I love statistics.
This is weird, because I’m normally not a numbers guy. I can’t stand math, whether abstract or applied. I may or may not have once erased a problem out of my textbook because I couldn’t figure it out (yes, it’s possible, but it took an entire pencil eraser).
Though math and I aren’t on speaking terms, I get along fine with statistics. Stats speak to me—they’re not the whole journey, but they’re great signposts. Stats alone won’t get you where you need to go, but they can definitely help you find your way.
For example, these ten field service management statistics will give you a broad idea of where the industry stands today. From there, the journey’s up to you.
Field service management statistics
1. The global field service market is predicted to account for $4.45 billion by 2022. (Source: Stratistics)
The size of the field service market in 2016 was $1.78 billion, so it’s expected to grow at a 16.5% compound annual growth rate.
The biggest market share in that forecast period is predicted to be in schedule and dispatch. Don’t want to be left behind? Check out this Capterra post for how an FSM service scheduling feature can save you money and help employee-manager relationships.
2. By 2020, 10% of emergency field service work will be both triaged and scheduled by artificial intelligence. (Source: Gartner; research available to Gartner clients only)
Speaking of scheduling, tech research firm Gartner predicts that artificial intelligence will do some of that scheduling for you. That’s not the only way artificial intelligence can help field service, though—AI’s field service applications run from scheduling, to predictive maintenance, to using past data to make future plans.
Hal 9000, the AI from 1968’s “2001: A Space Odyssey”
3. By 2020, more than 75% of field service organizations with over 50 users will deploy mobile apps that go beyond simplified data collection and add capabilities that help technicians succeed. (Source: Gartner)
Gartner also predicts that field service management software will become a big factor for small service companies that are looking to grow. Those “capabilities that help technicians succeed” can be anything from electronic signature, to service history tracking, to inventory control features that tell you whether or not you have the part you need.
4. Productivity software is the number one priority in small businesses’ tech budgets. (Source: Salesforce)
If you’re a small service business, your competitors are making software a priority. If you don’t want to get left behind, checking out field service management software vendors might be a good idea.
5. By the end of 2016, the number of field service companies moving to a service-based model grew from 9% to 23%. (Source: TSIA)
More companies are realizing the benefits of focusing on service, or, as it’s called, servitization. In servitization, a business makes money by offering services and information as part of the product (along with the physical product itself).
6. The job outlook for HVACR technicians is bright—it is predicted to grow 14% overall between 2014 and 2024. (Source: Bureau of Labor Statistics)
The median pay for 2016 wasn’t bad, either, at $45,910. The job growth is due, in part, to the fact that many Baby Boomers are, or will be, retiring in the near future. If you’re a potential technician and you’re reading this, now’s the time to look into the field. If you manage HVAC repair technicians, consider how software can help you hold on to your retiring workers’ tribal knowledge.
7. Field service jobs in the energy industry have a bright outlook, also. In the next three years, over 60% of workers might need replacing. (Source: trade-schools.net)
With traditional energy and solar energy combined, up to two million new jobs could be created in the energy sector by 2030.
8. 52% of service companies still do things manually—paper, pens, headaches. (Source: Field Technologies Online)
Though this seems like a boring stat, it’s actually a big lucrative opportunity. Roughly half of your competitors haven’t yet taken advantage of software.
Capterra’s field service management software directory has 408 options to choose from. Is there one area you know your business can improve in? Use the features filter on the far right side of the directory to narrow your focus to the things most important to your business, whether that’s dispatch management, or vehicle routing, for example.
9. Reports of email marketing’s death have been greatly exaggerated: 72% of American adults prefer communication by email. (Source: MarketingSherpa)
As a service business owner, you want to make sure you’re reaching your customers in a way that’s convenient for them. Overwhelmingly, this means sending something to their (electronic) inbox. Consider getting a form of email marketing software, which can make the process far easier. Don’t have a big marketing budget? Consider one of these free email marketing software programs.
10. Workers who complete associates degrees in applied or technical sciences out-earn workers with bachelor’s degrees by $2,000 to $11,000. (Source: ACTE)
Remember all those mean jokes about trade school degrees being worth less than four-year college diplomas? Yeah, about that…
Food for thought
Field service management statistics I missed
Got any service industry management stats that might help other readers chart their own journey in the field? If so, I’d love to see them in the comments below.
Looking for Field Service Management software? Check out Capterra's list of the best Field Service Management software solutions.