According to Fortune Business Insights, the Field Service Management(FSM) market will grow to 8.06 million in 2028 compared to USD 3.24 million in 2021 at a CAGR of 13.9% in 2021-2028. Aren’t these figures intriguing? Before we move on to more such field service market statistics and predictions, let’s take a brief on Field service management.
To answer what is field service management? It can be simply put as field service management manages off-site workers and ensures the availability of needed resources. The primary purpose is to install, maintain, or repair equipment, assets, or systems. Let’s now move forward to the 70+ vital field service industry trends and statistics.
Let’s now look at the field service industry statistics in different categories.
Due to its application in manufacturing, transportation, energy and utilities, and oil and gas, the Field Service market is expected to increase by 9.1% in 2022. Let’s now look at more such Field service forecasts for the market.
1. By 2022, the field service industry is expected to generate $4.45 billion in revenue.
2. At a compound yearly growth rate of 20.6%, it is anticipated that the size of the worldwide field service market will increase from $3.02 billion in 2021 to $3.64 billion in 2022.
3. Between 2017 and 2022, the U.S. field service management software market size increased by 13.0% yearly.
4. In 2022, the field service management software market is expected to grow by 9.1%.
5. The market size was assessed to be $1.78 billion in 2016, and by 2022, it is expected to more than double to $4.45 billion, with a predicted GAGR of 16.5%.
6. The market for field service management was estimated to be worth US$ 3.2 billion in 2021 and is projected to increase by 12.5% annually in 2022 to reach US$ 3.6 billion.
7. Over the next five years, the market for field service management will expand at a CAGR of 15.4%.
1. A report by Zion Market Research revealed that the Field Service Market will grow by USD 6.68 Billion by 2023.
4. According to the most recent market study by Technavio, the size of the disaster relief logistics market is expected to increase by USD 5.22 billion from 2021 to 2026, expanding at a CAGR of 4.07%.
6. The market is anticipated to increase at a CAGR of 13.9% from 2021 to 2028, from USD 3.24 billion to USD 8.06 billion.
7. The global field service management market, valued at around USD 3,172.5 million in 2021, is predicted to increase to nearly USD 6,161.9 million by 2028, with a compound yearly growth rate (CAGR) of roughly 11.7% throughout the forecast period, according to Facts and Factors.
8. Another report by Allied Research stated the global field service market in 2021 was valued at $5.2 Billion and is predicted to grow to $29.9 Billion by 2031 at a CAGR of 19.2% from 2022-2031.
9. The market is anticipated to expand at a CAGR of 11.1% from 2022 to 2032, reaching US$ 10.3 billion.
10. The report predicts that the United States will dominate the field service management market. A CAGR of 10.9% is projected for the country’s earnings between now and 2032, which are estimated to total US$3.6 billion.
1. Employers use FSM software in 48% of cases.
2. FSM software is used by 51% of fleet management businesses, and FSM is integrated with 52% of their fleet tracking systems.
3. Software for GPS fleet tracking is advantageous, according to 96% of businesses that employ it.
4. Six months after the introduction, 32% of fleet tracking software customers reported a profitable return on investment.
5. The size of the worldwide field service management software market is anticipated to increase between 2021 and 2030 at a CAGR of 19.7%. It is expected to amount to $24,294,000.00 by 2030.
6. According to 61% of fleet managers, the capacity of FSM software to automatically update records and gather client and work details is its most crucial feature.
7. Field service management Software is used by 48% of companies.
8. To manage all processes, 77% of field service operations use software management FSM solutions.
1. 77% of FSOs make investments in information-enablement-focused technologies and solutions.
2. It ranks as one of the top issues for FSOs since 47% of field service businesses still struggle to find enough qualified technicians and drivers to satisfy business objectives.
3. 92% of FSO executives want to change their service models to serve customers better.
4. The majority of FSOs, nearly 83.81%, anticipate that A.I. will enhance customer satisfaction.
5. The majority of FSOs (44.76%) intend to deploy A.I. over the next two to four years, with some (17.14%) intending to do so during the following year and even more (20%).
1. Artificial intelligence and mobility increase field service agents’ productivity by 30% to 40%.
2. Nearly as many customers (89%) say they would be ready to pay more for current, on-demand technologies to be used in technician scheduling.
3. The Internet of Things is now a part of the operations of 73% of field management companies.
4. About 75% of field service companies using mobility technologies have experienced increased employee productivity, while the remaining companies have seen increased customer satisfaction.
5. According to Mordor Intelligence, 42% of field service management companies have implemented the Internet of Things.
6. Per the Field Service forecast, by 2025, as much as 95% of customer interactions will occur through channels powered by A.I., and buyers reported being willing to pay more for a superior customer experience.
7. By 2050, it is anticipated that the U.S. and European industrial drone fleet industries will employ one million drones.
8. By using remote assistance technology, on-the-job training has improved, and new technician training has taken 41% less time overall.
9. IoT apps used in the field service industry have a $470 billion annual growth impact on the economy.
10. Customer retention is improved by 42% via data analytics. Data analytics shows that field service companies’ profits are up 18%.
1. Mordor Intelligence estimates that approximately 20 million field technicians are working worldwide, which is only increasing.
2. By 2025, it’s anticipated that 50% of field technicians and service personnel will use freelance services.
3. 54% of technicians cite a pre-visit study of the service history as their greatest obstacle, according to Finances Online.
4. 75% of field technicians claim that compared to when they first entered the service area, more expertise, particularly technical knowledge, is required to carry out their tasks nowadays.
5. 80% of technical experts predict that A.I. will improve their abilities and productivity rather than replace workers.
6. The time it takes to train new technicians has been reduced by an average of 41% thanks to remote support technologies.
7. 73% of field management companies have already included IoT in their workflows.
1. That is important since 66% of customers want businesses to recognize their requirements and expectations.
2. Customers are eager to switch providers if they believe their data is more secure, which is good news for businesses. This is probably why 97% of companies view security as a competitive advantage.
3. 89% of clients want on-demand, modern technology for technician scheduling, and almost as many would be ready to pay more.
4. 75% of the Respondents dislike having field technicians in their homes unless required.
5. 90% of consumers said that customer service had a role in their decision to conduct business with a company, and 86% agreed.
1. According to 50% of fleet managers, their performance depends mainly on their capacity to quickly redirect field technicians for urgent assignments.
2. 52% of businesses continue to perform their field service tasks by hand. But according to 80% of field service technicians, using mobile field service technologies will significantly boost their productivity.
3. The yearly compensation range for Field Service Technicians in the United States is from $28K to $59K, with a national average of $41K.
4. Glassdoor Soft skill training for technicians is ranked first or second in importance by 50% of organizations.
5. Field service leaders are more likely to use mobile to collaborate with stakeholders, according to 86% of them.
6. More than 83% of executives concur that the service division contributes strategically to the company.
7. Contingent or freelance labour is already used by 77% of field service organizations.
8. Over 50% of field service firms have implemented video assistance to improve technicians’ performance.
9. The productivity of employees has grown for about 75% of field service organizations that use mobility solutions, while customer satisfaction has increased for the remaining 25%.
10. For technicians to work more efficiently, more than 50% of field service businesses have already used video support.
11. HVACR professionals(Heating, air conditioning, and refrigeration) have a promising future as jobs are expected to increase by 14% overall between 2014 and 2024.
12. Paper, pens, and headaches are still used manually by 52% of service organizations.
13. According to a survey, 62% of field service managers utilize the bring your device method to improve productivity and communication.
14. According to the Infographic HSO CRM study, 49% of the organization’s staff uses smartphones or other mobile devices as their primary form of communication.
15. The majority also believes that maintaining soil quality (92%), controlling plant diseases (88%), guaranteeing adequate crop yields (88%), and controlling pests/infestations (85%) are all agricultural challenges in ASEAN that are negatively impacted by climate change.
1. The report shows that the U.S. is anticipated to lead the field service management industry worldwide. The nation is anticipated to earn $3.6 billion in 2032 and see a CAGR of 10.9% over the forecast period.
2. Another lucrative market, the U.K., with a projected value of US$ 430.1 million in 2032 and a CAGR of 10.1% over the forecast period, has been identified.
3. According to the analysis, China is anticipated to earn US$ 764.6 Million from 2022 to 2032, growing at a CAGR of 10.9%.
4. According to the analysis, the Japanese market will generate US$ 604.1 million in 2032 and will grow at a CAGR of 9.6% over the same period.
5. According to projections, the South Korean market is anticipated to grow at a CAGR of 8.6% and earn US$ 207.1 Million over the course of the forecast period.
Field service statistics from different categories show that the market is anticipated to develop throughout the forecast period due to rising automation and digitalization adoption. Some businesses have employed field service management software and are enjoying the ROI in terms of reduced service operational and workforce costs and more excellent knowledge at hand.
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