The Latest Field Service Management Industry Statistics Explained
The global field service management market was valued at $3.12 billion in 2018.
The statistic “The global field service management market was valued at $3.12 billion in 2018” represents the total market size of field service management solutions worldwide for the year 2018. Field service management involves the coordination and optimization of activities such as scheduling, dispatching, and tracking of field service technicians or workers. The market value of $3.12 billion indicates the total revenue generated by the sale of field service management software, services, and related products in that year. This statistic provides insight into the size and potential growth of the global field service management industry, highlighting its significance in facilitating efficient and effective field operations across various sectors.
By 2027, the field service management industry is expected to reach $10.81 billion.
The statistic that the field service management industry is projected to reach $10.81 billion by 2027 reflects a forecasted growth and significant economic impact within the industry. This figure provides insight into the expected expansion and importance of field service management, which encompasses the supervision and coordination of activities related to employees working in the field. Factors such as technological advancements, increased demand for efficiency and productivity, and the globalization of businesses likely contribute to this anticipated growth. This statistic can be valuable for industry stakeholders, policymakers, and investors in understanding the trajectory and potential opportunities within the field service management sector.
Among regions, North America held the highest market share in the field service management industry in 2019.
The statistic “North America held the highest market share in the field service management industry in 2019” indicates that out of all the regions analyzed, North America had the largest percentage of market presence or sales within the field service management industry in 2019. This suggests that companies operating in North America were the leaders in providing field service management solutions or services compared to other regions such as Europe, Asia-Pacific, or Latin America. This may be attributed to factors such as the maturity of the market, technological advancements, or higher demand for field service management solutions in North America compared to other regions.
The cloud-based field service management market share will likely reach 78% by 2025, compared to 48% in 2019.
The statistic indicates a significant projected increase in the cloud-based field service management market share, from 48% in 2019 to 78% by 2025. This considerable growth suggests a strong trend towards companies adopting cloud-based solutions for their field service management needs. The shift towards cloud-based services can be attributed to several factors such as improved accessibility, scalability, cost-effectiveness, and enhanced data security. This statistic highlights the increasing preference for cloud technology and foresees a dominant presence of cloud-based field service management solutions within the market by 2025.
The Manufacturing industry constituted 22.1% of the field service industry market share in 2018.
The statistic indicates that within the field service industry market in 2018, the Manufacturing industry held a market share of 22.1%. This means that out of all the companies and businesses providing field service-related products or services, the Manufacturing industry accounted for just over one-fifth of the market. This information is crucial for understanding the competitive landscape and market dynamics within the field service industry, highlighting the prominence and influence of the Manufacturing sector in that particular market segment during the specified year. It can also offer insights into trends, competition, and potential opportunities for businesses operating within or targeting the field service industry.
The workflow automation market in FSM is expected to grow by 20% by 2026.
The statistic indicates that the market for workflow automation in Field Service Management (FSM) is forecasted to experience a significant growth of 20% by the year 2026. This projected expansion suggests a strong and increasing demand for automation solutions within the FSM sector, which may be driven by factors such as the need for improved operational efficiency, cost savings, and enhanced customer service. The growth rate of 20% implies a substantial increase in market size and adoption of workflow automation technologies in FSM over the coming years, presenting opportunities for businesses operating in this space to capitalize on the growing trend towards automation in service-oriented industries.
Mobile field service management is predicted to generate a revenue of $4.6 billion by 2026.
The statistic indicates that the mobile field service management industry is projected to experience significant growth, with an estimated revenue of $4.6 billion by the year 2026. This prediction suggests that businesses and organizations are increasingly adopting mobile technologies to streamline and optimize their field service operations. The expected revenue growth reflects a rising demand for solutions that enable real-time communication, efficient scheduling, and seamless coordination of field service personnel. As companies continue to prioritize operational efficiency and customer satisfaction, the mobile field service management sector is anticipated to play a crucial role in driving innovation and productivity across various industries in the upcoming years.
A report suggested an increase of 42% in work order completion rates post adoption of FSM solutions.
The statistic stating an increase of 42% in work order completion rates post adoption of FSM (Field Service Management) solutions indicates a significant improvement in the efficiency and effectiveness of work order management processes. This implies that after implementing FSM solutions, a company experienced a substantial boost in the rate at which work orders were completed, suggesting better scheduling, tracking, and overall management of tasks. The 42% increase highlights the substantial impact of FSM solutions on streamlining operations and potentially improving productivity within the organization.
Europe’s HVAC industry accounted for more than 22% of the regional revenue of the FSM market.
This statistic indicates that the Heating, Ventilation, and Air Conditioning (HVAC) industry in Europe played a significant role in the regional revenue generated in the Field Service Management (FSM) market, contributing more than one-fifth (22%) of the total revenue. The high percentage suggests that the HVAC sector is a major player in the FSM market within Europe, highlighting its importance and dominance in the industry. This information is crucial for businesses operating in the FSM market as it underscores the significance of the HVAC industry in the region and may influence strategic decision-making, investments, and partnerships within the sector.
65% of service teams are currently using a field service management platform.
The statistic indicates that out of all service teams surveyed, 65% are utilizing a field service management platform. This suggests that a majority of service teams have adopted this technology to assist in managing their field operations efficiently. By utilizing a field service management platform, these teams are likely benefiting from features such as scheduling, dispatching, tracking, and analyzing field activities. The prevalence of the platform among service teams indicates the recognition of its importance in improving organizational productivity, customer service, and overall operational effectiveness in the service industry.
The Asia-Pacific field service management market is slated to grow at the highest CAGR of 20.8% from 2020 to 2027.
This statistic indicates that the Asia-Pacific field service management market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 20.8% from the year 2020 to 2027. This suggests that the demand for field service management solutions in the Asia-Pacific region is increasing rapidly, likely driven by factors such as technological advancements, digital transformation, and the need for efficient field operations. Companies operating in this market are expected to capitalize on this growth opportunity by offering innovative solutions and expanding their presence in the region to meet the evolving needs of businesses for effective field service management.
20% of service companies witnessed a surge in worker productivity after implementing field service management software.
The statistic “20% of service companies witnessed a surge in worker productivity after implementing field service management software” suggests that a sizeable minority of service companies experienced a notable increase in worker productivity following the adoption of field service management software. The statistic implies that a specific technological solution, such as software designed to streamline and optimize field service operations, can have a positive impact on productivity levels within certain organizations. This finding highlights the potential benefits of investing in technology and process improvements to enhance operational efficiency and effectiveness in service-oriented industries.
Around 26% of companies invested in field service management tools to reduce costs.
The statistic indicates that approximately 26% of companies have chosen to invest in field service management tools with the objective of reducing costs. This suggests a significant portion of businesses recognize the potential benefits of utilizing such tools in optimizing their operations and streamlining processes in the field service aspect of their business. By investing in these tools, companies aim to improve efficiency, minimize operational costs, and enhance overall productivity in managing their field service operations. This statistic highlights a growing trend among businesses to leverage technology in order to achieve cost savings and operational effectiveness in the increasingly competitive market landscape.
Predictive field service is a top priority for 89% of service decision makers.
The statistic “Predictive field service is a top priority for 89% of service decision makers” indicates that a significant majority (89%) of professionals responsible for making decisions regarding service operations consider predictive field service to be a critical focus area. Predictive field service involves using data and technology to anticipate and address maintenance needs before they lead to equipment failures or service disruptions. These decision makers likely recognize the value of implementing predictive maintenance strategies in order to improve efficiency, reduce downtime, increase customer satisfaction, and ultimately drive business success. The high level of attention placed on predictive field service suggests a growing recognition of its importance in optimizing service delivery and ensuring long-term competitiveness in the field service industry.
About 53% of service organizations said mobility is a key area of focus and investment for their field service operations.
The statistic indicates that approximately 53% of service organizations consider mobility to be a crucial aspect of their field service operations, highlighting the significance of mobile technology in enhancing their business processes. By viewing mobility as a key area of focus and investment, these organizations recognize the potential for increased efficiency, productivity, and customer satisfaction through the use of mobile devices and applications in their operations. This data suggests a growing trend towards adopting and leveraging mobile solutions to optimize field service delivery and meet the evolving needs of customers in today’s digital age.
25% of service leaders are considering AI chatbots for customer service inquiries in the field service management sector.
This statistic suggests that a significant portion, specifically 25%, of service leaders within the field service management sector are exploring the implementation of AI chatbots to handle customer service inquiries. This indicates a growing trend towards utilizing artificial intelligence technology to improve customer interactions and streamline service processes. By considering AI chatbots, these service leaders recognize the potential benefits in terms of efficiency, scalability, and cost-effectiveness that such technology can offer in managing customer inquiries within the field service management industry.
Conclusion
The field service management industry statistics presented in this blog post reveal the growing importance and impact of efficient and effective field service operations. As businesses continue to prioritize customer satisfaction and operational excellence, investing in field service management tools and technologies will be crucial for staying competitive and meeting evolving customer demands. The data clearly indicates the significant opportunities for growth and improvement within the field service management sector, underscoring the need for organizations to adapt and innovate in order to succeed in today’s dynamic business environment.
References
0. – https://www.www.fieldpoint.net
1. – https://www.www.salesforce.com
2. – https://www.www.grandviewresearch.com
3. – https://www.www.softwaresuggest.com
4. – https://www.www.softwareadvice.com
5. – https://www.www.aberdeen.com
6. – https://www.www.fieldaware.com
7. – https://www.www.gminsights.com
8. – https://www.www.fortunebusinessinsights.com
