Global Service Lifecycle Management Market, By Software Type (Cloud-Based Software, Web-Based Software), Service Based Models (Dealer-Based Model, Performance-Based Model, Depot-Based Model, Field-Based Model), Solutions (Customer Contact and Support, Field Service Management, Warranty and Service Management, Service Parts Information Management), End-Use Industry (Automotive and Transportation, Aerospace and Defence, Medical Equipment, High Technology, Industrial Machinery and Equipment, Telecommunication) – Industry Trends and Forecast to 2030.
Service Lifecycle Management Market Analysis and Size
Service lifecycle management application with third-platform technologies as the development and support platforms is anticipated to accelerate real-time connectivity and innovation between different solutions of service lifecycle management applications. Cloud enables greater access to mobile technology and service parts visibility, which offers information at the right time to technicians on the big data analytics, which helps organizations to recognize how service is performing against service planning. Therefore, these factors are expected to enhance market growth during the forecast period.
Data Bridge Market Research analyses that the service lifecycle management market is expected to reach USD 3.05 billion by 2030, which is USD 1.60 billion in 2022, at a CAGR of 8.40% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Service Lifecycle Management Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Software Type (Cloud-Based Software, Web-Based Software), Service Based Models (Dealer-Based Model, Performance-Based Model, Depot-Based Model, Field-Based Model), Solutions (Customer Contact and Support, Field Service Management, Warranty and Service Management, Service Parts Information Management), End-Use Industry (Automotive and Transportation, Aerospace and Defence, Medical Equipment, High Technology, Industrial Machinery and Equipment, Telecommunication)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Atos SE (France), Siemens (Netherlands), IBM (U.S.), Orcale (U.S.), Wipro (India), Tata Consultancy Services Limited (India), Tech Mahindra Limited (India), Dassault Systèmes (France), Broadcom (U.S.), PTC (U.S.), CollabNet Corporation (U.S.), Intland Software. (Germany), Digité, Inc (U.S.)
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Market Opportunities
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Market Definition
Service lifecycle management application is well-defined as a holistic approach that comprises complete service lifecycle of product during its life as a constant process. It also aids in allowing a single view of service for making a better decision and every step in service lifecycle process from closing of orders to aftermarket services invoicing to initial customer interaction
Service Lifecycle Management Market
Drivers
- Increasing usage of service lifecycle management applications in the metal manufacturing industry
The adoption of service lifecycle management application increases mainly with metal consuming original equipment producers such as automotive, aerospace and defence and transportation and others. However, metal companies that manufacture aluminium and steel mainly focus on product-centric approaches compared to service-centric ones. Service lifecycle management applications would aid in providing after-sales services such as welding and maintenance and repair of metals and tracking the performance of the metals. Thus, the Increasing usage of service lifecycle management applications in the metal manufacturing industry is expected to drive the market growth rate
- Increasing adoption of artificial intelligence
Artificial intelligence (AI) technology has extensive scope in real-time applications because it extracts what is necessary from the huge amount of information. According to analysis, the application of artificial intelligence (AI) is the increasing practice in service lifecycle management application and aftermarket support services which is providing a reliable method to extract information that captured by connected devices, This is decreasing the variability which humans bring to decision-making processes and problem-solving. It ensures that companies solve technical issues related to the product and the customer query resolution and product availability.
Opportunities
- Increasing collaboration and partnership activities
Major market players in the market are focused on collaborations and partnerships to gain a competitive edge in the global market. For instance, Siemens PLM partnered with TCS to offer best-in-class PLM-SLM suite with TCS data analytics support in May 2016. Moreover, PTC partnered with ServiceMax to launch the first Connected Field Service in May 2015. Thus, the increasing collaboration and partnership activities will be anticipated to crate ample market growth opportunities.
- Rise in research and development activities to innovate new products
Major companies in the market are highly focused on research and development activities to gain a competitive edge in the global market. For instance, Oracle has launched the Oracle Field Service Cloud, named TOA Technologies in April 2016, which increases customer satisfaction and response time. Moreover, Tech Mahindra has launched an aftermarket platform for maintenance in the automotive industry in January 2015.
Restraint
- Complexity of application due to introduction of new technology platforms
Introduction of cloud and its private, public and hybrid variants have offered various options for the deployment of service lifecycle management applications to many end users. However, the management of all these variants and applications can surge the complexity of service lifecycle management applications. Although cloud-based platforms increase effectiveness by providing real-time infrastructure, it also has the potential to increase complexity in areas such as management data, resources and applications spread across numerous cloud variants. Furthermore, service lifecycle management application’s integrated solutions across different industries in different regions result in rise in software complexity in terms of coding and understanding. Hence, all these factors are expected to restrain the market growth during the forecast period.
This service lifecycle management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the service lifecycle management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Global Service Lifecycle Management Market
The outbreak of COVID-19 pandemic has adversely affected the economies of numerous countries all over the globe. As per the analysis of International Monetary fund, the global economy is anticipated to decline by 3% percent in the year 2020 as compared to year 2019. As a result of decline in the size of global economy the purchasing or spending power of people also reduces. As companies' sales volume is anticipated to decline, the spending of companies on new product development is also expected to reduce. Now companies are trying to recover its revenue share with the existing products.
Recent Development
In 2020, IBM Corporation entered into a contract with Fenergo to collaborate on solutions which can aid clients address numerous financial risks. This solution is mainly designed to aid financial organizations accelerate mitigation and discovery of financial crimes risks from human trafficking, terrorist financing, money laundering, fraud and sanctions throughout the customer lifecycle.
Global Service Lifecycle Management Market Scope
The service lifecycle management market is segmented on the software type, service based models, solutions and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Software Type
- Cloud-Based Software
- Web-Based Software
Service Based Models
- Dealer-Based Model
- Performance-Based Model
- Depot-Based Model
- Field-Based Model
Solutions
- Customer Contact and Support
- Field Service Management
- Warranty and Service Management
- Service Parts Information Management
End-Use Industry
- Automotive and Transportation
- Aerospace and Defence
- Medical Equipment
- High Technology
- Industrial Machinery and Equipment
- Telecommunication
Service Lifecycle Management Market Regional Analysis/Insights
The service lifecycle management market is analyzed and market size insights and trends are provided by country, software type, service based models, solutions and end-use industry as referenced above.
The countries covered in the service lifecycle management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the service lifecycle management market in terms of revenue and market share due to rapid technological advancements in the U.S. and increasing deployment of cloud-based PLM offered by the prominent brands. Furthermore, increasing preference for PLM solutions owing to the availability of tailor-made solutions will further boost the market growth in this region.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to increasing industrial digitalization across numerous economies including India, China, and Japan and growing network of connectivity in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Service Lifecycle Management Market Share Analysis
The service lifecycle management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to service lifecycle management market.
Some of the major players operating in the service lifecycle management market are:
- Atos SE (France)
- Siemens (Netherlands)
- IBM (U.S.)
- Orcale (U.S.)
- Wipro (India)
- Tata Consultancy Services Limited (India)
- Tech Mahindra Limited (India)
- Dassault Systèmes (France)
- Broadcom (U.S.)
- PTC (U.S.)
- CollabNet Corporation (U.S.)
- Intland Software. (Germany)
- Digité, Inc (U.S.)
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