Global Service Lifecycle Management Application Market

2020 Analysis and Review of Service Lifecycle Management Application Market by Software Type - Cloud-based Software and Web-based Software for 2020 – 2030

  • 2020-07-05
  • REP-GB-1973
  • 63 Tables
  • 177 Figures
  • 300 pages
  • Format: PDF/PPT/Excel

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 (SLM) Application Market Outlook & Key Findings

  • Service lifecycle management application market to grow at over 18% as COVID-19 impels organizations to go remote
  • Implementation of service lifecycle management application in manufacturing industries to increase 2.6x in of its current market value by 2030
  • In terms of solutions, field service management to register a CAGR of 7.0%, closely followed by customer contact & support from 2020 to 2030
  • The automotive & transportation segment is expected to remain dominant throughout the forecast period surging at 1.8x of its current market value during the forecast period

Saving on Service Cost Favors Service Lifecycle Management Application Market

Implementing service lifecycle management application ensures cost reduction for end users by improving first time fix rate, increasing technician productivity, enabling fast time to dispatch, and efficient inventory & parts management. Furthermore, this also increases monitoring and measurement capability of the organization, thus assisting end users to capitalize on the multitude of benefits by integrating this application.

Service lifecycle management application providers offer advanced reverse logistics management, warranty management, and field service management solutions, which results in product remanufacturing and replacement cost reduction. Collectively, these factors create a positive functional environment for service lifecycle management application implementation, thus bolstering growth of the global service lifecycle management application market.

Traditional Concepts of Customer Satisfaction and Loyalty Accentuate SLM Service Providers Growth

Service lifecycle management application provides an opportunity to improve customer relationship by ensuring timely field service to customers, closing of service orders, handling of customer queries, fast product delivery and effective warranty management, thereby helping in developing effective customer relationships and loyalty.

It helps end users by providing service management solutions to clients, enabling a faster response to product issues, handling customer queries through customer contact, and support solutions such as providing invoices for services that are covered under warranty. Such prompt customer service is expected to win end users of SLM services long-term customer relations, thereby contributing to market growth.

For instance, in December 2019, Saudi Telecom Company (STC) opted for IFS Service Management, a global enterprise applications company, to increase process efficiency, improve margins, and facilitate improved customer satisfaction. IFS Service Management has since take on the challenge of replacing legacy business systems while improving operational efficiency.

Integration of real-time cloud-based solutions and data analytics driven applications have enabled in-depth knowledge-based data repositories. This helps in cross-selling and up-selling products and services to customers by prompting field technicians regarding potential opportunities such as warranty expiration, ageing of equipment, product damage, add-ons and product change management of customers, thereby ensuring increasing revenue for organization without increasing cost.

Service lifecycle management application solutions such as warranty, repair management, and knowledge management will provide opportunity to field technicians and customer care and support team to increase revenue of the organizations by up-selling and cross-selling products.

The figure highlights some of the key attributes of the market such as value proposition, third party technologies, large capital intensive assets and competitiveness with impression of regional variance of the same.

In terms of third platform technologies, North America and Europe have reached the maturity curve by being the foremost adopter of third platform technologies such as mobile computing, cloud computing, Big Data, and others.

As vast number of technologies and functions are being virtualized, the cloud-based software is anticipated to charge ahead, resulting in 3.5x growth of the segment by the end of 2030. This growth is mostly concentrated in small and medium size enterprises, as adoption of cloud based solutions is increasing significantly in such companies.

Service lifecycle management application solutions are integrated across different sectors in different regions resulting in increase in complexity in terms of understanding and coding. A strategic approach to service lifecycle management application provides solution; delivering the right combination of analytics, process, people, and enabling technology to create new opportunities for the companies and solve these challenges. Thus service lifecycle management application provides scalable, global regulatory resource at a cost reduction of 30-40%, and improved compliance.

How will Service Lifecycle Management Application Market Tackle COVID-19?

Along with major fluctuations across global economy and stock markets, manufacturing sector is impacted highly by COVID-19 outbreak. Almost 75% of manufacturing companies witnessed supply chain disruptions due to pandemic outbreak.

Amidst pandemic companies also experience squeezed profit margins on manufactured goods. Under theses fragile market environment enterprise need to opt for sources of additional revenue, and product service is one of such activity area.

Thus, companies are implementing technologies that can help businesses to modernize their operations and mitigate the economic impact of the COVID-19 crisis.

Remote work culture will is expected to make businesses adopt Software-as-a-Service (SaaS) design to prevent crucial downtime. As with cloud technology data is stored in a centralized location, which can be accessed by the authorized users regardless of their individual location.

In addition, with SaaS subscription model number of seats can be scaled up or down and new users can be added with system up and running in minutes as per the requirements. Thus, these models are anticipated to recover from the decline in the growth of the service lifecycle management application market by Q3-Q4 of 2020.

Service Lifecycle Management Application: Regional Market Analysis

North America holds the largest share in service lifecycle management application market, with the U.S. playing the disruptor, controlling around 75% regional market share in 2019. Demand for service lifecycle management application is extremely high in North America, as most of the heavy equipment requiring extensive repair and after-market service are in aviation and healthcare industry in the U.S. Furthermore, the markets in North America and Europe are estimated to collectively account for 3/5th value share by 2020 end and are expected to expand at moderate growth rates over the forecast period.

Factors such as rising adoption of service lifecycle management application in automotive, high tech, and medical equipment industries are expected to fuel growth of the service lifecycle management application market in the Asia Pacific region. Increasing adoption of service lifecycle management applications in telecommunications industry for spare parts management of equipment and repair management in countries such as Japan, China and India is expected to drive growth of the APAC service lifecycle management application market during the forecast period.

Service Lifecycle Management Application Market: Competitive Landscape

Companies are consolidating their market position by enhancing their existing service lifecycle management application solutions portfolio and are launching new digital and cloud-based technology products to increase market share.

For instance, in June 2019, PTC announced enhancement of lifecycle management platform with integrated software management and systems engineering capabilities at digital transformation conference. This enhancement enables designers to identify dependencies, view design progress, and understand improvements and exceptions.

The service lifecycle management application market has a handful of key players. Some of these market leaders include,

  • PTC, Inc.
  • Tech Mahindra Limited
  • Tata Consultancy Service Limited
  • Atos SE
  • Siemens AG
  • Wipro Limited

The following promising players are estimated to showcase a quick growth trend and grab opportunities over the coming years:

  • Astea International, Inc.
  • IBM Corporation
  • Dassault Systems

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with competition deep dive available in the report

Service Life Cycle Management Application: Way Forward

Disconnected service applications across different departments result in delays, less coordination and mismanagement, which leads to non-scalability of service management in the organization. Thus, organizations are focusing on integration of end-to-end SLM application solutions, which provides a competitive advantage by keeping track of different processes from a single system and improving information accuracy within the organization.

Service lifecycle management application offers a holistic approach that covers complete service lifecycle of the product. Thus, players are integrating enhanced capabilities of SLM application solutions that connects planning, delivery, and analysis for a better output.

Connected infrastructure is expected to create new value-added offerings by managing the service data in a real-time environment and providing end users a single view of service management. Thus, cloud-based software helps users in redefining the service models by facilitating end users and manufacturers with real-time information about products.

Connected cloud-based field service solutions enable remote access to customer’s information and provides field technicians with accurate information of the service event. This ensures the issue is solved in quickly and efficiently. Efforts to achieve operational efficiency and continuity will define the progress of the global service lifecycle management application market through the forecast period.

Some players are also focusing on entering partnerships with other solution providers to offer new and upgraded connected field based models. Collaboration will remain critical to this market in the coming years as businesses will try to expand to newer markets and upgrade their technological prowess.

Service Lifecycle Management Application Market: Global Industry Analysis 2015-2019 and Opportunity Assessment 2020-2030

A recent market study published by Future Market Insights on the service lifecycle management application market includes a global industry analysis for 2015-2019 and opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.

Service Lifecycle Management Application Market: Segmentation

The global service lifecycle management application market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.

Software Type

  • Cloud-based Software
  • Web-based Software

Service Based Model

  • Field Based Model
  • Depot Based Model
  • Dealer Based Model
  • Performance Based Model

Solutions

  • Warranty & Service Management
  • Service Parts Information Management
  • Field Service Management
  • Customer Contact & Support

End Use Industry

  • Automotive & Transportation
  • Aerospace & Defense
  • Medical Equipment
  • High Technology
  • Tele-communications
  • Industrial Machinery & Equipment

Region

  • North America
  • Latin America
  • Europe
  • South Asia and Pacific
  • East Asia
  • Middle East and Africa

Report Chapters

Chapter 01 – Executive Summary

The report begins with the executive summary of the service lifecycle management application market, which includes a summary of key findings and statistics of the market. It also includes the demand and supply-side trends pertaining to the market.

Chapter 02 – Market Overview

Readers can find the definition and detailed taxonomy of the service lifecycle management application market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to service lifecycle management application and its properties are provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the service lifecycle management application market report.

Chapter 03 – Key Market Trends

The service lifecycle management application market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed end-user trends are also provided in this section.

Chapter 04 – Pricing Analysis

This section includes the pricing analysis of different types of services. This section includes average pricing analysis based on different types of plans provided by service providers.

Chapter 05 – COVID-19 Impact Analysis

This chapter offers analysis on the impact of the ongoing COVID-19 pandemic on factors, such as enterprise spending on service lifecycle management application, outsourcing IT services, and spending analysis on trending end-uses of service lifecycle management application like document management and document processing.

Chapter 06 – Market Structure Analysis

In this chapter, readers can find detailed information about the tier-wise analysis of companies and market concentration of key players in the service lifecycle management application market, along with their market share analysis.

Chapter 07 – Global Service Lifecycle Management Application Market Demand Analysis 2015-2019 and Opportunity Assessment 2020-2030

This section explains the global market value and volume analysis and forecast for the service lifecycle management application market during the forecast period. It includes a detailed analysis of the historical service lifecycle management application market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2020-2030). Along with this, the year-on-year growth trend analysis of the service lifecycle management application market has also been provided in this section.

Chapter 08 – Market Background

This chapter explains the key macroeconomic factors that are expected to influence growth of the service lifecycle management application market during the forecast period. Along with the macroeconomic factors, this section also highlights forecast factors and value chain analysis of the service lifecycle management application market. Moreover, in-depth information about the market dynamics and their impact on the market have been provided in this section.

Chapter 09 – Global Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030 by Software Type

Based on software type, the service lifecycle management application market is segmented into cloud based software, web based software. In this chapter, readers can find market attractiveness analysis based on software type.

Chapter 10 – Global Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030 by Service Based Model

Based on service based model, the service lifecycle management application market is segmented into field based model, depot based model, dealer based model, performance based model. In this chapter, readers can find market attractiveness analysis based on service based model.

Chapter 11 – Global Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030 by Solutions

This chapter provides various details about the service lifecycle management application market based on solutions, and has been classified into warranty & service management, service parts information management, field service management, customer contact & support. In this chapter, readers can find the market attractiveness analysis based on solutions.

Chapter 12 – Global Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030 by End-use Industry

This chapter provides various details about the service lifecycle management application market based on end-use industry, and has been classified into automotive & transportation, aerospace & defense, medical equipment, high technology, telecommunications, industrial machinery & equipment. In this chapter, readers can find the market attractiveness analysis based on end-use industry.

Chapter 13 – Global Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030 by Region

This chapter explains how the service lifecycle management application market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, South Asia and Pacific, East Asia, and the Middle East and Africa. In this chapter, readers can find the market attractiveness analysis based on regional markets.

Chapter 14 – North America Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030

This chapter includes a detailed analysis on the growth of the North America service lifecycle management application market, along with a country-wise assessment that includes the U.S. and Canada.

Chapter 15 – Latin America Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030

This chapter provides the growth scenario of the service lifecycle management application market in Latin American countries such as Brazil, Mexico, and rest of Latin America.

Chapter 16 – Europe Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030

Important growth prospects of the service lifecycle management application market in several countries such as Germany, the U.K., France, Russia, and rest of Europe are included in this chapter.

Chapter 17 – South Asia & Pacific Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030

This chapter provides the growth scenario of the service lifecycle management application market in South Asia and Pacific countries such as India, ASEAN, Oceania, and rest of South Asia and Pacific.

Chapter 18 – East Asia Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030

This chapter highlights the growth of the Service Lifecycle Management Application market in the East Asia region by focusing on China, Japan and South Korea.

Chapter 19 – Middle East and Africa Service Lifecycle Management Application Market Analysis 2015-2019 and Opportunity Assessment 2020-2030

This chapter provides information about how the service lifecycle management application market is anticipated to grow in major countries in the Middle East and Africa region, such as Northern Africa, GCC countries, South Africa, Turkey, and the rest of Middle East and Africa, during the forecast period.

Chapter 20 – Key and Emerging Countries Service Lifecycle Management Application Market Analysis

This chapter provides analysis on service lifecycle management application market in the key countries considered in the market report.

Chapter 21 – Competition Analysis

In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the service lifecycle management application market, along with the detailed information about each company. This includes the company overview, key financials, product portfolio, revenue share by operating segment, and key strategies. Some of the market players featured in the report are Ricoh Co. Ltd., Fuji Xerox Co., Ltd., Iron Mountain Incorporated, Max BPO, Symcor, Hewlett-Packard Co., Lexmark International Inc., Invensis Technologies Pvt. Ltd., Suma Soft Private Limited, Nimble Information Strategies Inc. and others.

Chapter 22 – Assumptions and Acronyms

This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the service lifecycle management application market report.

Chapter 23 – Research Methodology

This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the service lifecycle management application market.

Sources and Primary Research Splits (%)

End-user Interactions

  • C - Solution Executives
  • Marketing Directors
  • Sales Heads
  • Sales Executives
  • Technical Advisors
  • Service Lifecycle Management Application Providers
  • Distributors
  • End-user Experts
  • End Users
  • Current Market Dynamics and Challenges
  • Market Characteristics
  • Market Performance and Growth Quadrants
  • Competition Structure and Market Structure
  • Strategic Growth Initiatives
  • Near Term and Long Term Market Growth Prospects
  • Market Segment Splits and Authenticity
  • Opinions on Market Projections and Validity of Assumptions

References Catalogue

  • Company White Papers
  • Annual Reports and Investor Presentations
  • Research Papers
  • Company Press Release
  • Government Websites and Publications

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