DUBAI, U.A.E, July 14, 2020 /PRNewswire/ -- Award winning market research firm Future Market Insights' recent report on the service lifecycle management market concludes that the market is slated to expand positively during the 2020-2030 forecast period.
Service Lifecycle Management (SLM) is an integral aspect of hardware and software support systems. SLM entails service parts management, connected field service management and product support operations to maximize customer uptime and also make organizational functions more sustainable in the future. It helps cultivate a healthy vendor-customer relationship and retain brand loyalty from consumers.
As technological advancements metamorphose with each passing day, companies are working round the clock to ensure proper service delivery to their clients. The market is so competitive that even marginal laxities in services are capable of reorienting the customer base from one provider to the other. Service providers are therefore concentrating on enabling faster response times to customer grievances. Additionally, forging long-term customer relationships by providing financial incentives, extension of warranty periods and provision of bonus services are expected to yield favorable returns to SLM providers in the long-run.
The integration of real-time cloud-based solutions and data analytics driven applications led to the emergence of deep knowledge-based data repositories. Due to their capacity of storing gargantuan amounts of data, SLM providers are able to broaden their customer base, thus increasing revenue pools for end-users without increasing the cost. Based on these aforementioned trends, the SLM market is set to spiral upwards in the years to come.
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"Business entities have to cope with immense amounts of data regarding their daily operations for which they require robust hardware and software solutions. It is obvious that maintaining such a copious database is an uphill task due to which the popularity of service lifecycle management is surging," infers an FMI analyst.
Key Takeaways from FMI's Service Lifecycle Management Market Report
- Global SLM market is scheduled to expand at ~7% CAGR during the forecast period 2020-2030, registering twofold growth
- Cloud-based service lifecycle management software shall acquire credible ground due to massive data assimilation by end-users
- Automotive & transportation find the most extensive application of SLM solutions. Optimal management of transportation services to provide timely delivery of goods is the primary driver behind the segment's growth
- Field service management shall gain maximum ground, expanding at a CAGR of 7% during the forecast period
- Manufacturing industries are recording over two-fold application of SLM solutions by 2030
- Asia-Pacific SLM market shall surge at an 8% CAGR between 2020 and 2030
COVID-19 Accelerates SLM Market Growth on the back of Remote Working Arrangements
The COVID-19 pandemic has ushered in an era of unprecedented uncertainty. With no signs of abatement in sight, businesses across several industries have directed employees to indefinitely work from home. As these remote working arrangements have become the new normal, the demand for robust cloud-based platforms have increased. This has led to the uplifting of SLM in cloud-based solutions. Demand is anticipated to be especially strong across the business process outsourcing (BPO) and the e-commerce sector as these platform require cloud-based services to conduct their daily operations.
With the outbreak of the pandemic, restrictions have been imposed on international as well as domestic travel. Consequently, automobile production has declined, negating the demand for SLM solutions in the transportation sector, registering a substantial amount of sluggishness across the near-term forecast period. As countries gradually ease lockdown restrictions to allow for economic recovery, a resurgence in the automobile industry shall restore demand for cloud-based solutions in a phased manner.
As remote work culture becomes more prevalent, businesses are slated to adopt software as a service (SaaS) design to prevent downtime. These SaaS systems function exactly like cloud systems and stores data in a centralized location which can be accessible irrespective of the individual's location. Based on these developments, the scope for SLM solutions is widening and generating potential revenue maximization opportunities.
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Service Lifecycle Management Market- Region-wise Analysis
- North America constitutes the lion's share of the global SLM market, with the United States comprising the majority share of 75%. Extensive usage of heavy equipment across the healthcare and aviation sectors require immense amounts of repair and maintenance work, thus accelerating SLM applications
- In conjunction with Europe, the North American market is slated to capture 60% of the value share by 2020-end, expanding moderately in the future
- Asia-Pacific promises to generate lucrative growth prospects for the forecast period. Leading players in the telecommunications industry are showing alacrity and incorporating SLM solutions for managing equipment spare parts across Japan, China and India, driving the region's growth
Service Lifecycle Management Market- Competitive Landscape
The global SLM service application market is characterized by the presence of a handful of vendors. These are Wipro Limited, Atos SE, Siemens AG, PTC Inc., Tata Consultancy Services Limited and Tech Mahindra Ltd.
These application providers are concentrating on expanding existing product portfolios by introducing new cloud-based and digital technology services. PTC Inc., for example, unveiled its lifecycle management platform enhancement by introducing an integrated software management system which helps iron out discrepancies, review design progress and understand expectations and improvements.
Some players also emphasize on enhancing customer satisfaction and maintaining brand loyalty. The Saudi Telecom Company, for instance, availed IFS Service Management's Field Service Management Software solutions in order to enhance its process efficiency and provide greater customer satisfaction.
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Service Lifecycle Management Application Market Taxonomy
- Cloud-based Software
- Web-based Software
Service Based Model
- Field Based Model
- Depot Based Model
- Dealer Based Model
- Performance Based Model
- Warranty & Service Management
- Service Parts Information Management
- Field Service Management
- Customer Contact & Support
End Use Industry
- Automotive & Transportation
- Aerospace & Defense
- Medical Equipment
- High Technology
- Industrial Machinery & Equipment
- Rest of Latin America
- Rest of Europe
South Asia & Pacific
- Rest of South Asia & Pacific
- South Korea
- Northern Africa
- South Africa
COVID -19: Impact Analysis@ https://www.futuremarketinsights.com/covid19/rep-gb-1973
More Valuable Insights on Service Lifecycle Management Application Market
In its latest report, Future Market Insights offers an unbiased analysis of the global service lifecycle management application market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the service lifecycle management application market, the market is segmented on the basis of software type (cloud based software, web based software), end-use industry (automotive & transportation, aerospace & defense, medical equipment, high technology, telecommunications, industrial machinery & equipment), service based model (field based model, depot based model, dealer based model, performance based model), and solutions (warranty & service management, service parts information management, field service management, customer contact & support) across six major regions.
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