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Title: Service Lifecycle Management Application Market Analysis | Coherent Market Insights


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com/
  • COVID-19 Impact Tracker

2
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

3
  • 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.

4
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.

5
  • 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.

6
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.

7
  • 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

8
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.

9
  • 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.

10
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11
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.

12
  • Figure 2 Global Service Lifecycle Management
    Application Market Value (US Mn), 2017 - 2027

13
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.

14
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.

15
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.

16
  • Request Sample Report
  • Request Customization
  • Download PDF Brochure
  • Talk to Analyst
  • Reference https//www.coherentmarketinsights.com/
    market-insight/service-lifecycle-management-applic
    ation-market-3930

17
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

18
Contact Us
  • Mr. Shah
  • Coherent Market Insights Pvt.Ltd.
  • Address 1001 4th Ave, 3200 Seattle, WA 98154,
    U.S.
  • Phone 1-206-701-6702
  • Email sales_at_coherentmarketinsights.com

19
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