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.
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.
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Key Takeaways of Service Lifecycle Management Application Market Study
- The use of service lifecycle management applications is growing, especially in sectors that manufacture with metal, such as aerospace and defence and automotive and transportation.
- The use of service lifecycle management applications will increase by 1.7x of current market value by the end of 2030 in the medical equipment sector as COVID-19 leads to a significant volume of new n
- The Asia Pacific service lifecycle management application market is anticipated to grow at a CAGR of around 8% from 2020 to 2030.
Big Data Analytics Driving Real Time Communication and Analysis in SLM Applications
Because it collects asset information and enables better service quality, data analytics transforms service management operations and increases the percentage of first-time repairs (FTF rate). Apps for SLM let businesses assess how well their services are doing in relation to their plans. As a result, the SLM programme aids businesses in finding and resolving service problems more quickly.
Through connected devices, descriptive and predictive analytics will enable real-time communication between dealerships, manufacturers, and customers. This will enable manufacturers to receive notifications about the status of their products and early warnings to make more proactive decisions that will improve service and customer retention. Analytics will also focus on fusing service lifecycle management software with data on customer satisfaction.
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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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