Service Lifecycle Management Applications Market to grow at a CAGR of 6.9%

Published On : 03/01/2022

The service lifecycle management application market  is creating value using third-party platform technologies that are driving innovation and real-time connectivity between the various solutions in service lifecycle management applications. Access to service parts visibility is improved with the introduction of cloud technology. In addition, mobile technology has made it possible to deliver information derived through big data analysis to technicians in the field in a timely manner for accurate problem solving.

All of these factors brought a precision-centric aspect to the service, increased the value proposition and increased overall margins.

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According to Future Market Insights, the global service lifecycle management applications market is projected to grow at a CAGR of 6.9% over the forecast period 2020 to 2030.

Service lifecycle management (SLM) solutions have been adopted due to the relentless effort to improve profitability in various manufacturing sectors. Thus, the market is thriving as users seek to generate high profits and profits by providing aftermarket services to consumers. Service lifecycle management applications reduce losses by improving product scheduling, first-time repair rates, service parts management and warranty management. This improves cross-sell and up-sell opportunities for manufactured products.

Key highlights of the Service Lifecycle Management Application Market study:

• Depot-based model segment will grow 2.0 times its current market value by the end of 2030

• Service lifecycle management applications are witnessing increasing adoption, especially in industries that use metals for manufacturing, such as the aerospace and defense industries, and the automotive and transportation industries.
• Service lifecycle management applications will grow 1.7 times their current market value by the end of 2030 in the medical equipment sector, driven by the huge number of new devices launched due to COVID-19.
• Asia Pacific Service Lifecycle Management Applications Market will surge at a CAGR of around 8% during the forecast period 2020-2030

Analysis of the impact of the COVID-19 pandemic

The COVID-19 pandemic has provided businesses with some valuable experiences. Working remotely via cloud-based platforms has been an essential aspect of the pandemic to ensure business continuity. This is expected to drive the demand for cloud-based software in the global service lifestyle management application market.

In addition, upcoming technology trends such as Industrial Internet of Things (IIoT), Additive Manufacturing, Engineered Virtual Reality and Augmented Reality are expected to drive the demand for SLM applications in the next few years.

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The COVID-19 outbreak has resulted in travel bans and closures, negatively impacting sectors such as industrial machinery and equipment, transportation, automobiles and more. This also had a negative impact on the service lifecycle management application market, resulting in reduced revenue. However, as these restrictions are eased in the industrial sector, the market is expected to recover and witness positive growth through the third quarter of 2021.

Big data analytics driving real-time communication and analytics in SLM applications 

Data analytics is a game changer that drives service management processes that capture asset information and enable improved quality of service, leading to better FTF ratios. SLM applications help organizations understand how well their services are performing compared to what they plan to do. As a result, SLM applications enable organizations to detect and fix service issues more quickly.

Technical and predictive analytics communicate in real-time with resellers, manufacturers and customers via connected devices, leading to alerts on product health and early warnings for better proactive decision-making to serve you better and retain better customers. leads to . The analysis will also focus on integrating customer satisfaction data with service lifecycle management applications.

A more valuable insight into the service lifecycle management application market

In its latest report, Future Market Insights provides an unbiased analysis of the global Service Lifecycle Management Applications market, providing historical data for period 2015-2019 and forecast statistics for period 2020-2030. To understand the opportunities in the Service Lifecycle Management Application market, the market is divided into software type (cloud-based software, web-based software), end-use industries (automotive and transportation, aerospace and defense, medical equipment, high-tech, telecommunications, industrial machinery). and equipment), service-based models (field-based model, warehouse-based model, dealer-based model, performance-based model) and solutions (warranty and service management, service parts information management, field service management, customer contact and

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key segmentBy service-based model

• field-based model
• warehouse-based model
• dealer based model
• Performance-based model

by region

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

by solution

• field-based model
• warehouse-based model
• dealer based model
• Performance-based model

By end-use industry

• automobile and transportation
• Aerospace and Defense
• medical equipment
• advanced technology
• communication
•  industrial machinery and equipment

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