DURHAM, N.C., Oct. 30, 2024 (GLOBE NEWSWIRE) -- ServiceTrade, Inc., a leading software platform for commercial mechanical and fire system service contractors, is pleased to announce the release of its 2024 ServiceTrade Benchmark Reports. The annual reports provide commercial fire and mechanical contractors with critical insights to evaluate their business performance against peers, enabling them to identify optimization opportunities and strengthen their businesses.
The 2024 ServiceTrade Benchmark Reports offer a data-driven analysis of the operational performance of US and Canada-based commercial fire and mechanical contractor businesses. Specifically, the reports reveal contractors’ performance in year-over-year revenue, driven by smart strategies such as uncovering proactive pull-through revenue opportunities from existing customers, prioritizing high-value work, and optimizing back-end processes. The reports also provide insights and proven best practices to help contractors take advantage of operational trends and identify sustainable growth, revenue performance, and efficiency opportunities.
ServiceTrade Customers Outperform Industry Average
Per the reports, ServiceTrade customers consistently outperform industry averages. The reports measure two key industry sectors: fire protection and commercial mechanical HVAC service.
The median YoY growth rate for mechanical contractors using the ServiceTrade platform was 12.3%, while top performers (those in the 75th percentile) grew at 30.1%. This far outpaces the industry average CAGR for heating and air conditioning contractors' revenue in the US market, which has shown minimal overall growth of less than 1% over the last five years. Looking forward, the US HVAC services market is expected to witness a CAGR of 3.4% during 2024-2030.
In the fire industry, the median YoY growth rate for ServiceTrade customers was 14.9%, while top performers grew at 33.2%. This far outpaces the industry average performance. Fire Protection contractors’ revenue has contracted at a rate of 1.6% over the last 5 years, despite a post-Covid jump of 1.2% in 2023.
“As the leading provider of field service management software for commercial contractors, we’re proud to provide the industry with these comprehensive benchmarks,” said Shawn Mims, VP of Marketing at ServiceTrade. “The ServiceTrade annual benchmark reports are known for critical data and market insights that help companies focus on the right strategies, tactics and opportunities to improve their business performance.”
The full ServiceTrade Benchmark Reports are available for free download:
- Fire and Life Safety Contractors: https://servicetrade.com/knowledge-base/fire-industry-benchmark-report/
- Mechanical Contractors: https://servicetrade.com/knowledge-base/mechanical-industry-benchmark-report/
To learn more about ServiceTrade:
- Read more details about ServiceTrade Fall Release ‘24
- See how more than 1,300 ServiceTrade customers improve operations
- Learn how to improve productivity in your fire inspection business
- Learn how to streamline your commercial HVAC services business
- Join a ServiceTrade demo to learn how to boost revenue by 33% for your contracting business
About ServiceTrade:
ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.
Sources:
Heating & Air-Conditioning Contractors in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029), IBIS World, July 2024
US HVAC Services Market Size and Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030) PS Market Research
U.S. Fire Protection System Market Size, Share & Trends Analysis Report By Product (Detection, Suppression, Response, Analysis, Sprinkler System), By Service, By Application, And Segment Forecasts, 2024 - 2030, Grandview Research, February 2024
Fire Protection and Security System Installation Contractors in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029), IBIS World, January 2024
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