Aug. 1 2022 – Nubik has become a Deloitte business. Read the press release.
The market for Field Service Management is predicted to see enormous growth in the next few years, even in spite of the COVID-19 pandemic. Software, such as Salesforce Field Service, can revolutionize how a company operates its field service operations across teams and departments:
So why is the field service market expected to grow so much? Here’s a look at the reasoning behind this prediction.
It goes without saying that mobility solutions are growing in popularity and this is expected to be the driving force behind the global adoption of Field Service Management, in the next few years to come. In addition to that, the skill sets, emphasis on productivity, and growth of advanced technology are also the existing forces capable of driving FSM growth in the next five years or so.
Based on reports released by credible sources, the existing ‘Field Service Management’ Market is soon expected to experience a massive growth, according to the Global Forecast that extends up to 2024. Needless to say, this doesn’t come as a surprise that the Globally Existent FSM market size will grow up to USD 5.9 billion from an already decent mark of 2.8 billion. The purported CAGR of 16.2 percent might seem a bit ambitious during the forecast period but there are quite a few factors that could make sure that assumptions are realistic.
The existing forces include promptness of customer services, enhanced efficiency pertaining to the employees and field technicians, and better communication between customers and technicians. However, security concerns regarding data confidentiality remain which in a way can hinder the overall growth and target achievement.
Field Service Management, without a doubt, is expected to impact quite a few entrepreneurial aspects, including the ones focussed at logistics and transportation. The CAGR figures for these segments are the highest and require additional skills to get fulfilled. Moreover, it has come to our attention that businesses relying on Field Service Management software are already deploying a set of computer-based skills and technologies for making the FSM landscape better, from an automation point of view. Slowly, but steadily, firms are also putting additional emphasis on modern logistics for making FSM a more inclusive strategy.
Increased technician visibility is one reason why companies are slowly getting to incorporate FSM with diverse organizational aspects, including transportation, logistics, and equipment selection. This is slowly but steadily increasing operational efficiency as it is becoming easier for the companies to plan capacity, tracking location, and schedule shifts, if and when required.
Therefore, throughout the forecast period, we can expect the CAGR figures to emphasize on the inclusion of FSM as the go-to technological mode courtesy of the continuing role in the implementation and integration services.
Moreover, based on reports, even system integrators are deploying the operational functionalities of the existing system while establishing increased connectivity between people, data, devices, and applications, pertaining to FSM adoption.
Field service management solutions are sought-after and if and when the forecast period is over, the purported figures would allow a larger number of technicians to perform specific tasks with ease, accuracy— resulting in better satisfaction for the customers.