New innovations are continually being launched after the pandemic's aftermath. In the field service management (FSM) space, there have been significant changes in processes and technologies. From the agility to update processes as incidents occur or regulations change to standardizing processes across regions to suit a higher level of service for customers, the future of field service management seems brighter than ever.
Let us dissect each of these field service trends to find out how they are setting in and what is the response of field service leaders to these trends.
Predictive Maintenance
By 2025, the global predictive maintenance market size is expected to grow at a compound annual growth rate (CAGR) of 25.2 percent to USD 12.3 billion from USD 4 billion in 2020. The increasing pressure on companies in the Maintenance, Repair, and Overhaul (MRO) sectors to reduce the cost of operations and the maintenance downtime is considered to be the primary factors driving this growth.
Today, field service leaders are leveraging innovative ways to make their operations and monitoring teams more productive than ever while saving money by reducing unforeseen downtime.
Digital Twin
Digital Twin is a conflation of Machine Learning, Artificial Intelligence, and the Internet of Things (IoT) to gather, process, and drill down data to get invaluable and actionable insights. It is generally creating a digital clone of the products, systems, and processes to analyse the likely implications of action(s) on them in the real-world environment.
According to IndustryARC, the global Digital Twin market is expected to grow at a CAGR of more than 24.7 percent during the forecast period 2021 to 2026, with maintenance operations leading the segment and closely followed by performance monitoring.
AR and VR for Remote Assistance
A survey by Gartner found that Augmented Reality (AR) use has increased by 15 percent and now one in 4 field service organisations is driving AR implementations. In the segment of field service, Virtual Reality (VR) and AR technologies are leveraged for creating a simulated environment derived from real-world scenarios. These technologies are guiding service technicians to proactively visualise and identify the problems. This helps them go prepared at the locations of clients with the essential tools and spare parts while connecting with certified experts from remote locations to seek guidance and support.
Find out how your organisation can leverage the true potential of field service management to maximise profits and cut down on costs.