New York, USA, July 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), The global service lifecycle management market by By Software Type, By Service Based Models, By Solutions, By End-Use Industry Market Forecast Till 2032.
Market Drivers
Increasing AI Adoption to Boost Market Growth
Because it distils the essentials from the vast volume of information, artificial intelligence technology offers a wide range of potential uses in real-time applications. According to analysis, the use of artificial intelligence (AI) is becoming more common in the service lifecycle management applications and aftermarket support services. This is because AI offers a trustworthy way to extract information from connected devices, reducing the variability that humans bring to problem-solving and decision-making processes. It guarantees that businesses resolve technical problems with the product, customer enquiry resolution, and product accessibility.
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Service Lifecycle Management Market Key Players
Eminent market players profiled in the service lifecycle management market report 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.).
Opportunities
Increasing Demand from Metal Manufacturing Sector to offer Robust Opportunities
Applications for service lifecycle management are increasingly being used by original equipment manufacturers who use metal, such as those in the automotive, aerospace, and military industries, as well as in transportation and other industries. Aluminium and steel manufacturers, however, place a greater emphasis on product-centric strategies than on service-centric ones. Applications for service lifecycle management would help with after-sales services such as metal maintenance and repair, welding, and tracking performance of metals. Thus, it is anticipated that the metal manufacturing industry's growing use of the service lifecycle management systems would propel the market's development rate.
Scope of the Report – Service Lifecycle Management Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 4.09 Billion |
| CAGR during 2023-2032 | 8.90% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Growing adoption of Service Lifecycle Management |
| Key Market Dynamics | Adopting new technologies Interacting of Artificial intelligence (AI) technology |
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Restraints and Challenges
Lack of Vendors to act as Market Restraint
The lack of vendors, complexity, and high service lifecycle management application cost may act as market restraints over the forecast period.
Market Segmentation
The global service lifecycle management market is bifurcated based on end use industry, software type, service-based model, and solutions.
- By software type, the cloud-based software will lead the market over the forecast period. The issues associated with deployment, upgrading, and customization are avoided by cloud-based service lifecycle management services.
- By service-based model, depot-based model will domineer the market over the forecast period. Depot-based models cover the whole service lifecycle of the product throughout the course of its existence. Additionally, a comprehensive perspective on service organization, delivery, and analysis is offered. By controlling several processes from a single system and improving the quality of the information in an organization, depot-based models provide a competitive edge. As a result, these elements are likely to fuel market growth throughout the forecast period.
- By solutions, customer contact & support will domineer the market over the forecast period. The increased need for time- and money-saving solutions has recently propelled the expansion of the field service management business.
- By end use industry, medical equipment will command the market over the forecast period. Services play a key role in medical devices industry, and clients hold medical equipment makers to a greater degree of accountability.
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COVID-19 Analysis
The need for remote services has increased as a result of lockdowns and social isolation policies. To maintain operations, businesses have to modify their service delivery methods. These days, service lifecycle management systems that enable remote monitoring, diagnosis, and maintenance are more important than ever. The pandemic has affected the availability of the spare parts and other components needed for service delivery by disrupting global supply networks. Due to the interruption, businesses are no longer able to offer maintenance & repair services on schedule, thus causing delays and aggravating customers. The epidemic has expedited many firms' digital transformation plans. In this setting, SLM systems that support automation, remote collaboration, & data-driven decision-making in fact have grown in significance. Investments in SLM may be prioritized by organizations looking to improve their service skills as part of the digital transformation initiatives.
Regional Analysis
North America to Head Service Lifecycle Management Market
In 2022, this market will be dominated by the North American market. This country is open to implementing cutting-edge and emerging technology. These benefits provide local companies a competitive edge. When it comes to utilizing cutting-edge technology like cloud platforms and cellphones, North America enjoys the first-mover advantage. Due to the rapid technological development in the U.S. and the growing use of cloud-based PLM provided by the leading companies, North America domineers the market with regards to revenue & market share. The availability of specialized solutions will also increase consumer desire for PLM solutions, which will accelerate market expansion in this area.
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APAC to Have Admirable Growth in Service Lifecycle Management Market
From 2023 to 2032, the Asia-Pacific market is anticipated to see the quickest CAGR growth. It is anticipated that factors like increasing value proposition through increasing end user profit margins and revenue, improving customer satisfaction and relationships, and lowering operational as well as service costs of the organization by implementing an SLM application will propel the growth of the market within the APAC region. Additionally, the greatest market share was held by the market in China, while the Asia-Pacific region's fastest-growing market was in India.
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