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.
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.
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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
Big Data Analytics Driving Real Time Communication and Analysis in SLM Applications
Data analytics is a game changer for service management operations because it gathers asset information and allows for improved service quality, which leads to a higher first-time repair rate (FTF rate). SLM apps assist firms in determining how effectively their services are working in comparison to their plans. As a result, the SLM programme helps enterprises to discover and solve service issues more rapidly.
Descriptive and predictive analytics will lead to real-time communication between dealerships, manufacturers, and customers via connected devices, resulting in notifications to manufacturers about product status and early warnings for better and proactive decision making, resulting in better service and customer retention. Furthermore, analytics will concentrate on combining customer satisfaction data with service lifecycle management software.
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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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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