How Asia is the New Up and Coming Stage for Field Service
Field service is on an upward trajectory all over the world, and one region is leading the charge to challenge the US dominance of the industry.
The worldwide market size of the field service management industry is expected to hit $2.56 billion in 2018, and grow to $5.08 billion by 2023, with a compound annual growth rate of 14.7%. this growth is being driven, in part, by the onslaught of innovative new technology which is making the whole industry more efficient and cost effective. Mobile applications, wearable devices, cloud hosting, and the Internet of Things (IoT) are all helping field service engineers and the administrative staff who support them to deliver superior customer experience.
However, while North America still holds, and is expected to continue holding, the largest market share, the Asia Pacific region is predicted to exhibit the most rapid rate of growth during the period.
One reason for this rapid rate of growth is attributed to the fact of the emerging markets of the region (such as India and China) being home to a large number of small and medium sized enterprises.
The continued increase in the number of these enterprises leads to a sympathetic increase in competition. This, in turn, drives the introduction of innovative technology, such as automation for various business processes such as job scheduling, billing and invoicing, and service delivery.
“Asia Pacific is expected to witness the highest CAGR in the global field service management market during the forecast period,” writes Globe Newswire. “This is primarily due to large-scale industrialization in Asian countries such as China, India, and Japan. With enhanced geographic zones and a high client base, the Asia Pacific region is expected to exhibit a strong growth in the field service management market. Increasing number of technology users in Asia Pacific region further propels the growth of field service management market in this region.”
Competition has always driven innovation as individual companies try and outdo one another in the eyes of their clients. It’s the same reason why the greatest leaps forward in technology occur during times of war, with the business world being just as susceptible to an arms race as the military can be.
Cloud Field Service Management
One of the new technologies which is particularly helping the Asia Pacific region grow at a rapid rate is the adoption of cloud-based field service management systems.
Cloud-based field service management solutions continually harvest and archive data, allowing businesses to use the resultant historical archives to identify trends and patterns and improve the necessary processes, leading to a better customer experience.
For example, it could be identified via automated cloud-based field service management tools that a certain part or component seems to have a recurring fault. Once this has been identified the manufacturer of the component can be contacted so they can make the necessary design changes, or the field service company can change to a different provider.
Likewise, data can help identify factors which are leading to field service engineers making wasted journeys or becoming delayed. Changes can then be made to scheduling or work shifts to make sure the right people are always in the right place, at the right time. Similarly, when it comes to spare part stock control, if a particular item is shown to regularly run low, purchasing can be adjusted as necessary.
The Asia Pacific region is leading the way in adopting this kind of cloud-based technology. It is technology such as this, combined with the competition being driven by the increase in small and medium sized enterprises, which is helping these emerging countries take the fight to North America as the new hot contender in the global field service marketplace.
“There is increasing demand to increase productivity and reduce operating costs,” writes IT Tech Herald. “Players are adopting field service management solutions to enhance customer experience, with customer demands and the logistics of managing field teams continuing to increase in complexity. Emergence of new technologies such as IoT and mixed labor models are promoting the market growth. Thus, increasing demand to enhance productivity and advent of various technologies are anticipated to drive the market growth during the forecast period.”