Service Lifecycle Management Application Market Analysis | Coherent Market Insights

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SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET
ANALYSIS

• Service Lifecycle Management Application Market,
  By Service Based Models (Dealer-based Model,
  Performance-based Model, Depot-based Model And
  Field-based Model) By Solutions (Customer Contact
  Support, Field Service Management , Warranty
  Service Management, Service Parts Information
  Management), By Software Type (Cloud-based
  Software and Web-based Software), By End-use
  Industry (Automotive Transportation, Aerospace
  Defense, Medical Equipment, High Technology ,
  Industrial Machinery Equipment and
  Telecommunication) and by Region (North America,
  Latin America, Europe, Asia Pacific, Middle East
  and Africa) - Size, Share, Outlook, and
  Opportunity Analysis, 2020 - 2027

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• The global Service Lifecycle Management
  Application market was valued at US
  165,103,4024.0 Mn in 2019 and is forecast to
  reach a value of US 294,378,7332.4 Mn by 2027 at
  a CAGR of 7.8 between 2020 and 2027.

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Market Drivers

• Low service cost for SLM providers is expected to
  drive growth of the global service lifecycle
  management application market during the forecast
  period
• Adoption SLM application ensures cost reduction
  for end users by enhancing first-time fix rate,
  enabling fast time to dispatch, increasing
  technician productivity, and parts and inventory
  management. Moreover, it increases monitoring and
  measurement capability of the enterprise, thus
  preference for SLM has increased significantly
  among end-use industries. Furthermore, SLM
  providers offer advice on reverse logistics
  management, field service management solutions,
  and warranty management, which reduces
  replacement and product manufacturing cost
  production. Hence, these factors are expected to
  drive growth of the global service lifecycle
  management application market during the forecast
  period.

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• Competitive advantage over-discharged technology
  is expected to propel the global service
  lifecycle management application market growth
  over the forecast period
• Service lifecycle management application covers
  the complete service lifecycle of the product
  throughout its life. It also provides integrated
  view of service that connects delivery, planning,
  and analysis. Furthermore, disconnected service
  applications across different departments lead to
  less coordination, delays, and mismanagement. The
  integrated end to end service lifecycle
  management solution provides a competitive
  advantage by keeping track of different processes
  from a single system and improving information
  accuracy in the organization. Therefore, these
  factors are expected to propel the market growth
  over the forecast period.

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Service Lifecycle Management Application Market -
Impact of Coronavirus (Covid-19) Pandemic

• COVID-19 Pandemic have adversely affected the
  economies of various countries around the globe.
  According to the International Monetary fund
  Analysis, the global economy is expected to
  shrink down by 3 percent in the year 2020
  compared to year 2019. Due to the reduction in
  the size of global economy the spending or
  purchasing power of people also decreases. As the
  sales volume of companies are expected to
  decrease, the expenditure of companies on new
  product development is also expected to decrease.
  Now companies are trying to retain its market
  share with the existing products.

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• North America held dominant position in the
  global Service Lifecycle Management Application
  market in 2019, accounting for 34.7 share in
  terms of value, followed by Europe and Asia
  Pacific respectively
• Figure 1 Global Service Lifecycle Management
  Application Market Share () in terms of Value,
  By Region, 2019

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Market Restraints

• Complexity of application due to introduction of
  new technology platforms is expected to restrain
  growth of the global service lifecycle management
  application market during the forecast period
• Introduction of cloud and its public, private,
  and hybrid variants have provided numerous
  options for deployment of service lifecycle
  management applications to end users. However,
  the management of these applications and variants
  can increase the complexity of SLM applications.
  Although cloud-based platforms enhance efficiency
  by providing real-time infrastructure, it also
  has the potential to add complexity in areas such
  as resources, management data, and applications
  spread across various cloud variants.
  Furthermore, SLM applications integrated
  solutions across different sectors in different
  regions result in increase in software complexity
  in terms of understanding and coding. Hence,
  these factors are expected to restrain growth of
  the market during the forecast period.

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• Data security threat with real-time solutions is
  expected to hinder the global service lifecycle
  management application market growth over the
  forecast period
• Cloud computing has become a mainstay for many
  software and technology companies. However, it
  also comes with numerous disadvantages with the
  data security risk. It also includes illegal
  invasion with cloud-based platforms, which
  prevents numerous organizations from implementing
  cloud-based platforms for service lifecycle
  management applications across the world.
  Furthermore, the risk of data accessibility and
  data control exists since the data outsourced on
  the cloud are not in direct control of the owner
  and are outsourced to third-party vendors, thus
  making it difficult to maintain data integrity
  and privacy, support data and service
  availability and demonstrate compliance. Hence,
  these factors are expected to hinder the market
  growth in the near future.

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Market Opportunities

• Adoption of artificial intelligence for SLM can
  present lucrative growth opportunities
  Artificial intelligence technology has wide scope
  in real-time applications as it extracts what is
  required from the colossal amount of information.
  Predictive analytics, the application of
  artificial intelligence is the growing practice
  in service lifecycle management application and
  aftermarket support services, providing a
  consistent method to extract data captured by
  connected devices, thereby reducing the
  variability humans bring to problem-solving and
  decision-making processes. It ensures companies
  react faster to technical issues related to the
  product, ensures product availability, and
  customer query resolution.
• Increasing use of SLM applications in the metal
  manufacturing industry to pose major business
  opportunities Service lifecycle management
  application is witnessing increasing adoption,
  particularly with metal consuming original
  equipment manufacturers such as aerospace and
  defense, automotive and transportation, etc.
  However, metal companies that manufacture steel
  and aluminum primarily focus on product-centric
  approaches rather than service-centric
  approaches. Aftersales service component is
  outside the domain of many metal companies. SLM
  applications would help in tracking the
  performance and providing after-sales services
  such as welding and maintenance and repair of
  metals after sale.

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• Figure 2 Global Service Lifecycle Management
  Application Market Value (US Mn), 2017 - 2027

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Market Trends

• Increasing partnership and collaboration
  activities is a major trend
• Key players in the market are focused on
  partnerships and collaborations, in order to gain
  a competitive edge in the market. For instance,
  in May 2016, Siemens PLM partnered with TCS to
  provide the best-in-class PLM-SLM suite with TCS
  data analytics support. May 2016, Comptel
  partnered with IBM and Juniper Networks in an IBM
  Cloud-Based architecture to provide digital
  service lifecycle management, technology, and
  expertise. Moreover, in May 2015, PTC partnered
  with ServiceMax to introduce the first Connected
  Field Service.
• Research and development activities to innovate
  novel products
• Key companies in the market are focused on
  research and development activities, in order to
  gain a competitive edge in the market. For
  instance, in April 2016, Oracle launched the
  Oracle Field Service Cloud, known as TOA
  Technologies, which improves response time and
  customer satisfaction. Moreover, in January 2015,
  Tech Mahindra launched an aftermarket platform
  for predictive maintenance in the automotive
  industry.

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Competitive Section

• Major companies operating in the global service
  lifecycle management application market are
  Dassault Systems, PTC, Inc., IBM Corporation,
  Tech Mahindra Limited, Astea International, Inc.,
  Wipro Limited, Oracle Corporation, Siemens AG,
  Tata Consultancy Service Limited, and Atos SE.

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Key Developments

• Major companies in the market are focused on
  contracts and agreements, in order to enhance the
  market presence. For instance, in April 2020, IBM
  Corporation entered into an agreement with
  Fenergo to collaborate on solutions that can help
  clients address various financial risks.
• Key players in the market are involved in product
  launches, in order to expand the product
  portfolio. For instance, in February 2019, Tech
  Mahindra Limited introduced netOps.ai to
  accelerate 5G adoption for communication service
  providers.

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