Research firm MarketsandMarkets recently published an industry report projecting the global Field Service Management (FSM) market to grow extensively in the years to come—jumping from $1.97 billion in 2015 to $5.11 billion by 2020, to be exact, and growing at a compound annual growth rate of 21 percent.
According to ClickSoftware CEO, Tom Heiser, there are several factors pushing the growth of the FSM market: “The reason for the explosive projected growth in field service management is twofold; first, you have the markets that have matured and have realized that there’s a new understanding of the role of the field service organization; and, second, you have smaller players in emerging markets who know, that to compete on a larger scale, they have to meet and exceed standards of delivery that were set by global enterprise players long ago. Whether you’re installing MRI machines or doing insurance assessments, your customers still see you as part of a larger experience economy where leaders like Amazon and Uber are setting the pace. You need to do more than get to arrive at your customer’s location on time and do the work. Now, you’re also expected to delight, and to contribute to revenue and profitability in ways that historically were not connected to field service operations.”
On a greater scale, the report not only illustrate a growing trend, but one that proves the need for solutions that provide a new level of productivity and efficiency to field workforce performance within organizations. A few findings that highlight this include:
Increasing operational efficiency by providing real-time access to critical information—i.e., field workers have the access they need while offering services in the field, and dispatchers and managers get updated and real-time information about the activities going on in the field.
Aside from BYOD and M2M, in years to come mobile technology is expected to significantly transform service organizations. This advancement means machines can notify technicians in case of any improper functioning, thereby enabling them to resolve the issue while further enhancing the productivity of their service organizations.
The ability to reduce operational costs through streamlining work patterns, or helping decrease the probabilities of human error such as missing catalog and inaccurate information about field resources.
Improved organizational productivity in the wake of continued advancements in cloud and mobility technologies, predictive maintenance, as well as the emergence of the internet of things (IoT).
Researchers also documented how organizations are growing increasingly aware of deploying FSM solutions to enhance customer satisfaction (especially important—since, as we know—we are live in an age of customer-obsessed commerce, which casts a wide net of opportunity for all field service organizations). The report also finds that among the major regions, North America is expected to be the largest in terms of field service management software usage; with Europe and Asia-Pacific expected to experience significant increases in market traction as well.
With additional reports citing that the global mobile workforce is set to increase from 1.32 billion in 2014 to 1.75 billion in 2020 (accounting for 42 percent of the global workforce), there is no denying field service management will continue its upward trajectory. It’s also clear that all users types (small, medium or large enterprises) and industries must recognize the benefits of purpose-built field service market platforms … but more importantly, the criticality of implementation—sooner rather than later—or risk becoming obsolete.