2024 REPORT
State of the Market: Industrial Equipment Field Service
Research in partnership with Service Council
46%
of leaders focus on new technology exploration as a top priority in 2024
82%
report an intent to increase technology investments
89%
cite workforce and talent shortage as biggest external challenge
A review of the industrial manufacturing field service industry and look at the horizon
Despite record growth, the industrial equipment sector has faced increased volatility and instability brought on by geopolitical conflicts, rising energy prices, supply chain shortages, and an ever-shrinking labor force.
The elevated cost of assets implies that the consequences from unplanned downtime are extremely high, and further emphasizes the need for planned downtimes to be optimally scheduled and carefully executed. Consequently, field service work in industrial manufacturing tends to require a high percentage of onsite visits, as well as multiple scheduled and unscheduled visits compared to other industries. While many in the field service industry have begun to “shift left” through self-service and remote service, the nature of industrial manufacturing faces more challenges in doing so.
In partnership with Service Council, TrueContext has identified trends, insights, and concerns on the horizon and shines the light on potential opportunities for the sector.
Download the report to discover the biggest challenges faced by the industrial manufacturing field service industry.
What are the most immediate concerns for industrial manufacturing companies and service contractors?
How can industry players move faster toward a contract-based service model?
How can organizations leverage technology investments to mitigate issues in talent shortage and organizational knowledge transfer?
Download the report to discover the biggest challenges faced by the industrial manufacturing field service industry.
What is the TrueContext State of the Market Report?
Every year, TrueContext leverages data from Service Council research to identify trends and insights relevant to oil & gas, medical device, and industrial equipment sectors to help inform customers and operations leaders. With service engineer and field leader responses from across industries and geographical boundaries, the State of the Market report offers a snapshot of the most important issues of the time while proposing a strategic plan to navigate these challenges.
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