Impact of COVID-19 on the Global Field Service Management (FSM) Market
Field service management (FSM) is the process of handling a company's field operations and resources employed by allocating them strategically for improving customer satisfaction and maximizing the efficiency and productivity of the company. The COVID-19 pandemic originated in China and has spread across the world. To contain the spread of the epidemic, governments have imposed lockdowns and have taken precautionary measures for curbing the spread of the virus. According to the MRFR analysis, more than 50% of the global workforce is working from home to avoid human contact and contain the spread of the pandemic. Due to the increase in remote working, the field service management industry is facing significant setbacks in nurturing customer relationships, aligning various teams on the same schedule, and maintaining effective communication among technicians and admins, which has become more complex. Field service management is widely adopted by large enterprises owing to the existence of a large number of employees, extensive customer records, and a broader workforce. However, the temporary shutdown of manufacturing firms due to the lockdown is hindering the growth of the market. Due to the lifting of the lockdowns in some of the countries, companies have restarted their operations with limited resources. Many companies are investing in tools and techniques that ensure the safety of the employees and are changing their field service working models during the pandemic.
On the flip side, the massive production of PPE kits, masks, and medicines, among other products in the healthcare sector, requires field service management, as larger companies face challenges in assigning work orders. Large firms are focused on adopting field service management solutions to handle the critical data of their employees, customers, and business processes. The oil field service sector, which comprises equipment manufacturers, drilling rig operators, and hydraulic fracturing crews, was the hardest hit by the economic slowdown. Field services are essential services, especially in heavily regulated industries such as telecommunications and utility, and oil & gas, where compliance and safety management are 24x7 tasks. Due to the COVID-19 pandemic, the operations in these industries are being carried out with slightly appended schedules to follow social distancing or to comply with the regulations set by local governments and the center for disease control (CDC) whenever possible.
According to field service management experts, companies that are early adopters of digital transformation have the data of how much uptime the equipment has taken, and what capacity it is running at in the field. Companies that are slower in adopting digital field service management are using technologies such as IoT and artificial intelligence during the pandemic. North America dominates the FSM market due to the presence of a large number of IT giants.