Service Lifecycle Management Application Market is expected to rise at a CAGR of 6.9% during the forecast period of 2020 to 2030

Constant efforts to improve profit margins across varied manufacturing verticals has prompted the uptake of service lifecycle management (SLM) solutions. The market is thus thriving as users seek to establish high profit margins and revenue by providing aftermarket service to consumers.

Service lifecycle management application cuts losses by improving scheduling, first-time fix rate, service parts management, and warranty management of products. This improves the opportunity of cross-selling and up-selling of manufactured products.

Service lifecycle management application market is creating value by using third platform technologies, driving innovation and real-time connectivity between different solutions of service lifecycle management applications. Introduction of cloud technology has enabled greater access to service parts visibility. Furthermore, mobile technology has enabled communication of information at the right time to technicians on the field that is derived through Big Data analytics for accurate problem solving.

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All of these factors have brought in a precision-driven aspect to services, increasing the value proposition and raising overall profit margins.

Future Market Insights states that the global service lifecycle management application market is expected to rise at a CAGR of 6.9% during the forecast period of 2020 to 2030.

Key Takeaways of Service Lifecycle Management Application Market Study

  • The depot-based model segment to grow 2.0x of the current market value by the end of 2030
  • Service lifecycle management application is witnessing increasing adoption particularly from industries using metal for manufacturing, such industries as aerospace & defense and automotive & transportation
  • Service lifecycle management application to be up by 1.7x of current market value by end of 2030 in the medical equipment sector as COVID-19 leads to tremendous volume of new devices
  • Asia Pacific service lifecycle management application market to surge at a CAGR around 8% during the forecast period of 2020-2030

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Big Data Analytics Driving Real Time Communication and Analysis in SLM Applications 

Data analytics is the game changer for driving service management processes as it captures asset information and enables enhanced service quality, leading to better first time fix rate (FTF rate). SLM applications help organizations to understand how well service is performing against the planning done by them. Thus, SLM application enables organizations to detect the service problems and correct them more quickly.

Descriptive and predictive analysis will result in real-time communication to dealerships, manufacturers, and customers through connected devices, leading to notifications to manufacturers about product status and early warning for better and proactive decision making, thereby providing better service and resulting in better customer retention. Moreover, analytics will focus on integrating customer satisfaction data with the service lifecycle management applications.

Key Segment

By Service Based Model

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

By Region

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

By Solutions

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

By End-use Industry

  • Automotive & Transportation
  • Aerospace & Defense
  • Medical Equipment
  • High Technology
  • Telecommunications
  •  Industrial Machinery & Equipment

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