An Incisive, In-depth Analysis on the Service Lifecycle Management Application Market
This study offers a comprehensive, 360 degree analysis on the Service Lifecycle Management Application market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Service Lifecycle Management Application market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Service Lifecycle Management Application is a holistic approach that covers the complete service lifecycle of a product throughout its life as a continuous process, thereby enabling a single view of service for better decision making. Every step in the service lifecycle process from initial customer interaction to invoicing, closing of orders to aftermarket services provides an opportunity for an organisation to improve customer satisfaction and increase its revenue. It incorporates traditional aftermarket services with growing technology innovations such as 3rd platform technologies, connected technology, and analytics for faster adoption of service based models by end use customers. Moreover, a service oriented approach through the SLM application also streamlines the product manufacturing process and operations of the organisation.
The global service lifecycle management application market is anticipated to register a CAGR of 7.8% during the forecast period. The global service lifecycle management application market is estimated to be valued at US$ 1288.9 Mn by 2016 end and is expected to reach US$ 2730.8 Mn by 2026, projecting a CAGR of 7.8% between 2016 and 2026.
Global implementation of service lifecycle management solutions likely to boost market growth
Factors such as increasing value proposition through increasing profit margins and revenue of end users, improving customer satisfaction and relationship and saving of operational and service costs of the organisation by implementing an SLM application are expected to fuel the growth of the global service lifecycle management application market. Moreover, SLM applications provide competitive advantage over the disconnected approach of non-integrated processes and also streamline the production process through timely updates of field service information to production and design teams. Growth of 3rd platform technologies such as cloud, mobile, social, and big data drives innovation in service management by implementing these technologies in the development of service lifecycle management applications.
The global service lifecycle management application market is showcasing a growing trend of market consolidation through mergers and acquisitions and partnerships of key software players in the market. Many product launches by software vendors have provided end-use industries with the best breed of service lifecycle management applications. Moreover, the market is witnessing a growing trend of servicing heavy equipment and large capital intensive assets used in manufacturing and high technology industries. Cloud based technologies represent the biggest disruptive trend in the overall global service lifecycle management application market.
The global service lifecycle management application market is segmented on the basis of 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 & Support, Field Service Management, Warranty & Service Management, Service Parts Information Management); End Use Industry (Automotive & Transportation, Aerospace & Defence, Medical Equipment, High Technology, Industrial Machinery & Equipment, Telecommunication); and Region (North America, Western Europe, APEJ, Latin America, Eastern Europe, Japan, MEA).
Cloud-Based Software type expected to register a high CAGR over the forecast period
The Web-Based Software type segment is estimated to account for a significantly high value share of 86.6% in 2016 while the Cloud-Based Software type segment is expected to account for a market value share of 35.5% by 2026 end.
Depot-Based Service Model expected to witness faster growth in terms of value over the forecast period
In the service based models category, the Depot-Based Model segment is expected to account for a significantly higher CAGR of 8.2% over the forecast period while the Dealer-Based model is estimated to account for a significantly larger market value share of 30.4% in 2016.
Field Service Management estimated to be the fastest growing solutions segment between 2016 and 2026
The Field Service Management solutions segment is expected to account for a significantly high CAGR of 8.0% in terms of value over the forecast period. The Customer Contact & Support solutions segment is expected to register a CAGR of 7.8% with a Y-o-Y growth rate ranging from 6.5% to 8.8% over the forecast period.
Medical Equipment end use industry expected to exhibit relatively faster growth from 2016 to 2026
The Medical Equipment end use industry segment is estimated to be valued at US$ 243.7 Mn by 2016 end and is projected to witness a CAGR of 8.7% over the forecast period. The Automotive & Transportation end use industry segment is estimated to account for a significantly high value share of 22.6% and be valued at US$ 291.2 Mn by 2016 end.
Asia Pacific service lifecycle management application market projected to witness high revenue growth by 2026 end
The Asia Pacific service lifecycle management application market is estimated to be valued at US$ 248.1 Mn by 2016 and is likely to increase to US$ 631.1 Mn by 2026, registering a significantly high CAGR of 9.8% during the forecast period. The market in North America is expected to register a CAGR of 7.5% over the forecast period, reaching a market valuation of US$ 930.8 Mn by 2026.
Top market leaders are making strategic investments in new service lines and are focussing on new product launches to increase market visibility
PTC Inc., Tech Mahindra Limited, Wipro Limited, Siemens AG, Atos SE, Tata Consultancy Services Limited, Oracle Corporation, Astea International Inc., IBM Corporation, and Dessault Systems are some of the main players operating in the global service lifecycle management application market. These companies are consolidating their market position by enhancing their existing SLM solutions portfolio and are launching new digital and cloud-based technology products to increase market share.
The report “Service Lifecycle Management Application Market: Global Industry Analysis and Opportunity Assessment, 2016–2026” offers a 10-year forecast of the global service lifecycle management application market for the period 2016 – 2026. In this comprehensive study, we have focussed on market performance and identified the key factors and trends influencing the market across the different segments and regions of the global service lifecycle management application market. The primary objective of the report is to offer updates on market opportunities in the global service lifecycle management application market.
Our primary objective in creating this report is to offer useful insights, updates, and information related to market opportunities in the global service lifecycle management application market. The report begins with an overview of the global service lifecycle management application market and goes on to provide a detailed analysis of the key market drivers, restraints, trends, value forecasts, and opportunities for players operating in the global service lifecycle management application market.
In the next section, we have segmented the global service lifecycle management application market on the basis of Software Type, Service Based Models, Solutions, End Use Industry, and Region. In the subsequent sections, we analyse the global service lifecycle management application market in terms of market value and present a detailed market outlook for the various segments and regions, focussing on a micro-level analysis of segmental growth across the different regions.
In the final section of the report, we have included a competitive landscape of the global service lifecycle management application market to provide report audiences with a dashboard view of key market players based on categories of providers across the value chain, their presence in the global service lifecycle management application portfolio, and key differentiators. Some of the major market players featured in this section are:
- PTC Inc.
- Tech Mahindra Limited
- Wipro Limited
- Siemens AG
- Atos SE
- Tata Consultancy Services Limited
- Oracle Corporation
- Astea International Inc.
- IBM Corporation
- Dessault Systems
To deduce market size, we have considered the average IT spending in service lifecycle management software across geographies. Furthermore, data points such as regional split and market split by software type, end use industry, service based models, and solutions are analysed and qualitative inputs from primary respondents have been incorporated to arrive at suitable market estimates. The forecast presented in the report evaluates the total revenue that is expected to be generated across the global service lifecycle management application market over the forecast period (2016–2026). When developing the market forecast, we have started by sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape in the coming years. Given the characteristics of the market, we have triangulated the data on the basis of various analyses based on both supply side and demand side drivers and other dynamics of the global service lifecycle management application market. We have also analysed the different global service lifecycle management application market segments in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identifying key trends likely to impact the global service lifecycle management application market. We have also considered Year-on-Year (Y-o-Y) growth to understand the predictability of the market and to identify growth opportunities for companies operating in the global service lifecycle management application market.
Another useful feature of this report is our analysis of the key market segments in terms of absolute dollar opportunity, important for assessing the degree of opportunity that a provider can achieve, as well as to identify potential resources from a sales and delivery perspective in the global service lifecycle management application market. To understand key market segments in terms of growth and performance in the global service lifecycle management application market, we have also developed a market attractiveness index to help providers identify existing market opportunities.