Published by Finance Online Business Reviews
Does your business require you to have people, equipment, transactions, and services in the field? If your answer is yes, then what you need is any one of these field service management software (FSM) that is vital to your business’ smooth and efficient operations. As field service management statistics show, FSM tools will help you manage logistics, allocate resources, schedule work, and many more.
We’ve gathered the latest field service management statistics to give you key insights on how you can do these. We’ll take a look at the field service management market size, industry projections, newest technologies being used, and other significant information regarding the FSM sector. With this field service management report, you’ll be aware of how your business fares in the current market situation and be prepared for any advancement in the industry.
General Field Service Management Statistics
In the last few years, the field service industry has experienced robust growth with the increasing demand by field service organizations (FSO) for time- as well as cost-effective solutions. The field service management market growth is also buoyed by the need of companies to meet the demands of customers for the best service and thereby increase customer satisfaction. Companies are also looking to differentiate and personalize their services, reduce workforce costs, enhance employee productivity, and improve overall operational efficiency. Here are notable figures in our field service management market report.
- The field service management market growth is forecast at a CAGR of 16.2%. At this rate, the FSM market that has an estimated value of $2.8 billion in 2019 will reach $5.9 billion by 2024. [1]
- North America will be the fastest-growing market for cloud FSM software, while the Asia-Pacific region will be the largest market. [2]
- 48% of organizations are using FSM software. [3]
- 52% of companies still use manual methods for most of their field service tasks. [4]
- 77% of FSOs employ on-premise service solutions. [5]
- 40% of organizations that are utilizing cloud-based FSM software to conduct field service management are growing. [6]
- 89% of customers want to see modern, on-demand technology applied to their technician scheduling, and nearly as many customers would be willing to pay a premium for it. [7]
- 72% of organizations are prioritizing improvements in customer satisfaction in field service. [8]
- Maximizing the satisfaction of connected customers has the potential to lift field service company revenues by 15% while lowering the cost of service by 20%. [9]
Field Service Organizations’ Software Usage – Snapshots of FSOs’ utilization (or non-use) of FSM solutions.
- 40% Organizations experiencing growth using cloud FSM software
- 48% Organizations using an FSM software
- 52% Organizations still using manual methods for field service
- 77% Organizations using on-premise FSM solutions
Field Services Technology Statistics
Business processes today have been impacted by technology, and field services management is no different. We’ll present to you some field service management software statistics to give you insights on how technology is being adopted and used by field service companies and how they are reaping returns. It is worth noting that the cloud field service management market is expected to outgrow the market for on-premise solutions as both SMBs and large enterprises are shifting their focus from IT processes to core service competencies like efficient scheduling and dispatching which can be handled by online FSM tools.
- 42% of FSOs have already deployed the Internet of Things (IoT) into their business as of 2018. 31% of FSOs are set to deploy IoT in the next 2 years. [2]
- There are more than 34 million smart homes in the US today. [10]
- There will be 50 billion internet-connected devices by 2020. [9]
- Best-in-class FSOs that utilize data analytics reported an increase in SLA performance by 44%, an increase in customer retention by 42%, and an increase in service profits by 18%. [11]
- 80% of FSOs say mobile field service is required to improve efficiency and speed of personnel, 44% say it is needed due to competitive pressures, and 41% say it is required because of the increasing volume of service requests. [9]
- Nearly 50% of FSOs identify automation as the greatest contributor to revenue growth. [12]
Field Services Workforce Statistics
Technology, BYOD, and competition are influencing the field service workforce. Technicians are looking for fast and capable tools as well as quick access to important information while in the field. Let’s take a look at some significant facts and figures.
- There are now an estimated 20 million field technicians operating worldwide. [2]
- 45% of field technicians report that current tools are not fast enough, and 38% say they can’t access all the needed information. [3]
- Over 62% of field service leaders adopt some level of BYOD in their organization. [9]
- 49% of a company’s workforce uses a smartphone or handheld device as the primary tool for communication. [9]
- 58% of field service professionals report that their top pressure is competition in service and product. [9]
- 80% of technical experts in the field service industry believe that AI enhances workforce skills and efficiency. [9]
- Only 15% believe AI takes over human jobs. [9]
- 86% of field service leaders are more likely to collaborate with stakeholders through mobile. [12]
- Most of the resources needed by technicians are available less than half of the time – pre-visit review of service history (54%), access to service manuals (52%), access to knowledge base (48%), visibility of spare parts inventory (42%), and training videos (30%). [13]
- $83,000 to $116,000 is the annual salary range for a Field Service Manager in the US. [14]
- For Field Service Technician in the US, the annual salary range is $28,000 to $59,000, with a national average of $41,000. [15]
- 50% of organizations consider technician’s soft skills training as either their first or second priority. [16]
- 77% of field service companies already use a contingent or freelance workforce. [17]
- More than 83% of executives agree that the service department plays a strategic role in the overall business. [18]
Top Challenges for Technicians: Most key resources field technicians need are available less than 50% of the time.
- Pre-visit review of service history
- 54%
- Access to service manuals
- 52%
- Access to knowledge base
- 48%
- Visibility of spare parts inventory
- 42%
- Training videos
- 30%
Field Services Management for the Future
The future of FSM will be dominated by existing and emerging technologies, foremost of which is IoT-driven predictive maintenance, which will make troubleshooting connected devices a whole lot easier for technicians at less cost for the company. Advancements in AI will result in smart scheduling and planning as well as speedy dispatching of technicians based on their location, availability, and skill set. AI will also be instrumental in improving the first-time resolution and fix rates, contributing to top company goals of providing customer satisfaction and increased revenues. Here’s a look at the future of FSM.
- By 2020, 10% of emergency field service work will be determined and scheduled by AI. [9]
- 70% of FSOs by 2020 will cite customer satisfaction as the no. 1 benefit gained from implementing FSM software. [9]
- FSOs are eagerly awaiting developments in autonomous vehicle technology. Driverless vehicles are estimated to save businesses $16,00- to $500,000 by eliminating accidents due to human errors. [12]
- 33% of FSOs point to augmented reality as a technology they would implement in the next 5 to 10 years. [12]
- AR/VR tech is set to make headways in field service. 92% of service executives say they need to transform their service models through this new tech; 72% of best-in-class FSOs are more likely to use visual collaboration tools than their peers, and more millennial customers expect this type of immersive service experience. [19]
- By 2020, customer experience is set to overtake price and product as a key brand differentiator. [18]
What Can We Derive From These FSM Statistics?
From the facts and figures, we can see how field service is closely linked to customer satisfaction. And technology, through FSM software, is at the forefront of delivering fast and efficient field service by automating service scheduling, streamlining workflows, and enabling instant access by technicians to client service history and other required information.
Technology is also being utilized through AR/VR and IoT to further speed up servicing even without the technician physically present on site. Technology that you can bring with you is also being leveraged through mobile FSM solutions for any time, anywhere data access, connection with the head office, and collaboration with supervisors and technicians.
If you are a small company trying to grow your HVAC, home repair, delivery, contracting, or similar line of business, you need to be on top of administrative and operational matters. You can go for field service management solutions for small businesses to help you get a handle on the numerous tasks and activities you wouldn’t otherwise be able to manage without this type of software.
We hope you picked up valuable insights from our field service management market report and FSM statistics. Knowing what’s going on and coming up in the industry will strengthen your business today and prepare it for the challenges ahead.
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About TimeLinx
TimeLinx delivers innovative project & service management software as a complete solution that perfects the sell-track-manage-support-bill cycle that services organizations must have to delight their customers; TimeLinx brings the cycle together in a single application that offers less frustration, better project management, complete reporting, and improved profitability – all specially designed for Infor and Sage.
