Field Service Management Software Market Analysis & Statistics After COVID-19 Outbreak
On leading the field service organization, your primary objective is to give fast, efficient and timely services to customers. But after the outbreak of COVID-19, the usual way of business doings took an unexpected turn. In a flash, field service firms had to restrict in some cases, pause in-person field service visits. However, it is true that this pandemic has produced colossal chaos in the entire service management sector.
As we continue to navigate in the pandemic season, it became a mandate that firms ought to find some alternate ways to keep the business sustain in the increased growth rate.
Let’s discuss here the impact of the harmful virus on small, medium and large-sized field service management companies across the globe and understand how they are responding to the challenges.
A Look Back Survey On Field Service Management Software Market Statistics
Being a complete people-centric business fundamental, the reduction in human interactions due to the COVID outbreak made operating field service firms almost not possible to work like a people-centric business model. Offices were restricted to shutdown and field employees are encouraged not to visit the customer place, they are strictly advised not to having the conversation with the new people.
Literally, the service management organization everywhere was flipped on its head. To fight against this pandemic, most of the service delivery business sectors had decided to invest in technology.
From ECI’s Survey, SMEs have invested in technology and stats show that it grew up from 32% in 2019 to 64%. Furthermore, 42% of respondents have gone with the remote working model in the last 12 months.
Digital technologies like Field Service Management Software (FSM software), helps service management firms run their businesses by keeping track of all the moving field employees. The tool highly enhances the businesses to manage significant field operations like field technicians’ workflow, scheduling, dispatching, live tracking, instant billing, job costing, customer management, contract management and many other features. So it is no surprise that several field service engaged people are planning to implement the respective FSM software that they haven’t already.
There have been still long-standing effects of the pandemic, 32% of field survey respondents are considering lowering costs by reducing headcount. Certainly, 45% of field service business people said they are not making any immediate changes to reduce the COVID-19 impact. But, all over some businesses have already started to settle in to the new trends and investment priorities also stay with us after the outbreak of COVID.
Field Service Management Software Market Analysis
Expanding Profit Margins
Some players have gained a growth rate for 2014 to 2018 as these companies have shown massive growth in terms of sales and revenue while net income attained more than doubled in the same period with performing as well as in the gross margins expanding. The expansion in the gross margins over the years leads to energetic pricing power by the company for its products, over and above the rise in the costs of goods sold.
A Look Ahead On Field Service Management Software Market Statistics
45% of field service businesses have already optimized to technology investments to maintain competitive benefits and 63% of service delivery businesses are expected to purchase new trend technology to strengthen their offerings over the next five years to stand unique and to be thriving with the trends.
It is more likely to expect investments in technology would facilitate field service management business accommodate to current and future changes involving different selections in order size, order time which comes to 34% of survey respondents have indicated that their consumers are demanding smaller orders and 28% say customers want faster orders.
Future growth of the Field Service Management Software Market Statistics has also appeared to be favorable. 58% of FSM sectors expect to hire additional staff, 65% of businesses are expected to obtain other business sectors and 22% expect to be as same as they are now.
From the field service management software market analysis, many small, medium, large-sized service management businesses have had a lot to overcome and most have shown their flexibility and ability since the start of the outbreak. While we are still in the pandemic season, we can notice that things have been slightly improving to the usual.
There will always be optimum ways to lift the FSM market to the top. And the knack of making that happen can be made with the consistent growth of every field service firm. Make your solution become the foremost contributor to the growth of the Field Service Management Software Market.
There is no doubt that those who are investing in the right technology are keeping their business thriving to stand out from all. Is your field service organization curious about investing with the right software to transform your business services phenomenal? Implement QuikAllot Field Service Management Software and look at the best it gets your business. Get a free trial or book a quick demo now!
Categories: Field Service Management