of 9.4% over the forecasted period. The CAGR of 9.4% provides a measure of the average annual growth rate of the subsystem’s value over the specified timeframe, indicating a steady and healthy growth trajectory. This projection suggests that the Field Service Dispatch and Management sector is anticipated to experience significant expansion and increased market demand over the next five years.
About 70% of firms in the Middle East currently use some form of computerized maintenance management system or field service management solution.
The statistic indicates that a majority of firms in the Middle East, specifically around 70%, have adopted computerized maintenance management systems or field service management solutions to streamline their maintenance operations. These systems typically help businesses schedule and track maintenance tasks, manage resources efficiently, and reduce downtime by enabling preventive maintenance practices. The high adoption rate suggests that Middle Eastern companies are recognizing the benefits of digitizing their maintenance processes to improve operational efficiency and ultimately, enhance overall business performance.
Nearly 86% of service leaders agree that a technician’s ability to make decisions in real-time is key to improving work efficiency and effectiveness.
The statistic reveals that a significant majority (86%) of service leaders acknowledge the importance of a technician’s ability to make decisions in real-time for enhancing work efficiency and effectiveness. This suggests that quick and informed decision-making by technicians plays a crucial role in delivering efficient and effective service outcomes. Service leaders recognize that empowering technicians with the capability to make real-time decisions can lead to quicker problem resolution, improved customer satisfaction, and overall operational success. By valuing and supporting this aspect of technician performance, organizations can foster a culture of responsiveness and proactiveness in their service delivery processes.
Improved functionality and technology are driving 62% of organizations to make the move to a new field service solution.
The statistic suggests that a significant majority, 62%, of organizations are motivated to transition to a new field service solution primarily because of the perceived benefits of improved functionality and technology. This finding indicates that organizations are recognizing the importance of modernizing their field service operations to stay competitive and enhance efficiency. By leveraging advanced technology and enhanced functionalities, businesses can potentially streamline their service delivery, improve customer satisfaction, and optimize operational processes. The data highlights a trend where organizations are prioritizing innovation and digital transformation in their field service strategies to meet evolving customer demands and achieve better business outcomes.
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