We are now living in a time where the world has drastically changed, from 2020 to moving past 2021 and entering 2022. We have heard a lot about the Global Impacts of the COVID-19 Pandemic endlessly over the past year. We have how the industries have taken a new shape to accomplish impossible tasks. Finally we have witnessed how technology and innovations have become the best assistance for all the industries around the globe.
Nevertheless, despite all the odds and challenges, we see a new light on the Field Service Management sector that is increasingly growing with demand. More than any other service, home delivery has become an immediate need for many of us.
Businesses have already started making a shift to delivering their services efficiently and working from anywhere anytime. Thus, the importance of managing, monitoring and tracking the job delivery process is becoming essential with growing market demands. This is where FSM comes into play.
Field Service Management Software helps several Service Providers such as Electricians, Plumbers, Handymen, etc to Manage their Day-to-Day Workload while Handling Several Employees Effectively on the Road.
Recap of Field Service Market 2021
According to the top market report from Markets and Markets, during the forecasted period at a Compound Annual Growth Rate (CAGR), the FSM market is expected to grow from USD 3.2 billion in 2021 to USD 5.7 billion by 2026.
For many of us, the future is not so far away and by adopting Field Service solutions and trends now we are evolving and developing ourselves with a clear vision in the industry.
Let us take a look at the sustainable innovations that the industry has adopted during the past years and how they will shape the FSM sector in 2022.
Field Service Management Trends in 2022
Technology has been playing a vital role all across the globe. Many of the Field Service Management key players in the industry are constantly facing an immense amount of pressure to effectively manage the team while they comply with the safety of the COVID-19.
Making the transition to a digitally connected world more or less feels like a crisis to Field Service due to the increasing gap of experience and expertise of older workers in the industry.
Proactive and Predictive
Rather than being able to fix things when they break, it has become essential to be able to fix them even before they break. Field Service businesses must be proactive to constantly keep updating their products to deliver satisfying results for customers.
Engaging with customers to get updates will allow businesses to evaluate the performances of the product, and help guide customers on how to use it.
Field Service Organisations must shift from a corrective data model to a predictive maintenance data model to effectively use Data Analysis. According to MarketsandMarkets Research, the Global Predictive Maintenance Market Size is expected to grow at a CAGR of 25.2%, from USD 4.0 Billion in 2020 to USD 12.3 Billion in 2025. This market growth is due to the increasing pressure on the sector to reduce downtime maintenance.
Virtual Representation – Digital Twin
A combination of Artificial Intelligence, Machine Learning and IoT technologies are helping FSM software companies to accumulate data to get actionable insights such as predictions, costs and opportunities in the industry.
FSM has generally focused on a Customer Relationship Management function in many organisations around the globe. The industry has a fair amount of space for B2C activities, however, there has also been a focus on B2B spaces as well.
In recent times, the Field Service Management Sector has begun to incorporate more Enterprise Asset Management (EAM) and Asset Performance Management (APM) functionality. The shift to become more oriented towards service has brought to light that the EAM-CMMS – Computerised Maintenance Management system is lacking many functionalities.
Therefore, Digital Twins are making a difference for FSM and EAM by providing the ability to improve in predicting pending asset failures and proactively schedule technicians.
According to the global research report, the Digital Twin market is expected to grow at a Compound Annual Growth rate of more than 24.7% during the forecasted period of 2021-2026.
The increasing standards of services are in return increasing customer demand for availability and reliability of services and products in the industry. Field Service companies need to increase uptime by simplifying autonomous maintenance and enabling greater communication features between the service provider and the customers.
Many Field Service providers are improving in communication to help improve customer support.
Augmented Reality (AR) and Virtual Reality(VR)
One of four Field Service businesses implements AR in the Field Service Industry. The concept of simulating a real-world environment to identify the problem and provide solutions is not new for many industries.
However, the use of AR and VR technologies in the Field Service Management sector enables Technicians to identify problems beforehand, while they are prepared to visit their clients with the right set of tools. Also allowing them to connect with licensed and certified experts from remote locations for support or guidance.
Smart Mobile Applications
as it is a great communicating device for both the customer and the technician.
Customer self-service solutions help customers better understand their equipment and access better support. While on the other hand, Technicians. They can track their work orders and provide any help to the customers.
These portals for customers enables them to find the right information and tools to schedule or hire appointments with technicians at their own convenient time. Further to that, they can also locate, track and provide feedback with comments, ratings and reviews after every job is done.
The main benefits that customers will enjoy with self-service portals/ mobile applications are: Controlling when to hire a technician and how the job should be done.
The customer self-service software market valued at USD 7.20 billion in 2019, is expected to grow at 20.94% (CAGR) from 2020-2025. Instead of using any other form of communication, a higher percentage of customers expect a self-service portal from Field Service providers.
Route Optimisation Software
Using route optimisation software in the Field Service Management sector allows users (Technicians and customers) to select efficient routes in consideration with fuels, track drive time and avoid unpredicted stops on the way. This type of software generally consists of powerful route optimization engines that can test multiple scenarios to check the time, costs and factors to recommend the best routes to deliver a service.
According to reports, the Global Route Optimization Software market is expected to grow at a Compound Annual Growth Rate of 11.4% from USD 2.50 billion in 2017 to USD 5.07 billion in 2023. The expected growth rate shows how Field Service Management companies are using GIS technology to optimise safer, faster and more efficient routes.
Software as a Service (SaaS)
The main reason why the Field Service Management sector uses SaaS for Field Service Management Software solutions is to ensure that the staff need not worry about any sort of server maintenance, upgrades, software updates, or other security risks. According to a report by Gartner SaaS was predicted to grow abundantly in 2020-2021.
Cloud computing and SaaS solutions are being used daily in companies to ensure operations are smoothly running while removing the pressure to efficiently run your business infrastructure. It also ensures an increased capacity for your IT teams allowing them to reduce the physical space taken up by hardware or servers.
Internet Of Things (IoT)
Creating Change Amidst the Chaos
Industries are developing countless touchpoints to increase engagement with customers, along with offering them self-service portals as mentioned earlier.
In 2022, the talk of many conferences, Field Service Management Trade Shows will be more about IoT, AI and Mobile Field Service Apps. Speaking of which, I am delighted that ‘’i4TGlobal’’ will be among the top sponsors in the 13th Annual Field Service Management Conference held on 9th and 10th of March 2022 in Sydney, Australia. An opportunity for Field Service Management businesses to explore more about the sector and meet us in person!
The industry is growing to become a leading sector and we at i4TGlobal are on the run with competing with the market demands and changes. Our exceptional product suites are game-changers in the Field Service Management industry not only in Australia but also in a Global scope. We develop, design and create our line of products, i4TMaintenance, i4TBusiness and i4Tradies to change customer expectations and Field Services in the industries.
Hot off the press!
With our cutting-edge technology and in-depth knowledge of how the Field Service Management sector operates, the i4TGlobal Team loves to share industry insights to help streamline your business processes and generate new leads. We are driven by innovation and are passionate about delivering solutions that are transparent, compliant, efficient and safe for all stakeholders and across all touch points.