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Service lifecycle management (SLM) market has received an important attention since several years, witnessing growth in the demand and adoption of those solution in the different sectors of service industry." In recent years, such factors have caused listed businesses to focus on quick service delivery, excellent customer experiences, and well-managed service provision.
The SLM industry is gaining momentum because companies put greater emphasis on taking care of their customers. Nowadays in the cutthroat environment, businesses identify the crucial role of excellent client experiences to distinguish them from other competitors. With SLM solutions organizations may handle their service offers throughout the whole lifecycle , from planning and making to execution and support. It enables business to combine customer data, service history, and feedback so that they create tailored and effective service experience, which leads to raised customer satisfaction and loyalty.
Further, the adoption of digital innovations has greatly influenced SLM sector. With the emergence of digital methods of doing business and digital transformation, service management solutions with robust and merged architectures become crucial. SLM solutions offer a centralized platform for contract tracking and keeping notice on service contracts, warranties, service level agreements (SLAs) as well as other imperative service management related information. Such solutions permit business to automate and facilitate their service processes, leading to improvement in the operational efficiency, cost reduction and speed of resolution. The digital transformation implementation trend only ignites the need for more robust and sophisticated SLM solutions in both industry and commerce.
Furthermore, the services sector has obtained so much complexity that necessitates SLM solutions. While companies are broadening their service areas and attending to a wide range of customer requirements, the management of sophisticated service operations becomes daunting. SLM solutions include various options like service planning, resource allocation, scheduling, and dispatching which makes the process of service delivery to be planned and optimized. These solutions allow businesses to effectively place resources, monitor and service performance, as well as to offer timely services, which in turn increases productivity and customer satisfaction.
In addition, the fast-growing necessity for forecasting and preventive maintenance has become a major driver towards the implementation of SLM solutions. Companies today realize that prevention of equipment failures and minimized downtime are of utmost necessity. SLM programs with the predictive maintenance feature employ the support of data analytics and IoT sensors to ensure smooth operation of the equipment by identifying issues and performing maintenance tasks early. Through preventive maintenance plans, companies will avoid unpredictable stoppages, maximize asset utilization rate, and improve the level of service provision. The desire for SBML, which makes prediction and prevention possible, has been fueled by businesses that are aiming at improving service quality as well as reducing production disruptions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Software Type, Service Based Models, Solutions, End Use Industry, and Region |
Service Lifecycle Management Market Highlights:
Service Lifecycle Management Market Overview
Service Lifecycle Management Market Size was valued at USD 1.9 billion in 2022. The Service Lifecycle Management market industry is projected to grow from USD 2.06 Billion in 2023 to USD 4.09 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2023 - 2032).Growing collaboration and partnership activities and an increase in research and development to innovate new products are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Service Lifecycle Management Market Trends
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Growing adoption of this software is propelling the market growth
The adoption of service lifecycle management software increases primarily among metal-consuming original equipment manufacturers, such as those in the automotive, aerospace, defense, and transportation industries. Nonetheless, metal companies that produce aluminum and steel prioritize product-centric strategies over service-centric ones. Service lifecycle management applications would facilitate after-sales services such as welding, maintenance, and restoration of metals, as well as monitoring the metals' performance. Consequently, increasing service lifecycle management software use in the metal manufacturing industry is anticipated to propel market CAGR.
Artificial intelligence (AI) technology has vast potential in real-time applications because it extracts relevant information from vast amounts of data. According to analysis, artificial intelligence (AI) in-service lifecycle management applications and comprehensive support services are on the rise, providing a dependable method to extract data captured by connected devices. This reduces the variability that humans contribute to decision-making and problem-solving. It ensures the resolution of product-related technical issues, the resolution of consumer questions, and product availability. To obtain a competitive advantage in the global market, the market's leading firms strongly emphasize research and development. Thus, such factors are driving the Service Lifecycle Management market revenue.
Service Lifecycle Management Market Segment Insights
Service Lifecycle Management Software Type Insights
Based on Software Type, the Service Lifecycle Management Market segmentation includes Cloud-Based software and Web-Based Software. The cloud-based software segment dominated the market, accounting for 45-55% of market revenue. It is anticipated that cloud-based software will continue to dominate the implementation of service lifecycle management applications throughout the forecast period. Cloud-based service lifecycle management services prevent implementation, upgrade, and customization challenges.
Figure 1: Service Lifecycle Management Market, by Software Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Service Lifecycle Management Service Based Models Insights
The Service Lifecycle Management Market segmentation, based on Service-Based Models, includes Dealer-Based Model, Performance-Based Model, Depot-Based Model, and Field-Based Model. The depot-based model category generated the most income. Depot-based models encompass the product's entire service lifecycle throughout its lifetime. In addition, an integrated view of service delivery, organizing, and analysis is provided. Depot-based models offer a competitive advantage by monitoring multiple processes from a single system and enhancing the accuracy of the information within an organization. Consequently, these factors are anticipated to drive market expansion over the forecast period.
Service Lifecycle Management Solutions Insights
Based on solutions, the Service Lifecycle Management Market segmentation includes Customer Contact and Support, Field Service Management, Warranty and Service Management, and Service Parts Information Management. The customer contact and support segment dominated the market in 2022. In recent years, the field service management industry has experienced accelerated growth, fueled by the rising demand for time- and cost-efficient solutions.
Service Lifecycle Management End Use Industry Insights
Based on End Use Industry, the Service Lifecycle Management Market segmentation includes Automotive and Transportation, Aerospace and Defense, Medical Equipment, High Technology, Industrial Machinery and Equipment, and Telecommunication. The medical equipment category generated the most income. In the medical devices sector, services are strategic, and medical equipment manufacturers are held to a higher standard of accountability by their clients.
Service Lifecycle Management Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Service Lifecycle Management market area will dominate this market in 2022. This nation is receptive to the implementation of new and emergent technologies. These advantages give businesses in this region a competitive edge. North America has the first-mover advantage in adopting new technologies, like smartphones and cloud platforms.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SERVICE LIFECYCLE MANAGEMENT MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Service Lifecycle Management market accounted for the second-largest market share in 2022. Automated service lifecycle management research and development are anticipated to create lucrative possibilities for expansion for service lifecycle management application solution providers in Europe. In addition, introducing open-source service centers is anticipated to expand the UK market over the forecast period. Further, the German Service Lifecycle Management market held the largest market share, and the UK Service Lifecycle Management market was the fastest-growing market in the European region.
The Asia-Pacific Service Lifecycle Management Market is expected to grow at the fastest CAGR from 2023 to 2032. The development of the Service Lifecycle Management Market in the Asia Pacific is anticipated to be driven by factors such as increasing value proposition via rising profit margins and revenue of end users, enhancing customer satisfaction and relationships, and reducing operational as well as service costs of the organization by implementing an SLM application. Moreover, China’s Service Lifecycle Management market held the largest market share, and the Indian Service Lifecycle Management market was the fastest-growing market in the Asia-Pacific region.
Service Lifecycle Management Key Market Players & Competitive Insights
Leading market players are concentrating on diversifying their investments in R&D to support future technologies. Players are also undertaking strategic activities to expand their global footprint, with important market developments including acquiring and forming partnerships with other businesses to expand their solution offerings and consumer bases.
The Service Lifecycle Management industry players are expanding their regional presence in recent years. Major players in the Service Lifecycle Management market include Atos SE (France), Siemens (Netherlands), IBM (U.S.), Oracle (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.).
Oracle Corporation is a provider of enterprise cloud-based solutions. The business provides database and middleware software, software for cloud infrastructure, application software, and hardware systems. It also provides integrated cloud solutions, such as Infrastructure-as-a-Service and Software-as-a-Service. Oracle offers licenses for new on-premises software, license updates, and related support services. The company markets its solutions through independent hardware and software vendors, system integrators, and resellers. The company's on-premises offerings include hardware, servers, storage, networking, and industry-specific products and services. The company operates in the United States, the Middle East, Europe, and Asia-Pacific. Oracle's headquarters are located in Austin, Texas.
Tata Consultancy Services Ltd (TCS), a wholly-owned subsidiary of Tata Sons Pvt. Ltd is an IT services provider. It provides services for IT infrastructure, engineering, and industrial services, business intelligence, business process outsourcing and consulting services, quality engineering, cloud services, enterprise solutions, blockchain, and IoT. The company provides business solutions to a variety of industries, such as banking, financial services, communication, media, technology, insurance, life sciences and healthcare, Hi-Tech, education, retail, information services, energy and utilities, life sciences, healthcare, consumer goods and distribution, manufacturing, transportation, travel, and hospitality. TCS BaNCS, TCS iON, TCS TwinX, Ignio, TAP, TCS Optumera, TCS HOBS, Quartz, Jile, TCS OmniStore, TCS ADD, and TCS MasterCraft are its software products. The organization conducts business in Latin America, Europe, North America, Asia-Pacific, the Middle East, and Africa. TCS's main office is located in Mumbai, Maharashtra, India.
Key Companies in the Service Lifecycle Management market include
- Atos SE (France)
- Siemens (Netherlands)
- IBM (U.S.)
- Wipro (India)
- Oracle (U.S.)
- 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.)
Service Lifecycle Management Industry Developments
With the aid of Configit Ace Cloud, complex products, systems, and services supporting design, development, manufacture, sales, and support can be configured end-to-end across the entire organisation.
A comprehensive digital trust solution that integrates certificate authority (CA), certificate management, and public key infrastructure (PKI) services will be made available by DigiCert in 2023. A significant product launch that has been years in the planning is Trust Lifecycle Manager, which is now accessible as a component of the DigiCert ONE platform.
September 2021Â Tavant announced the growth of its solution portfolio to improve the service delivery experience, promote sustainability, and capture additional lifetime value.
June 2020Â Siemens and IBM announced a new solution to optimize the SLM of assets by dynamically integrating real-world maintenance operations and asset performance to design decisions and field modifications.
April 2021Â IBM Corporation and Fenergo signed a contract to collaborate on solutions that can assist customers in addressing numerous financial risks. This solution is primarily intended to assist financial institutions in accelerating the detection and mitigation of financial crimes risks resulting from human trafficking, terrorist financing, money laundering, fraud, and sanctions throughout the entire customer lifecycle.
Service Lifecycle Management Market Segmentation
Service Lifecycle Management Software Type Outlook
- Cloud-Based Software
- Web-Based Software
Service Lifecycle Management Service-Based Models Outlook
- Dealer-Based Model
- Performance-Based Model
- Depot-Based Model
- Field-Based Model
Service Lifecycle Management Solutions Outlook
- Customer Contact and Support
- Field Service Management
- Warranty and Service Management
- Service Parts Information Management
Service Lifecycle Management End Use Industry Outlook
- Automotive and Transportation
- Aerospace and Defense
- Medical Equipment
- High Technology
- Industrial Machinery and Equipment
- Telecommunication
Service Lifecycle Management Regional Outlook
-
North America- US
- Canada
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World- Middle East
- Africa
- Latin America
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