IoT Industry Impact: Field Services

The future of the field services space is bright — valued at $1.78 billion globally in 2016, it is forecasted that this market will reach a value of $4.45 billion by 2022, equating to a 16.5% compound annual growth rate (CAGR). Enabled by technological advancements that have taken place over the last decade, these growth numbers can largely be attributed to the economical shift taking place in many organizations to service-based models which expand the focus from simply selling a product, to monitoring, maintaining, and creating other value-added services to add to a product offering. Benefitting businesses with diversified, increased revenue streams as well as customers with high-value solutions and lower cost of ownership, it is no surprise that an increasing number of organizations are taking part in this economic transition.